Sustainable Finance

EU Ecolabel on Financial Services

Updated on 21/08/2019

State-of-play: Pre-legislative phase.

Level 1

  • Link to group meetings criteria and documents on EU Ecolabel on Financial Services.

Next Steps

  • It is expect for the next JRC stakeholder meeting to take place in November and the actual adoption to be postponed to 2021.

Green bond standards

Updated on 21/08/2019

State-of-play: Non-legislative.

Level 1

  • 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.

Sustainable investment disclosure duties

Updated on 21/08/2019

State-of-play: Political agreement found in trilogue.

Level 1

Commission

  • On the 24 May 2018, the Commission published a proposal on sustainable investments and sustainability risks

Parliament

  • On 2 August 2018, the ECON Committee published a report on disclosures relating to sustainable investments and sustainability risks.
  • On 18 September 2018 ECON Committee published amendments on the disclosures
  • On 5 November 2018 ECON adopted and soon after published its report on disclosure relating to sustainable investments and sustainability risks
  • Vote in ECON: 5 December 2018
  • On 18 April 2019, the plenary session has adopted the trilogues agreement.

Council

  • Council reached an agreement on 19thDecember.

Trilogue

Next Steps

  • The agreement will be now submitted to the Council Formal adoption followed by publication in the Official Journal.

Level 1

Parliament

Council

  • On 19 December 2018, the Council reached an agreement on benchmarks and disclosure requirements.
  • On 18 June 2019, the Commission published the TEG report on EU Climate benchmarks and benchmark’ ESG disclosure

Commission

Trilogue

  • A trilogue agreement was reached on 25 February 2019.
  • The agreement has been approved by the EP plenary on 26 March.

Next Steps

  • Formal adoption of the Benchmark legislation by the Council followed by publication in the OJ.
  • TEG to open a consultation on its report, and publish a final version in September 2019.
  • Delegated acts are expected to be adopted by the EU Commission early 2020.

Level 2

  • On 19 December 2018, ESMA opened a consultation on disclosure requirements applicable to credit rating.

Taxonomy

Updated on 21/08/2019

State-of-play: Legislative phase.

Level 1

State-of-play: legislative work ongoing.

Commission

Council

  • Discussions are on-going.

Parliament

Next Steps

  • Council to reach general agreement on the Taxonomy proposal. An then 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).

HLEG Report and Action Plan

Updated on 21/08/2019

State-of-play: Non-legislative.

Level 1

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.

Legislative proposals

  • On 24 May 2018, the Commission published a number of proposals aimed at financing sustainable growth, namely a proposal on Taxonomy, a proposal on and positive carbon benchmarks, a proposal on sustainable investment disclosure duties, and two delegated acts on MiFID and IDD. Link
  • On 13 June 2018 the list of members of the Technical Expert Group on Sustainable Finance was published
  • On 17 January 2019, ESMA published a series of Q&A on Insurance Distribution Directive.
  • On 22 July 2019, EIOPA released the Report General Good Rules in the context of the proper functioning of the Insurance Distribution Directive (IDD) and the internal market.
  • On 25 February 2019, ESMA published the responses received to its consultation on integrating sustainability risks and factors in MiFID II, and in the UCITS Directive/AIFMD.

Level 2

  • On 3 May 2019, ESMA submitted technical advice on sustainable finance to the Commission.

Contact

Association des Banques et Banquiers, Luxembourg

Address

12, Rue Erasme L-1468 Luxembourg

Phone Fax
Opening hours

Monday to Friday from 8:00 to 17:30.