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On July 6 2021, the European Commission adopted several measures to increase its ambition in sustainable finance.

Sustainable Finance Strategy

The "Strategy for financing the transition to a sustainable economy" includes six sets of actions that the EU Commission is planning on tackling:

  • Extend the existing sustainable finance toolbox to facilitate access to transition finance
  • Improve the inclusiveness of small and medium-sized enterprises (SMEs) and consumers by giving them the right tools and incentives to access sustainable finance
  • Enhance the resilience of the economic and financial system to sustainability risks
  • Increase the contribution of the financial sector to sustainability
  • Ensure the integrity of the EU financial system and monitor its orderly transition to sustainability
  • Develop international sustainable finance initiatives and standards and support the EU partner countries.

European Green Bond Standard

  • The EU Commission proposed a Regulation on a European Green Bond Standard (EUGBS).
  • The EU council adopted the European Green Bond Regulation on 23 October 2023
  • The EUGBS intends to be a voluntary "gold standard" for green bonds.
  • Issuers of green bonds will have a robust tool to show they are funding green projects aligned with the EU Taxonomy.
  • Investors buying the bonds will be able to see that their investments are more easily sustainable, thereby reducing the risk of greenwashing.
  • The standard will use the detailed definitions of green economic activities in the EU Taxonomy to define a green investment.
  • This standard will address concerns about greenwashing and protecting market integrity to ensure that legitimate environmental projects are financed.

The EU Taxonomy

The EU Taxonomy is a classification that sets criteria to determine whether an economic activity significantly contributes to the six environmental objectives defined in the regulation. It is a tool to help companies and investors make sustainable investment decisions.

Keep up-to-date with the latest developments in the EU Taxonomy here.

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