Sustainable Finance

Updated on 09/07/2019

State-of-play: Pre-legislative phase.

HLEG Report and Action Plan:

  • Commission:
  • Parliament:
    • On 2 February 2018, the ECON Committee’s draft report on sustainable finance was published.
    • On 21 February 2018 ,the ECON Committee held a public hearing on sustainable finance.
    • On 21 February 2018, the ECON Committee discussed the draft report.
    • On 24 April 2018, the ECON Committee adopted its draft report on sustainable finance.
  • Council: Discussions are ongoing.
  • Next steps: TEG recommendations on 18 June 2019.

Legislative Proposals:

Proposal on Taxonomy:

Proposal on low carbon and positive carbon benchmarks

Proposal on sustainable investment disclosure duties:

  • On the 24 May 2018, the Commission published a proposal on sustainable investments and sustainability risks.
  • Parliament:
  • Council: Reached an agreement on 19th December 2018.
  • Trilogue: On 7 March 2019 trilogue agreement has been reached.
  • Next steps:

    Council to reach general agreement on the Taxonomy proposal, followed by the start of Trilogue negotiations ( TEG work to feed into the negotiations).

    European Commission to launch a consultation on the TEG Taxonomy report ( early July 2019).

Green Bond Standards

  • On 18 June 2019, the Commission published the TEG report on EU Green Bond Standard

Next steps : Commission to reflect on how to take this forward.

Commission and TEG to design the temporary voluntary registration system of approved verifiers.

  • Commission: launched a consultation on 30 September 2015 that ended on 31 January 2016
  • A public hearing at the Commission took place on 17 May 2016.
  • On 7 June 2016, the Commission published the summary of the call for evidence.
  • On 22 November 2016, the Commission published a follow-up communication on the call for evidence.
  • On 1 December 2017, the Commission published a progress report, providing an update to the call for evidence in 2015.


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