This chapter discusses the EU’s Sustainable Finance Framework to date, reviewing the regulations, tools, and standards developed over the years to enable the implementation of the EU’s sustainable finance strategy described in Chap. 2 . The essence of the EU Sustainable Finance Framework is to channel private investments toward sustainable projects. The chapter starts with the taxonomy regulation, presenting the six climate or environmental objectives and the four overarching conditions that economic activity must meet to qualify as environmentally sustainable. Next, the EU Taxonomy contribution and EU Taxonomy Navigator tool are discussed. The second part of the chapter presents the Disclosure Regulation, specifying the different stakeholders for each regulation: The issuers (CSRD), the market participants, and the financial advisers (SFDR; MiFID II and IDD). The chapter’s last section presents the relevant tools and standards, including a description of the EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks, and the European green bond standard. This EU Sustainable Finance Framework is essential to realizing the EU’s commitment to sustainable development, specifically in the financial systems. In addition to the regulations, it provides guidelines and tools for the EU member states to enable the implementation at the local level. It leads to the achievement of economic growth and a more sustainable world. The following chapters present the framework implementation in five EU members: Spain, Italy, Germany, Estonia, Netherlands, as well as Israel.

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The EU Sustainable Finance Framework

  • Rachel Calipha,
  • Shirit Katav-Herz

摘要

This chapter discusses the EU’s Sustainable Finance Framework to date, reviewing the regulations, tools, and standards developed over the years to enable the implementation of the EU’s sustainable finance strategy described in Chap. 2 . The essence of the EU Sustainable Finance Framework is to channel private investments toward sustainable projects. The chapter starts with the taxonomy regulation, presenting the six climate or environmental objectives and the four overarching conditions that economic activity must meet to qualify as environmentally sustainable. Next, the EU Taxonomy contribution and EU Taxonomy Navigator tool are discussed. The second part of the chapter presents the Disclosure Regulation, specifying the different stakeholders for each regulation: The issuers (CSRD), the market participants, and the financial advisers (SFDR; MiFID II and IDD). The chapter’s last section presents the relevant tools and standards, including a description of the EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks, and the European green bond standard. This EU Sustainable Finance Framework is essential to realizing the EU’s commitment to sustainable development, specifically in the financial systems. In addition to the regulations, it provides guidelines and tools for the EU member states to enable the implementation at the local level. It leads to the achievement of economic growth and a more sustainable world. The following chapters present the framework implementation in five EU members: Spain, Italy, Germany, Estonia, Netherlands, as well as Israel.