Last week, the European Commission (EC), a global leader for sustainable standards, adopted a Sustainable finance package of measures to encourage the flow of capital towards investment in sustainable business and technology across the Union, in order to meet the target to become climate neutral by 2050.
The package includes:
- A proposal for the review of the Non-Financial Reporting Directive (newly named the Corporate Sustainable Reporting Directive (CSRD)). On 28 April, the Commission opened the CSRD legislative proposal for a Directive, with feedback requested by 23 June 2021.
- Final text for the Taxonomy Delegated Act on climate change mitigation and adaptation activities, as well as the corresponding annexes (Annex I, Annex II), have now been adopted by the Commission
- Adoption of amendments to Delegated Act under UCITS
- Adoption of amendments to Delegated Act under AIFMD
- Adoption of amendments to Delegated Act under MiFID II
If you would like to discuss any of the above and are part of an ISLA member firm, please join our ESG Steering Group to understand how these may apply to the securities lending industry.