Legal Update of the POLSIF Legal Center May 2024

A summary of the response to the SFDR consultation has been published: Most respondents support the regulation's objective of ensuring transparency in sustainable investments, but note the imprecise definitions and the fact that in practice product-level disclosures are used as product 'labels'. Opinions are divided on the disclosure of information at the individual level. In the responses, attention is drawn to the need to create a category for products financing the transformation.Link: https://bit.ly/3KRnzI1
‍ESMA has published a report on guidelines for fund names using ESG or sustainability terms: At least 80% of the portfolio must be managed according to the fund name. The report includes names such as “environmental”, “sustainability”, “impact”, “transition”, “social” and “governance”. Länk: https://bit.ly/3KJPEkv
‍Final adoption of CSDDD: The CSDDD Directive has been finally adopted by EU Member States and the European Parliament, providing a uniform due diligence framework for the largest companies in the EU. Legislation requires the identification and counteraction of negative environmental and human rights impacts throughout the value chain and the adoption of transformation plans. Financial institutions are covered but exempt from conducting due diligence on their clients.Link: https://bit.ly/4clJCTc
‍IFRS and EFRAG publish guidance on ESRS and ISSB interoperability: IFRS and EFRAG have issued guidance to help companies disclose sustainability information in accordance with the ISSB and ESRS, avoiding duplication of reporting. The goal is to make it easier for companies to comply with both sets of standards.Link: https://bit.ly/3zcdN0A
‍New composition of EFRAG SR TEG: EFRAG has announced the new composition of the Expert Group on Sustainable Reporting (SR TEG), including 12 new members, continuing to work on ESRS standards. One of the members became a member and co-founder of POLSIF Robert Adamczyk.
Adoption of certain sectoral standards delayed by 2 years: By amending the CSRD Directive, adoption of sectoral standards for: capital markets, insurance, banking, oil and gas, coal and extraction, mining, road transport, motor vehicles, textiles, agriculture, food and beverage, real estate, energy production.Link: https://bit.ly/3VKu71m‍
Common market for gas and hydrogen: The European Council today announced the adoption of a new regulatory package establishing common market rules for renewable gas, natural gas and hydrogen, which aims to accelerate Europe's transition to renewable and low-carbon gases and move away from fossil fuels, as well as support EU decarbonisation Cele.Link: https://bit.ly/45vjAe2
‍Ecodesign: The European Council approves the Ecolabel regulation aimed at establishing sustainability requirements for almost all products in the EU, as well as establishing a ban on the destruction of unsold textiles and shoes.Link: https://bit.ly/45oKdRN
‍Reducing emissions from trucks and buses: The EU adopts new rules requiring a 90% reduction in emissions from trucks and buses by 2040Link: https://bit.ly/3VH4VJl
‍Adoption of the Net-Zero Industry Act: The European Parliament has voted in favour of the Net-Zero Industry Act (NZIA), which aims to support the EU's production of key technologies needed to achieve Europe's climate and energy goals. The act is one of the key elements of the Green Deal Industrial Plan.Link: https://bit.ly/3zeUhk0

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