On 18 June, the European Commission published the following documents relating to the implementation of its Action Plan on Financing Sustainable Growth and work by the EC Technical Expert Group (TEG) on sustainable finance:
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- EC guidelines on reporting climate-related information (link)
- The guidelines consist of a new supplement to the existing non-binding guidelines under the Non-financial reporting directive (NFRD), which remains applicable. The new guidelines are inspired by a recent report by the EC TEG. The guidelines are accompanied by a FAQ document (here).
- EC TEG report on the sustainability taxonomy (link)
- The report sets out the results of the technical work to date in relation to the development of an EU classification system for environmentally sustainable economic activities (ie “taxonomy”), including on the usability of the taxonomy.
- EC TEG report on EU green bond standard (link)
- The report contains recommendations on criteria for issuing green bonds. It is based on an interim TEG report published in March.
- EC guidelines on reporting climate-related information (link)
- EC TEG interim report on EU climate benchmarks and benchmarks’ ESG disclosures (link)
- The report sets out recommendations on minimum standards for an EU Climate Transition Benchmark (EU CTB) and EU Paris-aligned Benchmark (EU PAB), and related minimum ESG disclosure requirements.
The TEG will conduct a call for feedback on the EU Taxonomy report and on the interim Climate benchmarks report.
The secretariat of Insurance Europe is currently assessing the documents and will get back to members in due course with a proposed planning for the responses to the relevant TEG consultations.
Next steps
24 June: EC stakeholder dialogue on climate-related reporting and the TEG reports