Details
- Publication date
- 21 April 2021 (Last updated on: 4 June 2021)
- Author
- Directorate-General for Financial Stability, Financial Services and Capital Markets Union
Description
The European Commission adopted on 21 April 2021 an ambitious and comprehensive package of measures to help improve the flow of money towards sustainable activities across the European Union.
By enabling investors to re-orient investments towards more sustainable technologies and businesses, these measures will be instrumental in making Europe climate neutral by 2050.
They will make the EU a global leader in setting standards for sustainable finance.
- Press release
- Text of communication on EU taxonomy, corporate sustainability reporting, sustainability preferences and fiduciary duties
- Factsheet: EU sustainable finance: April package
- Watch the press conference
EU Taxonomy Climate Delegated Act
The EU Taxonomy Climate Delegated Act aims to support sustainable investment by making it clearer which economic activities most contribute to meeting the EU’s environmental objectives.
On 9 December 2021, a first delegated act on sustainable activities for climate change mitigation and adaptation objectives of the EU Taxonomy (“Climate Delegated Act”) was published in the Official Journal. The delegated act is applicable from 1 January 2022.
Text of the Delegated Act and accompanying documents
- Frequently asked questions on the EU Taxonomy Climate Delegated Act
- Text of the EU Taxonomy Climate Delegated Act
- Impact assessment accompanying the EU Taxonomy Climate Delegated Act
- Summary of the impact assessment accompanying the EU Taxonomy Climate Delegated Act
- Opinion of the Regulatory Scrutiny Board on the impact assessment accompanying the EU Taxonomy Climate Delegated Act
- Factsheet: How does the EU taxonomy fit within the sustainable finance framework?
- Frequently asked questions: What is the EU Taxonomy and how will it work in practice?
- More on implementing and delegated acts to the Taxonomy Regulation
Proposal for a Corporate Sustainability Reporting Directive (CSRD)
The Commission adopted a proposal for a Corporate Sustainability Reporting Directive (CSRD), which would amend the existing reporting requirements of the NFRD. The proposal
- extends the scope to all large companies and all companies listed on regulated markets (except listed micro-enterprises)
- requires the audit (assurance) of reported information
- introduces more detailed reporting requirements, and a requirement to report according to mandatory EU sustainability reporting standards
- requires companies to digitally ‘tag’ the reported information, so it is machine readable and feeds into the European single access point envisaged in the capital markets union action plan
Text of the CSRD proposal
- Frequently asked questions on the CSRD proposal
- Text of the proposal for a Corporate Sustainability Reporting Directive (CSRD)
- Impact assessment accompanying the CSRD proposal
- Summary of the impact assessment accompanying the CSRD proposal
- Report on the review clauses in Directives 2013/34/EU, 2014/95/EU, and 2013/50/EU
- Fitness Check on the EU framework for public reporting by companies accompanying the report on the review clauses in Directives 2013/34/EU, 2014/95/EU, and 2013/50/EU
- Study on the Non-Financial Reporting Directive
Amending Delegated Acts on sustainability preferences, fiduciary duties and product governance
The Commission also adopted six amending Delegated Acts on fiduciary duties, investment and insurance advice will ensure that financial firms, e.g. advisers, asset managers or insurers, include sustainability in their procedures and their investment advice to clients.
Texts of the amending Delegated Acts
- Commission Delegated Directive amending Directive 2010/43/EU as regards the sustainability risks and sustainability factors to be taken into account for Undertakings for Collective Investment in Transferable Securities (UCITS)
- Commission Delegated Regulation amending Delegated Regulation (EU) No 231/2013 as regards the sustainability risks and sustainability factors to be taken into account by Alternative Investment Fund Managers
- Commission Delegated Regulation amending Delegated Regulations (EU) 2017/2358 and (EU) 2017/2359 as regards the integration of sustainability factors, risks and preferences into the product oversight and governance requirements for insurance undertakings and insurance distributors and into the rules on conduct of business and investment advice for insurance-based investment products
- Commission Delegated Directive amending Delegated Directive (EU) 2017/593 as regards the integration of sustainability factors into the product governance obligations
- Commission Delegated Regulation amending Delegated Regulation (EU) 2015/35 as regards the integration of sustainability risks in the governance of insurance and reinsurance undertakings
- Commission Delegated Regulation amending Delegated Regulation (EU) 2017/565 as regards the integration of sustainability factors, risks and preferences into certain organisational requirements and operating conditions for investment firms