Legal & Regulatory News

The European Commission announces the European Green Deal

The European Commission (the Commission) has announced the European Green Deal (the Green Deal) which is intended to form a roadmap towards a sustainable economy for the EU. The Green Deal aims to transform the EU into a fair and prosperous society, with a modern, resource-efficient and competitive economy where there are net zero emissions of greenhouse gases by 2050, and where economic growth is decoupled from resource use. The Commission has produced a communication containing an initial roadmap of the key policies and measures needed to achieve the targets set out in the Green Deal.

The Commission is expected to publish a sustainable finance strategy, which will set out its vision of how the private sector will contribute to financing the green transition, in the third quarter of 2020. The Commission will also review the Non-Financial Reporting Directive (2014/95/EU) with a view to ensuring that companies and financial institutions increase their disclosures on climate and environmental data.

In addition, the Commission plans to make it easier for investors and companies to identify sustainable investments, and intends to better integrate climate and environmental risks into the EU prudential framework.

Click here to access the communication.