Regulatory News from the European Union

6/26/24: In a world first, Denmark plans to tax livestock farmers for carbon emissions from cows, sheep, and pigs from 2030

6/17/24: The European Council has reached an agreement the anti-greenwashing EU Green Claims Directive, which includes minimum requirements to substantiate, communicate, and verify green claims

5/30/24: According to Clarity AI, a sustainability technology platform, more than 40% of EU investment funds including ESG/sustainability labels may need to either change names or sell certain assets to meet the new anti-greenwashing laws by the European Securities and Markets Authority (ESMA)

5/14/24: The European Securities and Markets Authority has released its finalized guidelines for ESG and sustainability use in investment funds

5/2/24: The IFRS Foundation and EFRAG have published interoperability guidance on how to apply both the International Sustainability Standards Board’s Standards (ISSB Standards) and the EU’s / CSRD’s European Sustainability Reporting Standards (ESRS Standards)

4/30/24: The European Council has delayed the adoption of both sector-specific reporting standards and reporting standards for large non-EU companies by two years – until June 2026

4/30/24: The European Commission and EU consumer authorities have issued letters to 20 airlines identifying potentially misleading green claims, such as suggesting that paying additional fees for climate projects or sustainable fuels could offset CO2 emissions

4/29/24: The world’s largest sovereign wealth fund, Norway’s $1.6 trillion Norges Bank Investment Management, stated that it sees the anti-ESG backlash in the U.S. as an opportunity to lean into sustainable investing

4/26/24: The European Parliament passed the Net Zero Industry Act to support the manufacturing of key decarbonization technologies by the EU 

4/24/24: The European Parliament has approved new the Corporate Sustainability Due Diligence Directive (CSDDD), which would require large companies to address their adverse impact on human rights and the environment

4/15/24: The EU’s Energy Performance of Buildings Directive has been adopted by the EU’s member states

4/10/24: The European Parliament has passed a new EU certification scheme for carbon removals, aiming to boost high-quality removals and combat greenwashing 

4/9/24: The European Court of Human Rights ruled that Switzerland violated its citizens' human rights by failing to protect them from climate change's effects

3/13/24: The European Parliament approved plans requiring all new buildings in the EU to be zero-emission from 2030 onwards

2/28/24: The European Union's proposed Corporate Sustainability Due Diligence Directive (CSDDD) has faced a setback as member states failed to support it at the Council level

2/27/24: European Parliament approves Nature Restoration Law amidst farmer and conservative protest

2/21/24: The European Council has finalized the adoption of a directive aimed at safeguarding consumers against deceptive green claims and greenwashing tactics

2/6/24: European Parliament and Council reach provisional agreement on regulating ESG ratings that guide trillions of investment dollars

2/6/24: The European Commission recommended a climate target of cutting net greenhouse gas emissions by 90% by 2040

1/19/24: EBA Proposes New Guidelines for Banks on ESG and Climate Risks

1/18/24: EU lawmakers reached a provisional agreement on proposed new emissions rules for heavy-duty vehicles

1/17/24: The European Parliament passed a law banning misleading environmental claims and greenwashing on products

12/27/23: French Government Ruling Could Require European ESG Funds to Sell Fossil Fuel Holdings

12/21/23: EU and UK Agree to Delay Tariffs on Electric Vehicles Until the End of 2026

12/20/23: European Council Agrees on Proposal to Negotiate Regulation of ESG Ratings

12/5/23: European Supervisory Authorities Propose Amendments to Draft RTS of Sustainable Finance Disclosure Regulation 

11/22/23: European Parliament Members Agree to Establish Certification Framework for Enhanced Verification of Carbon Removals

10/20/23: EU Council Reaches Agreement on Proposal to Further Reduce CO2 Emissions from Heavy-Duty Vehicles

10/17/23: EBA Report Evaluates Impact of Environmental and Social Risks in Banking Sector

10/6/23: European Parliament Overwhelmingly Approves New European Green Bond Label to Combat Greenwashing and Enhance Investor Transparency

10/2/23: EU Initiates First Phase of Carbon Border Tariff, a Groundbreaking Mechanism to Address Carbon Emissions

9/26/23: Emmanuel Macron Unveils Plan to Slash France's Greenhouse Gas Emissions by 55% by 2030

9/21/23: EU Lawmakers Reach Agreement to Ban Vague Product Taglines Like 'Environmentally Friendly' and 'Climate Neutral

9/7/23: ECB Climate Stress Test: Banks' Credit Risk May Surge Over 100% by 2030 with Delayed Global Climate Goals

8/17/23: The European Commission has introduced reporting rules for importers participating in the Carbon Border Adjustment Mechanism (CBAM)

7/12/23: EU Parliament Advances Nature Restoration Law

5/17/23: A judge ruled that greenwashing claims against energy giant TotalEnergies will be permitted to proceed in the Paris judicial court

5/12/23: The European Parliament voted to clamp down on greenwashing and misleading consumer label claims

4/13/23: European Supervisory Authorities (ESAs) propose amendments to EU’s Sustainable Finance Disclosure Regulation (SFDR)

4/5/23: Ten thousand non-EU companies will be subject to the EU’s Corporate Sustainability Reporting Directive (CSRD)

3/28/23: EU lawmakers agree on law mandating a increase in electric vehicle recharging and hydrogen refueling stations

3/22/23: European Commission releases new proposed anti-greenwashing rules

3/13/23: European Supervisory Authorities (ESAs) and the European Central Bank (ECB) to encourage climate change-related disclosures for structured finance products

2/28/23: European Union reaches provisional agreement to establish a green bond standard

2/1/23: EU launches Green Deal Industrial Plan in response to US legislation

1/24/23: The European Central Bank (ECB) publishes first set of statistical indicators to help analyze climate-related risks

12/14/22: The European Banking Authority (EBA) releases its new three-year ESG/sustainable finance roadmap

12/13/22: EU will implement a carbon tax on imports

11/30/22: European Commission adopts proposal for the voluntary framework to certify high-quality carbon removals

11/23/22: How the EU’s new reporting rules apply to US businesses

11/21/22: EU launches proposed rules of using sustainability/ESG-related investment fund names

11/16/22: European Sustainability Reporting Standards (ESRS) approved by European Financial Reporting Advisory Group (EFRAG)

11/15/22: Three European Supervisory Authorities launch review of greenwashing

11/9/22: EU agrees on CO2 emission cut targets

11/2/22: European Central Bank (ECB) warns banks failing to address climate risks about higher capital requirements and/or fines

10/28/22: EU reaches a deal to ban the sale of combustion engine cars by 2035

10/26/22: Three NGOs threaten to sue bank under French law for supporting fossil fuel companies

7/11/22: Calls for the regulation of ESG data and ratings providers

6/28/22: EU reaches a preliminary agreement on the Corporate Sustainability Reporting Directive (CSRD)

5/31/22: European regulators getting serious about greenwashing

2/11/22: European Securities and Markets Authority (ESMA) to define greenwashing