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Finance

The European green bond standard – Supporting the transition

An EU-wide standard to open up new opportunities for issuers and investors and to tackle greenwashing.

What the EU is doing and why

Green bonds play an important role in financing assets needed for the low-carbon transition. With the European Green Bond Standard, the EU is aiming to set a clear gold standard for green bonds.

The Standard, which is voluntary, relies on the detailed criteria of the EU taxonomy to define green economic activities, ensures levels of transparency in line with market best practice and establishes supervision of companies carrying out pre- and post-issuance reviews at European level.The European Securities and Markets Authority (ESMA) will be supervising these external reviewers. Creating such a standard was a recommendation in the final report of the Commission’s High-Level Expert Group on sustainable finance.

Policy making timeline

  1. 28 February 2023
    Legislation - European green bond standard
  2. 6 July 2021
    Legislative proposal - European green bond standard

    Legislative proposal for a European green bond standard (EuGB) is a voluntary standard to help scale up and raise the environmental ambitions of the green bond market.

  3. 12 June 2020
    Consultation - European green bond standard

    Targeted consultation on the establishment of an European green bond standard
    End date: 2 October 2020

    Based on the outcome of these two consultations, as well as ongoing bilateral stakeholder dialogues, the Commission decided to put forward a European green bond standard.

  4. 6 April 2020
    Consultation - Sustainable finance strategy
  5. 9 March 2020
    Usability guide & Report - European green bond standard
    • Usability guide for the European green bond standard

      Building on the recommendations of the June 2019 report, the TEG published their usability guide for the European green bond standard. This guide offers market actors guidance on the use of the proposed standard and the set-up of a market-based registration scheme for external verifiers. The usability guide contains an updated proposal for a green bond standard (annex 1).

     

  6. 18 June 2019
    Report - European green bond standard

    TEG published its report on European green bond standard accompanied by a two-pager summarising its key recommendations.

    The report proposes that the Commission creates a voluntary European green bond standard to enhance the effectiveness, transparency, comparability and credibility of the green bond market and to encourage the market participants to issue and invest in European green bonds. The proposal builds on best market practices.

  7. 6 March 2019
    Report - European green bond standard

    Interim report on an European green bond standard

    More than 100 organisations provided feedback on the interim report and the feedback received was generally positive. A large majority of the respondents supported the creation of a voluntary EuGB. The TEG has carefully studied the detailed feedback received from participating stakeholders and has created an improved version of the EuGB.

Relevant legislation