BETA


Events

2023/11/30
   Final act published in Official Journal
2023/11/22
   CSL - Draft final act
Documents
2023/11/22
   CSL - Final act signed
2023/10/23
   EP/CSL - Act adopted by Council after Parliament's 1st reading
2023/10/05
   EP - Decision by Parliament, 1st reading
Details

The European Parliament adopted by 418 votes to 79, with 72 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council on European green bonds.

The European Parliament's position adopted at first reading under the ordinary legislative procedure amends the Commission proposal as follows:

Subject matter

This Regulation lays down uniform requirements for issuers of bonds who wish to use the designation ‘European Green Bond’ or ‘EuGB’ for their bonds that are made available to investors in the Union. The rules are aligned with the framework of the European taxonomy , which defines the economic activities that the EU considers to be environmentally sustainable.

Transparency

All companies choosing to adopt the standards and therefore also the EuGB label when marketing a green bond should be required to disclose considerable information about how the bond’s proceeds should be used. They should also be obliged to show how these investments feed into the transition plans of the company as a whole. To be able to use the designation ‘European Green Bond’ or ‘EuGB’, the issuer will have to publish a prospectus .

In order to prevent greenwashing in the green bond market in general, the Regulation also provides for optional disclosure templates for bonds marketed as environmentally sustainable and for sustainability-linked bonds in the EU. No later than twelve months after the date of entry into force of the Regulation, the Commission should publish guidelines establishing templates for voluntary pre-issuance disclosures for issuers of bonds marketed as environmentally sustainable and sustainability-linked bonds.

Securitised exposures

Specific disclosure and exclusion requirements should apply to bonds resulting from securitisation that are designated as ‘European Green Bond’ or ‘EuGB’ in order to enhance the confidence of investors and ensure that they are fully informed about the environmental characteristics of the transaction.

For the purposes of this Regulation, securitised exposures should not comprise exposures financing the exploration, mining, extraction, production, processing, storage, refining or distribution, including transportation, and trade of fossil fuels.

Exposures financing electricity generation from fossil fuels, co-generation of heat/cool and power from fossil fuels, or production of heat/cool from fossil fuels, where the activity meets the criteria for ‘do no significant harm’, may be included in the pool of securitised exposures for the purposes of this Regulation.

External reviewers

The regulation establishes a registration system and supervisory framework for external reviewers of European green bonds.

To ensure their independence and safeguard high standards of transparency and ethical conduct, external reviewers should comply with organisational requirements and rules of conduct to mitigate and avoid situations of actual or potential conflict of interest or manage those conflicts adequately when they are unavoidable.

External reviewers should not be entitled to conduct an external review in the case of a conflict of interest that cannot be properly addressed.

Flexibility

Under the new regulation, all proceeds of EuGBs should be invested in economic activities that are aligned with the EU taxonomy, provided the sectors concerned are already covered by it. For those sectors not yet covered by the EU taxonomy and for certain very specific activities there will be a flexibility pocket of 15%.

Where an issuer allocates the proceeds of a European Green Bond, it should describe in the European Green Bond factsheet the activities concerned and the estimated percentage of the proceeds intended to finance such activities as a total and also per activity. It should also ensure that those activities meet do not cause significant harm to any of the environmental objectives and that they are carried out in compliance with the minimum safeguards.

Monitoring

As regards supervision, the national competent authorities of the home Member State designated (in line with the Prospectus Regulation) should supervise that issuers comply with their obligations under the new standard. Competent authorities should be able to exercise their supervisory powers before and after the issuance of the European Green Bonds.

Documents
2023/10/04
   EP - Debate in Parliament
2023/05/25
   EP - Approval in committee of the text agreed at 1st reading interinstitutional negotiations
2023/05/10
   CSL - Coreper letter confirming interinstitutional agreement
2023/05/10
   EP - Text agreed during interinstitutional negotiations
Documents
2022/06/08
   EP - Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
2022/06/06
   EP - Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
2022/05/20
   EP - Committee report tabled for plenary, 1st reading
Details

The Committee on Economic and Monetary Affairs adopted the report by Paul TANG (S&D, NL) on the proposal for a European Parliament and Council regulation on European green bonds.

The committee recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should be amended as follows:

Objectives

The proposal as amended would aim to better regulate the green bond market, strengthen its supervision and reduce greenwashing.

The Regulation would have three objectives:

- to ensure the comparability of bonds marketed as environmentally sustainable in the EU;

- to establish uniform requirements for the use of the name ‘European Green Bond’ or ‘EuGB’;

- to establish a simple registration system and supervisory framework for external reviewers by making a single supervisory authority responsible for the registration and supervision of external reviewers in the EU.

To facilitate comparison and prevent greenwashing, minimum sustainability disclosure requirements should apply to bonds marketed as environmentally sustainable and sustainability-related in the EU.

Alignment with the product use taxonomy

Eligible capital expenditure should relate to economic activities that meet or will meet the taxonomy requirements within five years from the issuance of the bond, unless a longer period of up to ten years is duly justified by the specific features of the economic activities and investments concerned and documented in a CapEx plan.

New requirements on benefitting entities

To avoid ‘brown’ companies (i.e. with highly polluting industries) using the EuGB label to pretend to be greener than they really are, the amended proposal requires that all EuGBs have verified transition plans . The text also ensures that all issuers of green bonds have processes in place to identify and limit the principal adverse impacts of their activity.

Issuers of bonds marketed as environmentally sustainable in the Union that do not use the designation ‘European green bonds’ or ‘EuGB’ should disclose in their pre-contractual disclosures: (i) a clear and reasoned explanation of how the bond takes account of principal adverse impacts on sustainability factors; (ii) information on how the environment characteristics of the bond are met. They should also indicate in the annual periodic reports the extent to which the environmental attributes are met.

Exclusion of non-cooperative countries and territories for tax purposes

Issuers of European Green Bonds that are located in countries on the EU list of non-cooperative countries and territories for tax purposes or, in the case of sovereign issuers, that facilitate tax evasion through their legal system, would not be allowed to use the European Green Bond designation.

Taxonomy equivalence

Where a third country has in place a taxonomy to facilitate sustainable investment which is substantially equivalent to the EU taxonomy, the Commission should, following a positive recommendation from the Platform on Sustainable Finance established under Regulation (EU) 2020/852, adopt delegated acts in order to supplement this Regulation by authorising that the use of proceeds of an EuGB can be allocated in accordance with that third-country taxonomy.

Civil liability

Civil liability provisions should apply to issuers of European green bonds in relation to damages incurred by investors due to an infringement of the taxonomy-aligned allocation of proceeds.

Stronger supervision

Supervision is strengthened in various ways. The potential for conflicts of interest for external reviewers assessing EuGBs should be reduced and provisions are included to ensure that authorities can prohibit companies from issuing EuGBs if they do not comply with the rules.

Increased transparency for gas and nuclear

The adopted text imposes stricter transparency requirements, so that where the issuer of a green bond plans to use the proceeds of the issue for nuclear or fossil gas activities, a statement should be prominently displayed on the first page of the EuGB information sheet.

Review

The application of the Regulation should be reviewed by the Commission five years after its entry into force and every three years thereafter, based on input from the Sustainable Finance Platform. Two years after the entry into force of the Regulation, the Commission should also produce an impact assessment to determine whether the European Green Bond standard should become mandatory.

Documents
2022/05/16
   EP - Vote in committee, 1st reading
2022/05/16
   EP - Committee decision to open interinstitutional negotiations with report adopted in committee
2022/03/17
   EP - Committee opinion
Documents
2022/02/18
   EP - Committee opinion
Documents
2022/01/21
   EP - Amendments tabled in committee
Documents
2021/12/08
   ESC - Economic and Social Committee: opinion, report
Documents
2021/11/30
   EP - Committee draft report
Documents
2021/11/16
   EP - FERNANDES José Manuel (EPP) appointed as rapporteur in BUDG
2021/11/15
   CZ_SENATE - Contribution
Documents
2021/11/08
   DE_BUNDESRAT - Contribution
Documents
2021/11/05
   ECB - European Central Bank: opinion, guideline, report
2021/10/21
   PT_PARLIAMENT - Contribution
Documents
2021/10/21
   ES_PARLIAMENT - Contribution
Documents
2021/09/21
   EP - EICKHOUT Bas (Verts/ALE) appointed as rapporteur in ENVI
2021/09/13
   EP - Committee referral announced in Parliament, 1st reading
2021/09/01
   EP - TANG Paul (S&D) appointed as rapporteur in ECON
2021/07/07
   EC - Document attached to the procedure
2021/07/07
   EC - Document attached to the procedure
2021/07/07
   EC - Document attached to the procedure
2021/07/06
   EC - Legislative proposal published
Details

PURPOSE: to put in place a common set of requirements for a harmonised standard for European green bonds, which will further simplify environmentally sustainable investments and support a coordinated way of improving the functioning of the single market.

PROPOSED ACT: Regulation of the European Parliament and of the Council.

ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.

BACKGROUND: over the last number of years, the EU has become significantly more ambitious in tackling climate change. The Commission has already taken unprecedented steps to build the foundations for sustainable finance. Sustainability is the central feature of the EU's recovery from the COVID-19 pandemic and the financial sector will be key in helping to meet the targets of the European Green Deal.

The European Green Deal Investment Plan envisages the establishment of a standard for environmentally sustainable bonds to further increase investment opportunities and facilitate the identification of environmentally sustainable investments through a clear label. These environmentally sustainable bonds are one of the main instruments for financing investments related to low-carbon technologies, energy and resource efficiency as well as sustainable transport infrastructure and research infrastructure.

Given the existing divergences and absence of common rules, it is likely that Member States will adopt diverging measures and approaches, which will have a direct negative impact on, and create obstacles to, the proper functioning of the internal market, and be detrimental to issuers of environmentally sustainable bonds.

Thus, the need for a harmonised green bond standard to be applied across the Union by both public and private green bond issuers.

This proposal for a European Green Bond is anchored in the Taxonomy Regulation (EU) 2020/852. The Taxonomy Regulation establishes a classification of economic activities according to their environmental sustainability, with full compliance with minimum social safeguards as one of the determining criteria.

CONTENT: the proposal aims to (i) establish uniform requirements for bond issuers who voluntarily wish to use the ‘European Green Bond’ or ‘EuGB’ designation for their environmentally sustainable bonds in the Union, and (ii) establish a registration system and a framework for monitoring external examiners of European Green Bonds.

Conditions for the use of the ‘European Green Bond’ designation

The proposal:

- the limits the use of the ‘European Green Bond’ or ‘EuGB’ designation to issuers of bonds that meet specific requirements until the bond matures. This framework would be open to any bond issuer, including issuers of covered bonds and securitisations issued by a securitisation vehicle. In addition, the issuers concerned could be established both inside and outside the EU;

- requires that all use of bond proceeds shall relate to economic activities that meet the requirements for environmentally sustainable economic activities set out in Taxonomy Regulation, namely: making a substantial contribution to one or more of the environmental objectives and not significantly harming any of those environmental objectives.

Transparency and external review requirements for European green bonds

The issuance of a green bond should be fully transparent, with detailed reporting requirements.

The proposal clarifies that the bond may only be offered to the public in the Union after prior publication of the European green bond factsheet on the issuer’s website together with the pre-issuance review of the European green bond factsheet by an external reviewer. It imposes an obligation upon the issuer to draw up European green bond annual allocation reports yearly.

Conditions for taking up activities as external reviewers for European green bonds

The proposal includes a requirement to be registered and to meet the conditions for registration on an ongoing basis. Once registered, an external reviewer may conduct its activities throughout the entire territory of the Union. An external reviewer has to apply for registration from the European Securities and Markets Authority (ESMA). These measures do not apply to state auditors and other public entities mandated by sovereign issuers to assess compliance with the Regulation.

Rules on the provision of services by third-country external reviewers

The proposal lays down the powers of national competent authorities to supervise bond issuers. It also includes several provisions that specify the administrative sanctions and other administrative measures that competent authorities may impose as well as rules on the publication and reporting to ESMA of those sanctions.

It also sets out ESMA’s powers with regard to the supervision of external reviewers. These include the power to request information by simple request or by decision, the power to conduct general investigations as well as the power to conduct on-site inspections.

Documents

Activities

Votes

Obligations vertes européennes - European green bonds - Europäische grüne Anleihen - A9-0156/2022 - Paul Tang - Accord provisoire - Am 2 #

2023/10/05 Outcome: +: 418, -: 79, 0: 72
IT PL DE ES RO NL HU PT SE CZ BE BG SI IE LV FR LT FI DK SK EL MT HR EE AT LU CY
Total
57
42
78
49
29
26
15
21
20
19
19
8
8
12
7
65
8
12
12
9
15
5
8
6
10
4
5
icon: PPE PPE
141

Latvia PPE

2

Finland PPE

2

Denmark PPE

For (1)

1

Malta PPE

For (1)

1

Croatia PPE

For (1)

1

Estonia PPE

For (1)

1

Cyprus PPE

2
icon: S&D S&D
107

Czechia S&D

For (1)

1

Belgium S&D

1

Slovenia S&D

2

Latvia S&D

2

Lithuania S&D

2

Denmark S&D

2

Greece S&D

1

Estonia S&D

2

Austria S&D

2

Luxembourg S&D

For (1)

1

Cyprus S&D

1
icon: Renew Renew
86

Italy Renew

For (1)

1

Poland Renew

1

Hungary Renew

For (1)

1

Sweden Renew

For (1)

3

Slovenia Renew

2

Ireland Renew

2

Latvia Renew

For (1)

1

Lithuania Renew

1

Finland Renew

3

Slovakia Renew

2

Greece Renew

1

Croatia Renew

For (1)

1

Estonia Renew

2

Luxembourg Renew

2
icon: ECR ECR
56

Germany ECR

1

Romania ECR

Against (1)

1

Netherlands ECR

4

Sweden ECR

For (1)

3

Bulgaria ECR

1

Latvia ECR

For (1)

1

Finland ECR

2

Slovakia ECR

Abstain (1)

1

Croatia ECR

1
icon: NI NI
39

Germany NI

2

Netherlands NI

Against (1)

1

Belgium NI

For (1)

1

Latvia NI

1

Slovakia NI

Against (1)

1

Croatia NI

2
icon: Verts/ALE Verts/ALE
57

Italy Verts/ALE

3

Poland Verts/ALE

Abstain (1)

1

Spain Verts/ALE

3

Netherlands Verts/ALE

3

Portugal Verts/ALE

Abstain (1)

1

Sweden Verts/ALE

3

Czechia Verts/ALE

2

Belgium Verts/ALE

3

Ireland Verts/ALE

2

Lithuania Verts/ALE

Abstain (1)

1

Finland Verts/ALE

2

Denmark Verts/ALE

2

Austria Verts/ALE

3

Luxembourg Verts/ALE

Abstain (1)

1
icon: ID ID
51

Czechia ID

Against (2)

2

Denmark ID

Against (1)

1

Estonia ID

Against (1)

1

Austria ID

2
icon: The Left The Left
32

Netherlands The Left

Against (1)

1

Sweden The Left

Abstain (1)

1

Czechia The Left

Against (1)

1

Belgium The Left

Against (1)

1

Ireland The Left

Against (1)

3

Finland The Left

Abstain (1)

1

Denmark The Left

Abstain (1)

1

Cyprus The Left

2
AmendmentsDossier
620 2021/0191(COD)
2022/01/06 ENVI 147 amendments...
source: 700.634
2022/01/20 ECON 297 amendments...
source: 704.629
2022/02/02 BUDG 176 amendments...
source: 704.669

History

(these mark the time of scraping, not the official date of the change)

events/12
date
2023-11-30T00:00:00
type
Final act published in Official Journal
docs
procedure/final
title
Regulation 2023/2631
url
https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32023R2631
procedure/stage_reached
Old
Procedure completed, awaiting publication in Official Journal
New
Procedure completed
events/11
date
2023-11-22T00:00:00
type
Final act signed
body
CSL
procedure/stage_reached
Old
Awaiting signature of act
New
Procedure completed, awaiting publication in Official Journal
docs/11
date
2023-11-22T00:00:00
docs
title: 00027/2023/LEX
type
Draft final act
body
CSL
docs/3/docs/1/url
Old
https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:C:2022:027:TOC
New
https://eur-lex.europa.eu/oj/daily-view/L-series/EN/TXT/?uri=OJ:C:2022:027:TOC
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2021-10-20T00:00:00
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type
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body
EP/CSL
procedure/stage_reached
Old
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New
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docs/11
date
2023-10-05T00:00:00
docs
url: https://www.europarl.europa.eu/doceo/document/TA-9-2023-0352_EN.html title: T9-0352/2023
type
Text adopted by Parliament, 1st reading/single reading
body
EP
events/9/summary
  • The European Parliament adopted by 418 votes to 79, with 72 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council on European green bonds.
  • The European Parliament's position adopted at first reading under the ordinary legislative procedure amends the Commission proposal as follows:
  • Subject matter
  • This Regulation lays down uniform requirements for issuers of bonds who wish to use the designation ‘European Green Bond’ or ‘EuGB’ for their bonds that are made available to investors in the Union. The rules are aligned with the framework of the European taxonomy , which defines the economic activities that the EU considers to be environmentally sustainable.
  • Transparency
  • All companies choosing to adopt the standards and therefore also the EuGB label when marketing a green bond should be required to disclose considerable information about how the bond’s proceeds should be used. They should also be obliged to show how these investments feed into the transition plans of the company as a whole. To be able to use the designation ‘European Green Bond’ or ‘EuGB’, the issuer will have to publish a prospectus .
  • In order to prevent greenwashing in the green bond market in general, the Regulation also provides for optional disclosure templates for bonds marketed as environmentally sustainable and for sustainability-linked bonds in the EU. No later than twelve months after the date of entry into force of the Regulation, the Commission should publish guidelines establishing templates for voluntary pre-issuance disclosures for issuers of bonds marketed as environmentally sustainable and sustainability-linked bonds.
  • Securitised exposures
  • Specific disclosure and exclusion requirements should apply to bonds resulting from securitisation that are designated as ‘European Green Bond’ or ‘EuGB’ in order to enhance the confidence of investors and ensure that they are fully informed about the environmental characteristics of the transaction.
  • For the purposes of this Regulation, securitised exposures should not comprise exposures financing the exploration, mining, extraction, production, processing, storage, refining or distribution, including transportation, and trade of fossil fuels.
  • Exposures financing electricity generation from fossil fuels, co-generation of heat/cool and power from fossil fuels, or production of heat/cool from fossil fuels, where the activity meets the criteria for ‘do no significant harm’, may be included in the pool of securitised exposures for the purposes of this Regulation.
  • External reviewers
  • The regulation establishes a registration system and supervisory framework for external reviewers of European green bonds.
  • To ensure their independence and safeguard high standards of transparency and ethical conduct, external reviewers should comply with organisational requirements and rules of conduct to mitigate and avoid situations of actual or potential conflict of interest or manage those conflicts adequately when they are unavoidable.
  • External reviewers should not be entitled to conduct an external review in the case of a conflict of interest that cannot be properly addressed.
  • Flexibility
  • Under the new regulation, all proceeds of EuGBs should be invested in economic activities that are aligned with the EU taxonomy, provided the sectors concerned are already covered by it. For those sectors not yet covered by the EU taxonomy and for certain very specific activities there will be a flexibility pocket of 15%.
  • Where an issuer allocates the proceeds of a European Green Bond, it should describe in the European Green Bond factsheet the activities concerned and the estimated percentage of the proceeds intended to finance such activities as a total and also per activity. It should also ensure that those activities meet do not cause significant harm to any of the environmental objectives and that they are carried out in compliance with the minimum safeguards.
  • Monitoring
  • As regards supervision, the national competent authorities of the home Member State designated (in line with the Prospectus Regulation) should supervise that issuers comply with their obligations under the new standard. Competent authorities should be able to exercise their supervisory powers before and after the issuance of the European Green Bonds.
docs/11
date
2023-10-05T00:00:00
docs
url: https://www.europarl.europa.eu/doceo/document/TA-9-2023-0352_EN.html title: T9-0352/2023
type
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events/8/docs
  • url: https://www.europarl.europa.eu/doceo/document/CRE-9-2023-10-04-TOC_EN.html title: Debate in Parliament
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2023-10-05T00:00:00
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body
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forecasts
  • date: 2023-10-05T00:00:00 title: Vote in plenary scheduled
procedure/stage_reached
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events/8
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Debate in plenary scheduled
forecasts/0
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2023-10-02T00:00:00
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Indicative plenary sitting date
forecasts/1
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2023-10-05T00:00:00
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forecasts/0/date
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docs/9/docs/0/url
https://www.europarl.europa.eu/RegData/commissions/econ/lcag/2023/05-10/ECON_LA(2023)003445_EN.pdf
events/7/docs/1
url
https://www.europarl.europa.eu/RegData/commissions/econ/lcag/2023/05-10/ECON_LA(2023)003445_EN.pdf
title
GEDA/A/(2023)003445
docs/9
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docs
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type
Coreper letter confirming interinstitutional agreement
body
CSL
events/7
date
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Approval in committee of the text agreed at 1st reading interinstitutional negotiations
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EP
docs
url: https://www.europarl.europa.eu/RegData/commissions/econ/inag/2023/05-10/ECON_AG(2023)749010_EN.pdf title: PE749.010
docs/9
date
2023-05-10T00:00:00
docs
url: https://www.europarl.europa.eu/RegData/commissions/econ/inag/2023/05-10/ECON_AG(2023)749010_EN.pdf title: PE749.010
type
Text agreed during interinstitutional negotiations
body
EP
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  • The Committee on Economic and Monetary Affairs adopted the report by Paul TANG (S&D, NL) on the proposal for a European Parliament and Council regulation on European green bonds.
  • The committee recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should be amended as follows:
  • Objectives
  • The proposal as amended would aim to better regulate the green bond market, strengthen its supervision and reduce greenwashing.
  • The Regulation would have three objectives:
  • - to ensure the comparability of bonds marketed as environmentally sustainable in the EU;
  • - to establish uniform requirements for the use of the name ‘European Green Bond’ or ‘EuGB’;
  • - to establish a simple registration system and supervisory framework for external reviewers by making a single supervisory authority responsible for the registration and supervision of external reviewers in the EU.
  • To facilitate comparison and prevent greenwashing, minimum sustainability disclosure requirements should apply to bonds marketed as environmentally sustainable and sustainability-related in the EU.
  • Alignment with the product use taxonomy
  • Eligible capital expenditure should relate to economic activities that meet or will meet the taxonomy requirements within five years from the issuance of the bond, unless a longer period of up to ten years is duly justified by the specific features of the economic activities and investments concerned and documented in a CapEx plan.
  • New requirements on benefitting entities
  • To avoid ‘brown’ companies (i.e. with highly polluting industries) using the EuGB label to pretend to be greener than they really are, the amended proposal requires that all EuGBs have verified transition plans . The text also ensures that all issuers of green bonds have processes in place to identify and limit the principal adverse impacts of their activity.
  • Issuers of bonds marketed as environmentally sustainable in the Union that do not use the designation ‘European green bonds’ or ‘EuGB’ should disclose in their pre-contractual disclosures: (i) a clear and reasoned explanation of how the bond takes account of principal adverse impacts on sustainability factors; (ii) information on how the environment characteristics of the bond are met. They should also indicate in the annual periodic reports the extent to which the environmental attributes are met.
  • Exclusion of non-cooperative countries and territories for tax purposes
  • Issuers of European Green Bonds that are located in countries on the EU list of non-cooperative countries and territories for tax purposes or, in the case of sovereign issuers, that facilitate tax evasion through their legal system, would not be allowed to use the European Green Bond designation.
  • Taxonomy equivalence
  • Where a third country has in place a taxonomy to facilitate sustainable investment which is substantially equivalent to the EU taxonomy, the Commission should, following a positive recommendation from the Platform on Sustainable Finance established under Regulation (EU) 2020/852, adopt delegated acts in order to supplement this Regulation by authorising that the use of proceeds of an EuGB can be allocated in accordance with that third-country taxonomy.
  • Civil liability
  • Civil liability provisions should apply to issuers of European green bonds in relation to damages incurred by investors due to an infringement of the taxonomy-aligned allocation of proceeds.
  • Stronger supervision
  • Supervision is strengthened in various ways. The potential for conflicts of interest for external reviewers assessing EuGBs should be reduced and provisions are included to ensure that authorities can prohibit companies from issuing EuGBs if they do not comply with the rules.
  • Increased transparency for gas and nuclear
  • The adopted text imposes stricter transparency requirements, so that where the issuer of a green bond plans to use the proceeds of the issue for nuclear or fossil gas activities, a statement should be prominently displayed on the first page of the EuGB information sheet.
  • Review
  • The application of the Regulation should be reviewed by the Commission five years after its entry into force and every three years thereafter, based on input from the Sustainable Finance Platform. Two years after the entry into force of the Regulation, the Commission should also produce an impact assessment to determine whether the European Green Bond standard should become mandatory.
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Joint Declaration 2022
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  • PURPOSE: to put in place a common set of requirements for a harmonised standard for European green bonds, which will further simplify environmentally sustainable investments and support a coordinated way of improving the functioning of the single market.
  • PROPOSED ACT: Regulation of the European Parliament and of the Council.
  • ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
  • BACKGROUND: over the last number of years, the EU has become significantly more ambitious in tackling climate change. The Commission has already taken unprecedented steps to build the foundations for sustainable finance. Sustainability is the central feature of the EU's recovery from the COVID-19 pandemic and the financial sector will be key in helping to meet the targets of the European Green Deal.
  • The European Green Deal Investment Plan envisages the establishment of a standard for environmentally sustainable bonds to further increase investment opportunities and facilitate the identification of environmentally sustainable investments through a clear label. These environmentally sustainable bonds are one of the main instruments for financing investments related to low-carbon technologies, energy and resource efficiency as well as sustainable transport infrastructure and research infrastructure.
  • Given the existing divergences and absence of common rules, it is likely that Member States will adopt diverging measures and approaches, which will have a direct negative impact on, and create obstacles to, the proper functioning of the internal market, and be detrimental to issuers of environmentally sustainable bonds.
  • Thus, the need for a harmonised green bond standard to be applied across the Union by both public and private green bond issuers.
  • This proposal for a European Green Bond is anchored in the Taxonomy Regulation (EU) 2020/852. The Taxonomy Regulation establishes a classification of economic activities according to their environmental sustainability, with full compliance with minimum social safeguards as one of the determining criteria.
  • CONTENT: the proposal aims to (i) establish uniform requirements for bond issuers who voluntarily wish to use the ‘European Green Bond’ or ‘EuGB’ designation for their environmentally sustainable bonds in the Union, and (ii) establish a registration system and a framework for monitoring external examiners of European Green Bonds.
  • Conditions for the use of the ‘European Green Bond’ designation
  • The proposal:
  • - the limits the use of the ‘European Green Bond’ or ‘EuGB’ designation to issuers of bonds that meet specific requirements until the bond matures. This framework would be open to any bond issuer, including issuers of covered bonds and securitisations issued by a securitisation vehicle. In addition, the issuers concerned could be established both inside and outside the EU;
  • - requires that all use of bond proceeds shall relate to economic activities that meet the requirements for environmentally sustainable economic activities set out in Taxonomy Regulation, namely: making a substantial contribution to one or more of the environmental objectives and not significantly harming any of those environmental objectives.
  • Transparency and external review requirements for European green bonds
  • The issuance of a green bond should be fully transparent, with detailed reporting requirements.
  • The proposal clarifies that the bond may only be offered to the public in the Union after prior publication of the European green bond factsheet on the issuer’s website together with the pre-issuance review of the European green bond factsheet by an external reviewer. It imposes an obligation upon the issuer to draw up European green bond annual allocation reports yearly.
  • Conditions for taking up activities as external reviewers for European green bonds
  • The proposal includes a requirement to be registered and to meet the conditions for registration on an ongoing basis. Once registered, an external reviewer may conduct its activities throughout the entire territory of the Union. An external reviewer has to apply for registration from the European Securities and Markets Authority (ESMA). These measures do not apply to state auditors and other public entities mandated by sovereign issuers to assess compliance with the Regulation.
  • Rules on the provision of services by third-country external reviewers
  • The proposal lays down the powers of national competent authorities to supervise bond issuers. It also includes several provisions that specify the administrative sanctions and other administrative measures that competent authorities may impose as well as rules on the publication and reporting to ESMA of those sanctions.
  • It also sets out ESMA’s powers with regard to the supervision of external reviewers. These include the power to request information by simple request or by decision, the power to conduct general investigations as well as the power to conduct on-site inspections.