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The proposal complements existing EU environmental and climate policies. It will therefore facilitate attracting investment across borders within the Union. Among these recommendations, the HLEG calls for the establishment of a technically robust classification system at EU level to provide clarity on what is 'green' or 'sustainable' – a so-called sustainability taxonomy. Regulation (EU) No 511/2014 of the European Parliament and of the Council. the Action Plan for the Circular Economy. by entrusting budget implementation tasks to: Measures to prevent fraud and irregularities, Heading(s) of the multiannual financial framework and expenditure budget line(s) affected. It is of particular importance that the Commission when preparing the development of the technical screening criteria, carry out appropriate consultations, in line with Better Regulation requirements. The recitals emphasise that the delegated acts determining the technical screening criteria for each of the six environmental objectives will be thoroughly impact assessed. Lessons learned from similar experiences in the past, Compatibility and possible synergy with other appropriate instruments. Regulation (EU) No 995/2010 of the European Parliament and of the Council. For the same reasons, fund managers and institutional investors that hold themselves out as pursuing environmental objectives should use the same concept of environmentally sustainable investment when disclosing how they pursue those objectives.    on own resources, –◻ Implementation with a start-up period from YYYY to YYYY. Article 18 provides additional safeguards for the use of the taxonomy by financial market participants when deferring the application of the operational provisions in this regulation.    The proposal/initiative has the following financial impact: –◻ Governments from around the world have chosen a more sustainable path for our planet and our economy by adopting the. In accordance with the principle of proportionality, as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve those objectives. Appropriate technical screening criteria should be established for the transport sector, including for mobile assets, which should take into account that the transport sector, including international shipping, contributes close to 26% of total greenhouse gas emissions in the Union. 93 In addition, economic operators wishing to attract investment from across the Union would have to meet different criteria in the various Member States in order for their activities to qualify as environmentally sustainable for the purposes of the different labels. ensuring clarity regarding the operationalisation of the notions of 'do no harm' and 'contributing substantially to sustainability'; ensuring that the monitoring and evaluation framework includes issues and risks that have to be taken into account when developing the technical screening criteria; making more transparent the cost-benefit trade-off when comparing options. To avoid harming consumer interests, fund managers and institutional investors offering financial products as environmentally sustainable, should disclose how and to what extent the criteria for environmentally sustainable economic activities are used to determine the environmental sustainability of the investments. This ensures that additional obligations are not imposed on financial market participants until sufficient clarity on the content of the taxonomy and compliance with it are in place. Some economic activities have a negative impact on the environment, and a substantial contribution to one or more environmental objectives can be achieved by reducing that negative impact. Scope - a majority of the respondents indicated that an EU taxonomy should eventually cover all sustainability objectives (environment and social). EU regulatory intervention - most respondents were in favour of developing a taxonomy (i.e. The barriers to access to cross-border capital markets for the purposes of raising funds for sustainable projects are expected to grow further. The report contains recommendations relating to the overarching design of the EU Taxonomy, as well as extensive implementation guidance on how companies and financial institutions can use and disclose against the taxonomy. While the financial industry generally favoured a non-prescriptive taxonomy, other stakeholders (private individuals and civil society) preferred a more detailed taxonomy, providing clear definitions and (measureable) criteria. With the entry into force of the CRD IV/CRR framework new reporting requirements become applicable which are defined by the EBA via technical standards or guidelines.A pathway for a more efficient and proportionate supervisory reporting. The Commission shall regularly review the screening criteria referred to in paragraph 1 and, if appropriate, amend the delegated acts adopted in accordance with this Regulation in line with scientific and technological developments. In doing so, Member States would be using their. Use, Other sites managed by the Publications Office, Portal of the Publications Office of the EU. The environmental objective of protection of healthy ecosystems should be interpreted taking into account relevant legislative and non-legislative instruments of the Union, including Directive 2009/147/EC of the European Parliament and of the Council. 97. –◻ documentsInteractive Implementing Technical Standards on Supervisory the Classification of Environmental Protection Activities and Expenditure (CEPA) and the Classification of Resource Management Activities (CReMA). In the climate and energy space alone, it is estimated that an. Where financial market participants consider that an economic activity which does not comply with the technical screening criteria set out in accordance with this Regulation or for which those technical screening criteria have not been established yet, should be considered environmentally sustainable, they may inform the Commission. The second is to strengthen financial stability by incorporating Environmental, Social and Governance (ESG) factors into investment decision-making. Second, this proposal is coherent with the CMU project. The potential capacity to contribute towards those environmental objectives may however vary across sectors, which should be reflected in the criteria. With such harmonisation economic operators will find it easier to raise funding for their green activities across borders, as their economic activities can be compared against uniform criteria in order to be selected as underlying assets for environmentally sustainable investments. The Commission shall adopt the delegated act in accordance with paragraph 3 by 31 December 2019 with a view to ensure its entry into application on 1 July 2020. This report provided a comprehensive vision on sustainable finance for Europe and identified two imperatives for Europe's financial system. Regulation (EU) 2015/1017 of the European Parliament and of the Council. Therefore, the taxonomy should be considered to represent the best of our currently available knowledge and will require continuous review. Sustainability has long been at the heart of the European Union project and the Treaties give recognition to its social and environmental dimensions. To this end, the Commission's Action Plan frames the objectives of its policy in terms of sustainable finance, identifies the priorities, and sets out the steps that it will take and the related timetable. However, the use of the EU Taxonomy will be voluntary.    The proposal/initiative will entail reprogramming of the relevant heading in the multiannual financial framework. , at all stages of a project's lifecycle. 1386/2013/EU of the European Parliament and of the Council. (UN 2015) available at https://sustainabledevelopment.un.org/post2015/transformingourworld. The information disclosed should enable investors to understand the share of the investment funding environmentally sustainable economic activities as a percentage of all economic activities and thus the degree of environmental sustainability of the investment. One element of the uniform criteria should be to avoid significant harm to any of the environmental objectives set out in this Regulation. On 25 September 2015, the UN General Assembly adopted a new global sustainable development framework: the 2030 Agenda for Sustainable Development, having at its core the Sustainable Development Goals (SDGs) covering three pillars of sustainability: environmental, social and economic/governance. The Commission shall adopt the delegated act referred to in paragraph 2 by 31 December 2019, with a view to ensure its entry into application on 1 July 2020. They should be encouraged to inform the Commission if they consider that an economic activity that does not meet the technical screening criteria, or for which such criteria have not been established yet, should be considered environmentally sustainable, to help the Commission to evaluate the appropriateness of complementing or updating the technical screening criteria. The application of this Regulation should be reviewed regularly in order to assess the progress on the development of technical screening criteria for environmentally sustainable activities, the use of the definition of environmentally sustainable investment, and whether compliance with the obligations requires the establishment of a verification mechanism. The delegation of powers referred to in paragraph 2 may be revoked at any time by the European Parliament or by the Council. criteria for environmentally sustainable economic activities, are necessary as a reference for future Union legislation aiming at enabling those investments. C/2019/7066 Currently a few Member States have in place labelling schemes. UN SDGs) and classifications (e.g. Furthermore, the lack of investor confidence has major detrimental effects on the market for sustainable investment. the Taxonomy Regulation. This document is an excerpt from the EUR-Lex website, COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT pursuant to Article 294(6) of the Treaty on the Functioning of the European Union concerning the position of the Council on the adoption of a Regulation of the European Parliament and of the Council on the establishment of a framework to facilitate sustainable investment 2018/0178 (COD), and amending Regulation 2019/2088 on sustainability-related disclosures in the financial services sector, Insert free text, CELEX number or descriptors. Consistency with existing policy provisions in the policy area. Recalling the joint commitment of the European Parliament, the Council and the Commission to pursue the principles enshrined in the European Pillar of Social Rights in support of sustainable and inclusive growth and recognising the relevance of international minimum human and labour rights and standards, compliance with minimum safeguards should be a condition for economic activities to qualify as environmentally sustainable. Those market actors include financial market participants offering “green” financial products and non-financial companies issuing “green” corporate bonds. The advice of the expert group was to start, a. s a first step, with establishing when an economic activity can be considered as environmentally sustainable. The absence of uniform criteria will thus increase costs and create a significant disincentive for economic operators, amounting to an impediment to access cross-border capital markets for sustainable investments. It is also important to ensure that capital flows channelled towards sustainable investment are not disrupted in the internal market. a unified EU classification system (or a so-called taxonomy). However, within each sector, those criteria should not unfairly disadvantage certain economic activities over others if the former contribute towards the environmental objectives to the same extent as the latter. Having regard to the Opinion of the European Economic and Social Committee. An economic activity shall be considered to be contributing substantially to sustainable use and protection of water and marine resources where that activity substantially contributes to the good status of waters, including freshwater, transitional waters and coastal waters, or to the good environmental status of marine waters, through any of the following means: protecting the aquatic environment from the adverse effects of urban and industrial waste water discharges by ensuring adequate collection and treatment of urban and industrial waste waters in accordance with Articles 3, 4, 5 and 11 of Council Directive 91/271/EEC, protecting human health from the adverse effects of any contamination of drinking water by ensuring that it is free from any micro-organisms, parasites and a substances that constitute a potential danger to human health, and that it meets the minimum requirements set out in Annex I, Parts A and B, to Council Directive 98/83/EC. the Statistical Classification of Economic Activities in the European Community (NACE). be able to design their methodologies and the related disclosure obligations without being obliged to use the taxonomy, which will constitute only a reference for the selection of the benchmark's underlying assets. EU environmental taxonomy with a medium degree of granularity (Option 2), EU environmental taxonomy with a high degree of granularity (Option 3). The Commission may amend that delegated act, in particular in the light of amendments to the delegated acts adopted in accordance with Article 6(2), Article 7(2), Article 8(2), Article 9(2), Article 10(2) and Article 11(2). The EU GBS will be linked to the EU Taxonomy when determining what qualifies as a green bond. The EU is also, fully committed to reaching the EU 2030 climate and energy targets and to mainstream sustainable development into EU policies, as announced in the 2014, Political Guidelines for the European Commission, by Jean-Claude Juncker. Commission should set up a Platform on sustainable finance. 2021 Commission Delegated Regulation (EU) 2019/2100 of 30 September 2019 amending Delegated Regulation (EU) 2019/815 with regard to updates of the taxonomy to be used for the single electronic reporting format (Text with EEA relevance.) The Commission should specify the information that needs to be disclosed for that purpose. The taxonomy will be the basis for all the aforementioned actions, and this work will closely interact with these activities. An economic activity shall be considered to contribute substantially to the transition to a circular economy and waste prevention and recycling where that activity contributes substantially to that environmental objective through any of the following means: improving the efficient use of raw materials in production, including through reducing the use of primary raw materials and increasing the use of by-products and waste; increasing the durability, reparability, upgradability or reusability of products; increasing the recyclability of products, including of individual materials contained in products, inter alia through substitution or reduced use of products and materials that are not recyclable; reducing the content of hazardous substances in materials and products; prolonging the use of products including through increasing reuse, remanufacturing, upgrading, repair and sharing of products by consumers; increasing the use of secondary raw materials and their quality, including through high-quality recycling of waste; increasing preparing for re-use and recycling of waste; avoiding incineration and disposal of waste; avoiding and cleaning-up of litter and other pollution caused by improper waste management; using natural energy resources efficiently. In December 2016, the Commission established a, High Level Expert Group on Sustainable Finance. 2 See paragraph 80 of the Judgment of the General Court (Ninth Chamber) of 4 June 2015, Versorgungswerk der Zahnärztekammer Schleswig-Holstein v ECB, Case T-376/13, ECLI:EU:T:2015:361, available at https://eur-lex.europa.eu/legal- Article 14(1)(h) requires that the technical screening criteria acknowledge the risk of stranded assets and the potential impact of the proposed measures on market liquidity. The power to adopt delegated acts is conferred on the Commission, subject to the conditions laid down in this Article. For each environmental objective, uniform criteria for considering economic activities to be substantially contributing to that objective should be laid down. The Platform should also advise the Commission on whether the technical screening criteria are suitable for further uses in future Union policy initiatives aimed at facilitating sustainable investment. an overview and analysis of worldwide efforts to define ‘green’ in the context of green bonds, lending and listed equity; the means and scope for identifying 'green' assets and activities through conceptual definitions, taxonomies, ratings methodologies and other mechanisms; a list of available 'green' definitions, descriptions and assessments of selected definitions, as well as a comparison of available 'green' sectoral taxonomies. the Commission a set of policy recommendations aimed at (a) facilitating the flow of public and private capital towards sustainable investments, and (b) minimising possible risks to the EU, financial system due to its exposure to carbon intensive assets. Note: for this enhanced mandate, no request for resources was included in the legislative proposal for the ESAs. The HLEG published its final report, on 31 January 2018. follows the adoption of the Commission's Action Plan of 8 March 2018 and the HLEG Final Report of January 2018, and identifies a number of initiatives to enable the uptake of sustainable finance in the European financial sector. United Nations (UN) 2030 Agenda for Sustainable Development. - ESTAT would also need 1 FTE (AD) to contribute to the taxonomy, in particular the monitoring aspect of the Platform. organisation of meetings for the Platform and any sub-groups, reporting on the outcome, consulting stakeholders, preparing legislative proposals, supporting the observatory/advisory, liasing with the ESAs and the EEA, maintaining the IT collaborative tool, reimbursement of experts and other secretarial tasks, etc.). Regulation (EU) No 1308/2013 of the European Parliament and of the Council of 17 December 2013 establishing a common organisation of the markets in agricultural products and repealing Council Regulations (EEC) No 922/72, (EEC) No 234/79, (EC) No 1037/2001 and (EC) No 1234/2007 (OJ L347, 20.12.2013, p. 671) and Regulation (EU) 2017/2393 of the European Parliament and of the Council … A particular focus was on, but other dimensions of sustainability, such as, social and governmental risks, were also considered where relevant, of June 2017, the Commission undertook to ", decide by Q1 2018 on the concrete follow-up that it will give to the recommendations of the High Level Expert Group on Sustainable Finance. The EU aims to be an economy with net-zero greenhouse gas emissions by 2050. The. This Platform should be composed of experts representing both the public and the private sector. a classification of sustainable economic activities) at EU level. The 2016 Commission Communication on the next steps for a sustainable European future links the Sustainable Development Goals (SDGs), of the UN 2030 Agenda for Sustainable Development to the European policy framework to ensure that all EU actions and policy initiatives, within the EU and globally, take the SDGs on board at the outset. In that context, the technical screening criteria should promote appropriate governance frameworks integrating environmental, social and governance factors, as referred to in the United Nations-supported Principles for Responsible Investment. Legislation in force. The EU sustainable finance taxonomy from the perspective of the insurance and reinsurance sector. Therefore, this Guide also covers certain amendments proposed to the Disclosure Regulation by the Taxonomy Regulation which was published in the Official Journal of the EU on 22 June 2020 and which entered into force on 12 July 20203 As a first step, clear guidance on activities qualifying as contributing to environmental objectives, should help inform investors about the investments that fund environmentally sustainable economic activities. The Commission shall make accompanying proposals where appropriate. It builds on the concepts developed under the 7th Environmental Action Programme. of multiannual financial framework headings and budget lines. , in order to avoid disproportionate costs on financial market participants. The report is supplemented by a technical annexcontaining: 1. 90, XX 01 02 01 (AC, END, INT from the ‘global envelope’), XX 01 02 02 (AC, AL, END, INT and JPD in the Delegations), XX 01 04 yy Both the UN 2030 Agenda for Sustainable Development. A decision to revoke shall put an end to the delegation of the power specified in that decision. The proposal builds on existing policies and uses the concepts developed under those policies to ensure consistency. For miscellaneous ‘assigned’ revenue, specify the budget expenditure line(s) affected. additional annual investment of EUR 180 billion is needed to meet climate and energy targets by 2030. The Action Plan recognises that the shift of capital flows towards more sustainable activities has to be underpinned by a shared understanding of what 'sustainable' means. 95, Enter as many years as necessary to show the duration of the impact (see point 1.6) That report shall evaluate the following: the progress on the implementation of this Regulation with regard to the development of technical screening criteria for environmentally sustainable economic activities; the possible need to revise the criteria set out in this Regulation for considering an economic activity environmentally sustainable; the appropriateness of extending the scope of this Regulation to cover other sustainability objectives, in particular social objectives; the use of the definition of environmentally sustainable investment in Union law, and at Member State level, including the appropriateness of setting up verification mechanism of compliance with the criteria set out in this Regulation. This is in order to avoid that investments are considered environmentally sustainable although the economic activities benefitting from those investments cause harm to the environment to an extent outweighing their contribution to an environmental objective. Commission Staff Working Document on the review of the 2012 European Bioeconomy Strategy (SWD(2017) 374 final). 16 OCT 2020 SURVEY FINANCIAL STABILITY | SUSTAINABILITY. –☑ The proposal/initiative provides for the co-financing estimated below: Year The first is to improve the contribution of finance to sustainable and inclusive growth. : The EEA new tasks fall within the current mandate of the. 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