Adoption of a new European sustainable finance package
0n 21 April 2021, the European Commission adopted the sustainable finance package, a package of measures in line with the European Commission Sustainable Finance Action Plan which had already implemented the Taxonomy Regulation, the Climate Benchmarks Regulation and the Sustainable Finance Disclosure Regulation ("SFDR").
This package of measures aims to enable investors to re-orient investments towards more sustainable technologies and businesses, it includes:
A draft 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 Acts as part of the EU Taxonomy Regulation which classifies sustainable activities (and specifies criteria and reporting requirements) for the purpose of sustainable finance.
The package of measures also includes six Amending Delegated Acts to ensure financial advisers, asset managers and insurers include sustainability considerations in their procedures and their advice to clients.