The package focuses on material sustainability reporting and disclosure obligations, as the EU looks to direct capital toward sustainable activities.
By Paul A. Davies, Nicola Higgs, David Little, and Michael Green
On 21 April 2021, one day prior to Earth Day and a US-led global climate summit, the European Commission adopted a much-anticipated package of measures as part of its policy to help direct capital towards sustainable initiatives and to help the European Union reduce its greenhouse gas emissions by at least 55% by 2030 compared to 1990 levels and reach its 2050 carbon neutrality goal.
The package of measures include:
- A proposed Corporate Sustainability Reporting Directive (CSRD), which would amend the existing reporting requirements under the Non-Financial Reporting Directive (NFRD) and seek to ensure that companies provide consistent and comparable sustainability information
- The EU Taxonomy Climate Delegated Act, which aims to identify the economic activities that best contribute to climate change mitigation and adaptation
- Six Delegated Acts on fiduciary duties, investment, and insurance advice, which aim to ensure that financial firms (e.g., advisers, asset managers, or insurers) include sustainability in their procedures and investment advice to clients
Despite the ongoing effects of the pandemic, the Spanish government has established a route toward decarbonizing and digitalizing the economy and toward promoting circular-economy initiatives.
On 30 November 2020, the European Commission (EC) adopted the EU Climate Action Progress Report 
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The Greek Competition Authority (HCC) has announced a public consultation on how competition law rules might be adapted to promote more sustainable business practices. The HCC published a