An internal document to the European Commission (EC) proposing amendments to the EU Taxonomy has been released (see the Euractiv web URL below). On 1 January, the EC announced that it had begun consultations on a draft delegated act, with the Platform on Sustainable Finance and a Member States sustainable finance expert group, as it [...]
The EBA discloses detailed bank-by-bank data for the reference dates of 30 September 2020, 31 December 2020, 31 March 2021 and 30 June 2021. Information collected via the EBA EUCLID platform is published at the highest level of consolidation for 120 banks across 25 countries of the European Union (EU) and the European Economic Area [...]
Following the submission of draft RTS for the SFDR (Sustainable Finance Disclosure Regulation) by EBA, EIOPA and ESMA (jointly), the European Commission had 3 months to approve and adopt the text. But the complexity and length of the RTS mean that the EC won't be able to respect the deadline. Additionally, the EC wants to [...]
The ECB report provides observations following its Supervisory Review of the self-assessments and implementation plans for management and disclosure of the Climate and Environmental risks of banks under its supervision. The report provides a picture of the current state and direction of travel of C&E risk management in the banking sector, in the light of [...]
The UN PRI published a Position Paper on the EU Taxonomy discussion, opposing the inclusion of gas-fired power plants and nuclear energy in the Taxonomy, as acceptable "green" and DNSH activities. Access to the PRI paper: https://www.unpri.org/download?ac=15189&adredir=1
The European Commission consultation is open to comment until 4th February 2022. The focus of this consultation is on: 1) the impact of the EU framework on the quality and reliability of corporate reporting, including the 3 pillars of corporate governance, audit and supervision. 2) Corporate Governance in the context of reporting 3) Audit effectiveness, [...]
Only 2 days after the IFRS Foundation made key announcements about its ISSB initiative (cf our post dated 3rd November), the EU confirms the composition of the experts working group charged with drafting the EU Sustainability Reporting Standards. One major will be: how tightly will EFRAG and ISSB work on those issues? In particular, will [...]
The IPSF is, essentially, a collaboration between the EU and China to create a common Taxonomy, starting from the EU version perhaps but with a very strong lead by China. It will be very interesting to see the evolution of that initiative and how it may collide with the EU internal debates on whether, for [...]
The 3 reports are: - the State of the Energy Union, - the functioning of EU Carbon Markets, and - a progress report on Climate Action in the EU Access to the State of the Energy Union report: https://ec.europa.eu/energy/sites/default/files/state_of_the_energy_union_report_2021.pdf To find the EU Carbon Markets report: https://ec.europa.eu/clima/system/files/2021-10/com_2021_962_en.pdf Climate Action Progress Report: https://op.europa.eu/en/publication-detail/-/publication/ab9b901f-365d-11ec-8daf-01aa75ed71a1/language-en
The ESAs (EBA - EIOPA - ESMA) have been empowered to develop draft RTS on taxonomy-related product disclosures. Specifically, the ESAs have been empowered to develop further obligations to the SFDR product disclosures where the product makes sustainable investments contributing to environmental objectives. In line with the ESAs’ empowerments, the draft RTS have been developed [...]
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