EU Regulation on sustainability‐related disclosures in the financial services sector published! A report from our BLCC Corporate member Arendt.
In response to growing concerns over climate change, and as part of broader efforts to connect finance with the specific needs of the European & global economy for the benefit of the planet and our society, the EU has been examining how to integrate sustainability considerations into its financial policy framework in order to mobilise finance for sustainable growth.
The action plan
In March 2018, the European Commission published an action plan on sustainable finance (the “Action Plan”) specifically aiming to:
- reorient capital flows towards sustainable investment in order to achieve sustainable & inclusive growth;
- manage financial risks stemming from climate change, resource depletion, environmental degradation and social issues; and
- foster transparency and ‘long-termism’ in financial & economic activity.
The publication of the Regulation (EU) 2019/2088 of the European Parliament & of the Council on sustainability‐related disclosures in the financial services sector (the “Regulation”) on 9 December 2019 marks a new milestone in the European Union’s journey towards a more sustainable financial sector and is a major step in the Action Plan.
To continue reading & learn more about how the Arendt Sustainability Team can help on your sustainability journey, then click here for the full report & have a look at their services.