The EC published the action plan on sustainable finance, as part of a broader package of measures on the Capital Markets Union (CMU).
The relevant documents published are as follows:
- Text of the action plan https://ec.europa.eu/info/sites/info/files/180308-action-plan-sustainable-growth_en.pdf
- Press release http://europa.eu/rapid/press-release_IP-18-1404_en.htm?locale=en
- Frequently asked questions http://europa.eu/rapid/press-release_MEMO-18-1424_en.htm?locale=en
- Factsheet https://ec.europa.eu/info/files/180308-action-plan-sustainable-growth-factsheet_en
The EC action plan mentions a total of 27 legislative and non-legislative actions that the Commission intends to initiate until Q3 2019, structured around three main objectives:
- Reorienting capital flows towards a more sustainable economy
- A unified classification system for sustainable activities
- Standards and labels for sustainable financial products
- Fostering investment in sustainable projects
- Sustainability considerations in financial advice
- Sustainability benchmarks
- Mainstreaming sustainability into risk management
- Sustainability in market research and credit ratings
- Institutional investors’ and asset managers’ sustainability duties
- Prudential requirements for banks and insurance companies
- Fostering transparency and long-termism
- Disclosure and accounting
- Corporate governance and undue capital market short-termism