The European Commission has released the first legislative package under the Action Plan for Financing Sustainable Growth. The four proposals included in the package will support the goals of the Capital Markets Union’s (CMU) to connect finance with the needs of the European economy and the EU’s agenda for sustainable development. They are:
- A unified EU classification system (‘taxonomy’)
- Investors’ duties and disclosures
- Low-carbon benchmarks
- Better advice to clients on sustainability
For more detail on the proposals click here.
This legislative package is the result of the Action Plan for Financing Sustainable Growth which was launched on 8 May. The next step is for the European Parliament and Council to review and agree on these proposals, with the enabling legislation scheduled to be adopted from late 2019.
To read the full press release click here.
Sustainable Nation Ireland sees sustainable finance and the EU leadership in this regard as a real opportunity for both the EU and Ireland in the emerging high growth financial services subsector that is green and sustainable finance. Think Green Finance, Think Ireland.
If you are interested in discussing these developments please contact a member of the Sustainable Nation Ireland team.