The adoption of the standards marks a key milestone for reporting under the CSRD. By Paul A. Davies, Michael D. Green, and James Bee On 31 July 2023, the European Commission (Commission) adopted the European Sustainability Reporting Standards (ESRS),[1] following a four week-long public consultation period. Background to the CSRD and ESRS The ESRS represent … Continue Reading
An evolving landscape of reforms in the ESG ratings sector continues to pose challenges to providers of ratings and scores. By Paul A. Davies, Nicola Higgs, Rob Moulton, Michael D. Green, Becky Critchley, Anne Mainwaring, and Charlotte Collins International momentum to regulate ESG ratings continues as the European Commission released a consultation on 13 June 2023 to create a new … Continue Reading
Trialogue negotiations have begun following the parliament’s vote. By Paul A. Davies, Michael D. Green, and James Bee On 1 June 2023, the European Parliament voted to adopt its initial negotiating position on the EU’s proposed Corporate Sustainability Due Diligence Directive (CSDDD). If adopted, the CSDDD would apply to large EU and non-EU businesses with significant … Continue Reading
The Commission has clarified requirements for financial product classifications and the definition of “sustainable investment” under the SFDR. By Paul A. Davies, Nicola Higgs, Michael D. Green, Anne Mainwaring, and James Bee In April 2023, the European Commission (Commission) published a series of answers to questions that the European Supervisory Agencies (ESAs) had raised in … Continue Reading
The Commission is also consulting on proposed targeted amendments to the Taxonomy Climate Delegated Act and on the Taxonomy Disclosures Delegated Act. By Paul A. Davies, Michael D. Green, and James Bee On 5 April 2023 the European Commission opened a consultation on its proposal for four additional environmental objectives under the EU Taxonomy Regulation[1] (the Taxonomy), including: … Continue Reading
As part of the European Green Deal ambitions, the proposal encourages sustainable consumption through additional incentives to repair products to reduce waste and emissions. By Paul A. Davies, Michael D. Green, and James Bee On 22 March 2023, the European Commission (Commission) adopted a new proposal on common rules promoting the repair of goods (the … Continue Reading
The proposals form part of the Green Deal Industrial Plan and aim to scale up technology and materials for the energy transition. By Paul A. Davies, Beatrice Lo, JP Sweny, Alexander Buckeridge-Hocking, Michael D. Green, and James Bee On 16 March 2023, the European Commission (Commission) formally proposed two legislative initiatives and announced the development … Continue Reading
The Plan aims to “simplify, accelerate and align incentives to preserve the competitiveness and attractiveness of the EU as an investment location for the net-zero industry”[1]. By Paul A. Davies, Michael D. Green, and James Bee On 1 February 2023, the European Commission (Commission) presented a proposal for a Green Deal Industrial Plan for the Net-Zero Age (the … Continue Reading
By Paul A. Davies, Michael D. Green, and James Bee The CBAM would seek to mitigate carbon leakage through the imposition of a levy on carbon-intensive imports into the EU, while free allowances under EU ETS would be phased out. On 13 December 2022, negotiators from the European Parliament and European Council reached a provisional … Continue Reading
The Council’s position includes a number of differences from the European Commission’s original proposal, including in relation to the requirement to diligence the broader value chain. By Paul A. Davies, Michael D. Green, and James Bee On 30 November 2022, the European Council (the Council) — which comprises the views of the EU Member State governments … Continue Reading
The consultations invite stakeholders’ views on the Environmental Liability Directive and the Waste Framework Directive. By Paul A. Davies, Michael D. Green, and James Bee In May 2022, the European Commission (Commission) issued public consultations in relation to the proposed revision of two of the EU’s key environmental frameworks. The consultations on the Environmental Liability Directive (ELD) … Continue Reading
In-scope companies would have to publicly identify “actual and potential” adverse impacts of their operations on the environment and/or human rights. By Paul A. Davies, Michael D. Green, and James Bee On 23 February 2022, the European Commission (the Commission) published a proposal for a Directive on Corporate Sustainability Due Diligence (the Directive). If approved, … Continue Reading
The European Commission continues to explore how competition policy can support the bloc’s increased focus on sustainability and progression towards climate neutrality by 2050. By David Little and Anuj Ghai On 10 September 2021, Inge Bernaerts, Director of DG Competition, delivered a keynote speech at the 25th IBA Competition Conference on behalf of Executive Vice-President … Continue Reading
The new green bond standard aims to hit EU Green Deal targets, address environmental challenges, and increase investment in sustainable activities. By Paul Davies and Edward Kempson The European Commission (the Commission) recently issued two key announcements relating to the newly published EU Sustainable Finance Strategy (the Strategy) and the new EU Green Bond Standard … Continue Reading
The proposed initiative would embed sustainability in companies’ corporate governance frameworks and their business strategies. By Paul A. Davies and Michael D. Green On 26 October 2020, the European Commission (the Commission) launched a public consultation on a proposed sustainable corporate governance framework. The Commission is seeking views from a broad range of stakeholders, including, … Continue Reading
Making Europe greener, fairer, and more sustainable is at the heart of the European Commission’s new work programme. By Paul Davies, David Little, Michael D. Green, and Pierre Bichet On 19 October 2020, the European Commission (Commission) published its Work Programme (Programme) for 2021. The Programme — “A Union of vitality in a world of … Continue Reading
The UK’s Financial Reporting Council aims to develop a principles-based framework for corporate reporting. By Paul A. Davies and Michael D. Green The UK’s Financial Reporting Council (FRC) has published a discussion paper, “A Matter of Principles — The Future of Corporate Reporting,” that aims to “provide thought leadership for the future of corporate reporting … Continue Reading
The initiative includes a competition law sustainability “sandbox” in which market participants could team up to work on sustainable business projects. By David Little and Pierre Bichet 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 … Continue Reading
The European Commission President delivers her first state of the union address, covering a number of issues, in particular a number of ESG matters. By Paul A. Davies and Michael D. Green On 16 September 2020, Ursula von der Leyen, delivered her first state of the union address since taking over the presidency of the … Continue Reading
Proposed regulation will require companies to substantiate their environmental footprint claims, seeking to ensure green claims are more reliable. By Paul A. Davies and Michael D. Green Background On 27 August 2020, the European Commission (the Commission) launched a public consultation on a possible proposal on substantiating green claims about products or services. This follows … Continue Reading
New guidance contains clarifications from the European Commission and seeks to lessen trade barriers following the Brexit transition period. By Paul A. Davies and Michael D. Green The UK’s Department for Business, Energy and Industrial Strategy (BEIS) has published updated guidance on meeting climate change requirements after the Brexit transition period ends on 1 January … Continue Reading
The carbon border adjustment mechanism would aim to prevent carbon leakage resulting from carbon pricing in the EU emissions trading system. By Paul A. Davies and Michael D. Green On 22 July 2020, the European Commission (the Commission) published a consultation on a carbon border adjustment mechanism (CBAM) that is open until 28 October 2020. … Continue Reading
Energy system integration is considered a crucial aspect of delivering the EU’s target to achieve climate neutrality by 2050. By Paul A. Davies and Michael D. Green On 8 July 2020, the European Commission (the Commission) issued a new Communication, “Powering a climate-neutral economy: An EU Strategy for Energy System Integration” (the Communication). The Communication … Continue Reading
The consultation aims to gather technical input from stakeholders in the green bond market before finalising an EU GBS. By Paul A. Davies, Michael D. Green, and Aaron E. Franklin On 12 June 2020, the European Commission (the Commission) published a targeted consultation document on the establishment of an EU Green Bond Standard (EU GBS). … Continue Reading
