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
The regulation aims to minimise the EU’s contribution to deforestation and forest degradation. By Paul A. Davies, Michael D. Green, and James Bee The European Deforestation Regulation (EUDR) entered into force on 29 June 2023, following publication in the Official Journal of the European Union. However, the main requirements and prohibitions of the EUDR will … 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 Commission plans to adopt a proposal for a revised Regulation on the Registration, Evaluation, Authorisation and Restriction of Chemicals in the last quarter of 2022. By Joachim Grittmann and Alexander Wilhelm On 20 January 2022, the European Commission opened a public consultation on revising Regulation (EC) No 1907/2006 concerning the Registration, Evaluation, Authorisation and … 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 package aims to deliver on the targets agreed in the European Climate Law and fundamentally transform the EU’s economy and society for a greener future. By Paul A. Davies, Nicola Higgs, David Little, Elisabetta Righini, JP Sweny, and Michael D. Green On 14 July 2021, the European Commission (the Commission) unveiled a long-awaited package … 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
Recent developments show how innovative sustainable finance instruments can help the transition to greener financial markets. By Paul A. Davies and Edward R. Kempson The EU Taxonomy Regulation[1] (the Regulation), which entered into force in July 2020, is one of the most significant developments in sustainable finance. The Regulation creates a classification system for green … Continue Reading
A new report shows headway in reducing greenhouse gases and details the latest climate change policy developments. By Paul A. Davies and Michael D. Green On 30 November 2020, the European Commission (EC) adopted the EU Climate Action Progress Report Kick-starting the journey towards a climate-neutral Europe by 2050 (the Report). The Report, which is … 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 Commission’s 2030 Climate Target Plan sets out required actions for a number of sectors. By Paul A. Davies and Michael D. Green On 17 September 2020, the European Commission (Commission) presented its 2030 Climate Target Plan, which calls for a greenhouse gas (GHG) emissions reduction target of at least 55%, compared to 1990 levels; … 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
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 new measures include changes to grid access permits and a new remuneration regime for renewables, among other provisions. By María José Descalzo, José María Alonso, and Leticia Sitges On 23 June, the Spanish Government passed Royal Decree-Law 23/2020, which entered into force on 25 June, approving new measures in the energy sector that aim … Continue Reading
The ESG performance will be measured quarterly, with the average performance of the portfolio companies judged by reference to three KPIs. By Paul Davies, Dominic Newcomb, Farah O’Brien and Michael Green On 11 June 2020, private equity firm EQT announced that it has entered into an environmental, social, and governance–linked fund-level subscription credit facility (SCF) … Continue Reading
The delay may complicate the regulatory landscape for sustainable finance as the EU moves toward a standardized classification system. By Paul A. Davies, Nicola Higgs, and Michael D. Green The UK government (government) has delayed a decision on whether it will adopt the EU’s taxonomy of sustainable finance activities (the Taxonomy) as the UK approaches … Continue Reading
The EU Commission aims to enshrine into law the 2050 climate-neutrality target and has taken further steps to establish a unified EU “green” classification system. By Paul A. Davies, Michael D. Green, and Federica Rizzo The European Green Deal, presented on 11 December 2019, provides a roadmap with actions aimed at boosting the efficient use of resources and the … Continue Reading
