| Author (Corporate) | Council of the European Union, European Parliament |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | 2023/2631 |
| Publication Date | 30/11/2023 |
| Content Type | Blog & Commentary, Legislation, News, Policy-making |
Summary:Regulation (EU) 2023/2631 - adopted by the co-legislators on 22 November 2023 - establishing a voluntary standard for bonds aimed at financing sustainable investment - the so-called European Green Bond Standard (EUGBS) - and optional disclosures for bonds marketed as environmentally sustainable and for sustainability-linked bonds. This is a text with EEA relevance. Further information:This Regulation lays down uniform requirements for issuers of bonds who wish to use the designation European Green Bond or EuGB for their bonds that are made available to investors in the European Union (EU). It establishes a system to register and supervise external reviewers of these bonds, and it also provides optional disclosure templates for bonds marketed as environmentally sustainable and for sustainability-linked bonds in the EU. The Act seeks better exploit the potential of the Capital Markets Union (CMU) to contribute to meeting the European Union's climate and environmental goals (as set by the European Green Deal). It is aimed at facilitating further development of the market for high-quality green bonds, while minimising disruption to existing green bond markets and reducing the risk of greenwashing. The draft law was adopted by the European Commission on 6 July 2021 alongside a Communication setting out a new strategy for financing transition to sustainable economy. The Council of the European Union adopted its general approach on 13 April 2022. The European Parliament's relevant committee adopted a negotiating position on 17 May. An informal agreement between the co-legislators on a compromise text for this file was reached on 28 February 2023. This was formally endorsed by Parliament on 5 October and by the Council on 24 October. The Act was signed by the co-legislators on 22 November 2023 and published in the Official Journal on 30 November 2023. |
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| Source Link | http://data.europa.eu/eli/reg/2023/2631/oj |
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| Subject Categories | Economic and Financial Affairs, Environment |
| Subject Tags | Financial Services, Sustainable Development |
| International Organisations | European Union [EU] |
