Proposal for a Regulation on the establishment of a framework to facilitate sustainable investment

Author (Corporate)
Series Details COM (2018) 353
Publication Date 24/05/2018
Content Type

Summary:

Legislative initiative published by the European Commission in May 2018, which sets criteria for determining whether an economic activity is environmentally sustainable. It also sets out a process involving a multi-stakeholder platform to establish a unified EU classification system (or taxonomy) based on a set of specific criteria.

Further information:

Step by step, the Commission aims to identify activities which qualify as 'sustainable', taking into account existing market practices and initiatives and drawing on the advice of a technical expert group that was set up alongside the launch of this proposal. The proposed Regulation is part of package of measures on sustainable development, following up on an Action Plan on Sustainable Finance released in March 2018 which aims to boost the role of finance in achieving a well-performing economy that delivers on environmental and social goals as well.

The proposal was put forward by the European Commission on 24 May 2018 as part of a legislative package on sustainable finance. The European Parliament adopted its position on the draft law on 28 March 2019, followed by the Council of the European Union on 25 September. An informal agreement between the co-legislators on a compromise text was reached on 16 December. The Council formally endorsed it on 15 April 2020, followed by the European Parliament on 18 June.

Source Link https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=COM:2018:353:FIN
Related Link(s)
Commentary and Analysis
EPRS: At a Glance, March 2019: A framework to facilitate sustainable investment https://www.europarl.europa.eu/thinktank/en/document.html?reference=EPRS_ATA(2019)635596
EPRS: Briefing, April 2019: Sustainable finance – EU taxonomy: A framework to facilitate sustainable investment https://www.europarl.europa.eu/thinktank/en/document.html?reference=EPRS_BRI(2019)635597

News
EurActiv, 16/10/2019: Gas industry storms into EU green finance taxonomy debate https://www.euractiv.com/section/energy-environment/news/gas-industry-storms-into-eu-green-finance-taxonomy-debate/
EurActiv, 27/11/2019: Paris, Berlin divided over nuclear’s recognition as green energy https://www.euractiv.com/section/energy-environment/news/france-and-germany-divided-over-nuclears-inclusion-in-eus-green-investment-label/
The New York Times, 16/12/2019: EU Landmark Law on Sustainable Investments Back on Track After Lawmaker Approval https://www.nytimes.com/reuters/2019/12/16/business/16reuters-eu-finance-climate.html
EurActiv, 17/12/2019: EU seals deal on green finance in breakthrough for climate goals https://www.euractiv.com/section/energy-environment/news/eu-seals-deal-on-green-finance-in-breakthrough-for-climate-goals/

Official
EUR-Lex: SWD(2018)264: Impact assessment https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=SWD:2018:264:FIN
EUR-Lex: SWD(2018)265: Executive summary of the impact assessment https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=SWD:2018:265:FIN
European Parliament: Legislative Observatory: Procedure File for Proposal on Framework to facilitate sustainable investment https://oeil.secure.europarl.europa.eu/oeil/popups/ficheprocedure.do?reference=2018/0178(COD)
European Parliament: Legislative Train Schedule: Establishment of a Framework to facilitate sustainable investment https://www.europarl.europa.eu/legislative-train/theme-deeper-and-fairer-internal-market-with-a-strengthened-industrial-base-financial-services/file-sustainable-finance-establishment-of-a-framework/05-2020
European Commission: Press Release, 24/05/2018: Sustainable finance: Making the financial sector a powerful actor in fighting climate change https://ec.europa.eu/commission/presscorner/detail/en/IP_18_3729
European Commission: Fact Sheet, 24/05/2018: Frequently asked questions: Commission proposals on financing sustainable growth https://ec.europa.eu/commission/presscorner/detail/en/MEMO_18_3730
Finnish Council Presidency: Sustainable finance: classification system for sustainability of investments https://eu2019.fi/en/backgrounders/sustainable-finance
Council of the European Union: Council position on the taxonomy of sustainable activities, September 2019 https://data.consilium.europa.eu/doc/document/ST-12360-2019-INIT/en/pdf
Council of the European Union: Press Release, 25/09/2019: Sustainable finance: Council agrees position on a unified EU classification system https://www.consilium.europa.eu/en/press/press-releases/2019/09/25/sustainable-finance-council-agrees-position-on-a-unified-eu-classification-system/
European Parliament: Press Release, 17/12/2019: Climate change: new rules agreed to determine which investments are green https://www.europarl.europa.eu/news/en/press-room/20191217IPR69202/
Council of the European Union: Press Release, 18/12/2019: Sustainable finance: EU reaches political agreement on a unified EU classification system https://www.consilium.europa.eu/en/press/press-releases/2019/12/18/sustainable-finance-eu-reaches-political-agreement-on-a-unified-eu-classification-system/
European Commission: Press Release, 18/12/2019: Sustainable finance: Commission welcomes deal on an EU-wide classification system for sustainable investments (Taxonomy) https://ec.europa.eu/commission/presscorner/detail/en/ip_19_6793
Council of the European Union: Press Release, 15/04/2020: Sustainable finance: Council adopts a unified EU classification system https://www.consilium.europa.eu/en/press/press-releases/2020/04/15/sustainable-finance-council-adopts-a-unified-eu-classification-system/
European Commission: Press Release, 18/06/2020: Sustainable Finance: Commission welcomes the adoption by the European Parliament of the Taxonomy Regulation https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1112
European Parliament: Press Release, 18/06/2020: Green finance: Parliament adopts criteria for sustainable investments https://www.europarl.europa.eu/news/en/press-room/20200615IPR81229/

ESO Records
Technical Report on Financing a Sustainable European Economy - EU Taxonomy (European Commission, March 2020) https://www.europeansources.info/record/technical-report-on-financing-a-sustainable-european-economy/

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Record URL https://www.europeansources.info/record/?p=512204