Germany

Topic: ESG

Subscribe to ESG RSS feed

ECB publishes consultation response to the EFRAG’s public consultation on the first set of draft European Sustainability Reporting Standards.

On 29 July 2022, the European Central Bank (ECB) published its response to the European Financial Reporting Advisory Group’s (EFRAG) public consultation on the first set of draft European Sustainability Reporting Standards. The response provides the following general remarks: The ECB strongly supports EU efforts to improve sustainability disclosures. The ECB welcomes the progress made … Continue Reading

EBA updates webpage on Joint Regulatory Technical Standards on ESG disclosure standards for financial market participants

On 28 July 2022, the European Banking Authority (EBA) updated its webpage on Joint Regulatory Technical Standards (RTS) on ESG disclosure standards for financial market participants. The webpage now makes note that it has been adopted and published in the Official Journal.… Continue Reading

Commission Delegated Regulation (EU) 2022/1214 of 9 March 2022

On 15 July 2022, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2022/1214 of 9 March 2022. It amends Delegated Regulation (EU) 2021/2139 as regards to economic activities in certain energy sectors and Delegated Regulation (EU) 2021/2178 as regards to specific public disclosures for those economic activities. The … Continue Reading

Progress Report on FSB Roadmap for Addressing Financial Risks from Climate Change

On 14 July 2022, the Financial Stability Board (FSB) published its first report taking stock on the progress made by standard setting bodies and other international organisations on action taken on the Roadmap for Addressing Financial Risks from Climate Change. The Roadmap, which was published in July 2021, sets out a comprehensive and coordinated plan … Continue Reading

Call for feedback on the draft report by the Platform on Sustainable finance on minimum safeguards

On 11 July 2022, the Platform on Sustainable Finance issued a call for feedback on a draft report on minimum safeguards. The minimum safeguards set out in Article 18 of the Taxonomy Regulation require that companies implement procedures to comply with OECD Guidelines for multinational enterprises and the UN guiding principles on business and human … Continue Reading

ECB publishes results of 2022 climate risk stress test

On 8 July 2022, the European Central Bank (ECB) published the results of its 2022 climate risk stress test. The results provide that, banks do not yet sufficiently incorporate climate risk into their stress testing frameworks and internal models, despite some progress being made since 2020. Key findings from the stress test include: Around 60% … Continue Reading

Call for input to ESAs regarding greenwashing monitoring and supervision

On 30 June 2022, the European Commission published a letter and call for input (dated 16 May 2022) to the European Supervisory Authorities (ESAs) regarding greenwashing risks and supervision of sustainable finance policies. In July 2021 the Commission adopted the ‘Strategy on Financing the Transition to a Sustainable Economy’ which outlined steps, in cooperation with … Continue Reading

ESMA publishes results of its call for evidence on ESG ratings

On 27 June 2022, the European Securities and Markets Authority (ESMA) published a letter it had sent to the European Commission setting out its findings from its call for evidence to gather information on the market structure for ESG rating providers in the EU. In the letter the ESMA provides a brief introduction to the … Continue Reading

Basel Committee issues principles for the effective management and supervision of climate-related financial risks

On 15 June 2022, the Basel Committee on Banking Supervision (Basel Committee) issued principles for the effective management and supervision of climate-related financial risks. The 18 principles are intended to promote a principles-based approach to improving both banks’ risk management and supervisors’ practices related to climate-related financial risks. They cover corporate governance, internal controls, risk … Continue Reading

Commission letter to chairs of ESAs on amendments to RTS under the SFDR related to product exposure to gas and nuclear activities

On 9 June 2022, the European Commission published a letter it had sent to the chairs of the European Supervisory Authorities (ESAs) concerning amendments to the regulatory technical standards (RTS) under the Sustainable Finance Disclosure Regulation (SFDR). On 6 April 2022, the Commission adopted a Delegated Regulation containing all 13 draft RTS under the SFDR. … Continue Reading

Corrigendum to the Taxonomy Regulation

On 9 June 2022, there was published in the Official Journal of the EU, Corrigendum to Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088. The Corrigendum amends Regulation (EU) 2020/852 by inserting a … Continue Reading

European Parliament ECON Committee adopts report on European Green Bonds proposal

 On 20 May 2022, the European Parliament Economic and Monetary Affairs (ECON) Committee adopted a report on the European Commission’s (Commission) proposal for a regulation of the European Parliament and of the Council on European green bonds (EuGB Regulation). The EuGB Regulation will introduce a common framework of rules regarding the use of the “European … Continue Reading

IPSF updates Common Ground Taxonomy

On 3 June 2022, the International Platform on Sustainable Finance (IPSF) updated the Common Ground Taxonomy (CGT) Instruction Report and the CGT Table of Activities. The updates follow an earlier consultation that the IPSF ran last year. The CGT is based on the activities currently included in both the adopted EU taxonomy for sustainable activities … Continue Reading

ESAs provide clarifications on key areas of the RTS under SFDR

On 2 June 2022, the European Supervisory Authorities (ESAs) published a statement providing clarification on the draft regulatory technical standards (RTS) issued under the Sustainable Finance Disclosure Regulation (SFDR). The ESAs have issued the statement following receipt of numerous requests for clarification from stakeholders and Member State competent authorities relating to the practical implications of … Continue Reading

ESMA supervisory briefing ‘Sustainability risks and disclosures in the area of investment management’

On 31 May 2022, the European Securities and Markets Authority (ESMA) published a supervisory briefing that is intended to enhance convergence among Member State competent authorities (NCAs) by addressing potential issues arising from the supervision of sustainability-related disclosures as well as the integration of sustainability risks by fund managers and the design of common supervisory … Continue Reading

NGFS publishes its 2022-2024 work program

On 30 May 2022, the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) published its new work program, detailing its priorities for the next two years. The new work program will be undertaken by four work streams and two task forces: Work stream on Supervision – Chaired by Mr Jamey Hubbs … Continue Reading

SFDR queries forwarded to the Commission

On 13 May 2022, the European Supervisory Authorities (ESAs) submitted to the European Commission 10 queries regarding the interpretation of the Sustainable Finance Disclosure Regulation (SFDR) and the Taxonomy Regulation (TR). The queries relate to the following five areas: Principal adverse impact (PAI) disclosures: Whether it is possible for a financial market participant to not … Continue Reading

Commission letter to the ESAs concerning amendments to the RTS under the SFDR

On 6 May 2022, the European Commission published a letter (dated 11 April 2022) which it had sent to the chairs of the European Supervisory Authorities (ESAs) concerning the draft regulatory technical standards (RTS) under the Sustainable Finance Disclosure Regulation (SFDR). The Commission decided to bundle all 13 draft RTS into a single delegated regulation … Continue Reading

ESAs consult on sustainability disclosures for STS securitisations

On 3 May 2022, the European Supervisory Authorities issued a consultation paper seeking input on draft regulatory technical standards (RTS) on the content, methodologies and presentation of information in respect of the sustainability indicators for simple, transparent and standardised (STS) securitisations. The draft RTS do not provide a framework for ‘sustainable securitisation’. Rather they provide … Continue Reading

FSB launches consultation on supervisory and regulatory approaches to climate-related risks

On 29 April 2022, the Financial Stability Board (FSB) issued a report setting out certain recommendations that are intended to assist supervisory authorities in developing their approaches to monitor, manage and mitigate cross-sectoral and system-wide risks arising from climate change and promote consistent approaches across sectors and jurisdictions. The report: Examines supervisory and regulatory reporting … Continue Reading

Commission adopts disclosure rules on sustainable investments

On 6 April 2022, the European Commission adopted a Delegated Regulation (together with five annexes) containing regulatory technical standards (RTS) for disclosures of sustainability-related information under the Sustainable Finance Disclosures Regulation (SFDR). The RTS specify the content, methodology and presentation of the information to be disclosed, thereby improving its quality and comparability. It also supports … Continue Reading

10 things to know about the EU Corporate Sustainability Due Diligence proposal

On 23 February 2022, the European Commission (the Commission) published a proposal for a Directive on Corporate Sustainability Due Diligence (CSDD or the Directive). This note summarises ten key issues enterprises active in the EU should know about the proposed Directive. 1) Aim of the proposal The proposed CSDD serves a number of purposes. First, … Continue Reading

Commission targeted consultation on ESG ratings and sustainability factors in credit ratings

On 4 April 2022, the European Commission issued a targeted consultation on the functioning of environmental, social and governance (ESG) ratings and sustainability factors in credit ratings. The purpose of the consultation is to help the Commission gain a better insight on the functioning of the market for ESG ratings, as well as better understand … Continue Reading

Platform on sustainable finance report on technical screening criteria

On 30 March 2022, the Platform on Sustainable Finance (Platform) issued a report containing recommendations on the technical screening criteria for the four remaining environmental objectives of the EU taxonomy. The report principally contains recommendations relating to technical screening criteria for objectives 3 – 6 of the Taxonomy Regulation, as well as recommendations to improve … Continue Reading
LexBlog