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Sustainable finance and benchmarks: Low-carbon benchmarks and positive-carbon-impact benchmarks

20-01-2020

In May 2018, the European Commission presented a package of measures on the financing of sustainable growth. The package includes three proposals aimed at establishing an EU taxonomy on sustainable economic activities, improving disclosure requirements and creating a new category of financial benchmarks to help investors measure the carbon footprint of their investments. Financial benchmarks have an important impact on investment flows. Many investors rely on them for creating investment products ...

In May 2018, the European Commission presented a package of measures on the financing of sustainable growth. The package includes three proposals aimed at establishing an EU taxonomy on sustainable economic activities, improving disclosure requirements and creating a new category of financial benchmarks to help investors measure the carbon footprint of their investments. Financial benchmarks have an important impact on investment flows. Many investors rely on them for creating investment products, measuring their performance and devising asset allocation strategies. The Commission proposes to create a new category of benchmarks comprising low-carbon and positive-carbon-impact benchmarks, by amending the Benchmark Regulation. As the regulation is directly applicable, amending it would restrict the possibility of divergent measures being taken by the competent authorities at national level. Parliament voted in plenary on 26 March 2019 to approve the compromise text agreed in trilogue negotiations. Following approval of a corrigendum by Parliament in October, the Council adopted the text on 8 November 2019. The final act was signed on 27 November 2019, published in the Official Journal on 9 December and entered into force the following day. Second edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

Sustainable finance and disclosures: Bringing clarity to investors

15-01-2020

On 24 May 2018, the Commission published three proposals for regulations reflecting the EU's efforts to connect finance with its own sustainable development agenda. The proposals include measures to: create an EU sustainable finance taxonomy; make disclosures relating to sustainable investments and sustainability risks clearer; and establish low-carbon benchmarks. In particular, the proposal for a regulation on disclosures aims to integrate environmental, social and governance considerations into ...

On 24 May 2018, the Commission published three proposals for regulations reflecting the EU's efforts to connect finance with its own sustainable development agenda. The proposals include measures to: create an EU sustainable finance taxonomy; make disclosures relating to sustainable investments and sustainability risks clearer; and establish low-carbon benchmarks. In particular, the proposal for a regulation on disclosures aims to integrate environmental, social and governance considerations into the decision-making process of investors and asset managers. It also aims to increase the transparency duties of financial intermediaries towards final-investors, with regard to sustainability risks and sustainable investment targets. This should reduce investors' research costs as regards sustainable investments and enable easier comparison between sustainable financial products in the EU. Following agreement with the Council in trilogue, Parliament voted to adopt the agreed text at first reading on 18 April 2019. Because of the tight timeline for finalisation before the end of the parliamentary term, linguistic corrections to the voted text were needed. Under the corrigendum procedure, the ECON committee and subsequently the plenary endorsed the corrected text in October 2019, allowing the Council to adopt it at first reading. Signed on 27 November, the regulation entered into force on 29 December, and will become applicable as of March 2021. Second edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

A new neighbourhood, development and international cooperation instrument

29-11-2019

In the context of the Commission's proposal for a multiannual financial framework (MFF) for the 2021-2027 period, on 14 June 2018 the Commission published a proposal for a regulation establishing the Neighbourhood, Development and International Cooperation Instrument (NDICI), with a proposed budget of €89.2 billion (in current prices). Parliament adopted its first-reading position in plenary on 27 March 2019. MEPs agreed to accept a single instrument, but called for a stronger role for Parliament ...

In the context of the Commission's proposal for a multiannual financial framework (MFF) for the 2021-2027 period, on 14 June 2018 the Commission published a proposal for a regulation establishing the Neighbourhood, Development and International Cooperation Instrument (NDICI), with a proposed budget of €89.2 billion (in current prices). Parliament adopted its first-reading position in plenary on 27 March 2019. MEPs agreed to accept a single instrument, but called for a stronger role for Parliament on secondary policy choices, through delegated acts, and for the budget for the instrument to be increased by nearly €4 billion, to €93.154 billion. MEPs also specifically called for an increase in the funds allocated to human rights and democracy activities, the percentage of funding that fulfils the criteria for official development assistance, and funds that support climate and environmental objectives. Moreover, Parliament's amendments include the introduction of gender mainstreaming targets, the earmarking of certain financial allocations, the suspension of assistance in case of human rights violations, and the reduction of the emerging challenges and priorities cushion to €7 billion. The Council adopted a partial mandate on 13 June 2019, and an additional mandate – on the European Fund for Sustainable Development (EFSD+) – on 25 September 2019. Following the committees' decision of 8 October 2019 to enter into interinstitutional negotiations on the basis of Parliament's first-reading position, a first trilogue meeting took place on 23 October 2019. The second is scheduled for 5 December 2019. Fourth edition. The 'Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

Implementing the Urban Agenda for the EU

02-10-2019

Our towns and cities are home to nearly three quarters of the EU's population, and most EU policies concern them, be it directly or indirectly. While the revised 2014-2020 cohesion policy framework introduced a number of new instruments intended to enhance the urban dimension of cohesion funding, a shared vision of urban development has gradually taken shape at inter-governmental level, accompanied by increasing calls to give city authorities and stakeholders a greater say in policy-making. To help ...

Our towns and cities are home to nearly three quarters of the EU's population, and most EU policies concern them, be it directly or indirectly. While the revised 2014-2020 cohesion policy framework introduced a number of new instruments intended to enhance the urban dimension of cohesion funding, a shared vision of urban development has gradually taken shape at inter-governmental level, accompanied by increasing calls to give city authorities and stakeholders a greater say in policy-making. To help guide these discussions, the European Commission launched a public consultation following its July 2014 communication on the urban dimension of EU policies. Its findings indicated broad support among city stakeholders for an Urban Agenda for the EU. The European Parliament also prepared an own-initiative report on the issue, as part of a process that would ultimately lead to the signing of the Pact of Amsterdam on 30 May 2016, a clear political commitment to deliver an Urban Agenda. With the pact providing for the creation of urban partnerships focusing on key urban themes, all partnerships are now in operation. A total of 12 partnerships have now drawn up action plans, allowing the partners involved to contribute to the design of future, or the revision of current, EU legislation. As many of these plans are currently at the implementation stage, this is leading to a series of concrete deliverables, helping to ensure that the Urban Agenda for the EU is making a real difference on the ground. Developments such as better coordination at the Commission on urban issues have further consolidated the Urban Agenda, yet challenges remain. In this context, the Commission's proposals for the cohesion framework post-2020, which include creating a European urban initiative to support the Urban Agenda, the imminent Commission assessment of Urban Agenda implementation and the planned renewal of the Leipzig Charter in 2020, all have the potential to strengthen the Urban Agenda. Successfully implementing the Urban Agenda, however, will ultimately depend on the partnerships' ability to deliver actions and on the extent to which they are taken up by the Commission, a process requiring full commitment from all partners involved.

Hearings of the Commissioners-designate: Jutta Urpilainen - International Partnerships

26-09-2019

This briefing is one in a set looking at the Commissioners-designate and their portfolios as put forward by Commission President-elect Ursula von der Leyen. Each candidate faces a three-hour public hearing, organised by one or more parliamentary committees. After that process, those committees will judge the candidates' suitability for the role based on 'their general competence, European commitment and personal independence', as well as their 'knowledge of their prospective portfolio and their communication ...

This briefing is one in a set looking at the Commissioners-designate and their portfolios as put forward by Commission President-elect Ursula von der Leyen. Each candidate faces a three-hour public hearing, organised by one or more parliamentary committees. After that process, those committees will judge the candidates' suitability for the role based on 'their general competence, European commitment and personal independence', as well as their 'knowledge of their prospective portfolio and their communication skills'. At the end of the hearings process, Parliament votes on the proposed Commission as a bloc, and under the Treaties may only reject the entire College of Commissioners, rather than individual candidates. The Briefing provides an overview of key issues in the portfolio areas, as well as Parliament's activity in the last term in that field. It also includes a brief introduction to the candidate.

Hearings of the Commissioners-designate: Elisa Ferreira - Cohesion and Reforms

26-09-2019

This briefing is one in a set looking at the Commissioners-designate and their portfolios as put forward by Commission President-elect Ursula von der Leyen. Each candidate faces a three-hour public hearing, organised by one or more parliamentary committees. After that process, those committees will judge the candidates' suitability for the role based on 'their general competence, European commitment and personal independence', as well as their 'knowledge of their prospective portfolio and their communication ...

This briefing is one in a set looking at the Commissioners-designate and their portfolios as put forward by Commission President-elect Ursula von der Leyen. Each candidate faces a three-hour public hearing, organised by one or more parliamentary committees. After that process, those committees will judge the candidates' suitability for the role based on 'their general competence, European commitment and personal independence', as well as their 'knowledge of their prospective portfolio and their communication skills'. At the end of the hearings process, Parliament votes on the proposed Commission as a bloc, and under the Treaties may only reject the entire College of Commissioners, rather than individual candidates. The Briefing provides an overview of key issues in the portfolio areas, as well as Parliament's activity in the last term in that field. It also includes a brief introduction to the candidate.

EU Environment and Climate Change Policies: State of play, current and future challenges

18-09-2019

This study reviews the state of play of on-going EU environmental and climate legislation and pinpoints key challenges for the next five years. Challenges arise from the plans released by the president-elect, such as a new European Green Deal, the completion of work started in the previous term (e.g. the Regulation on a framework for sustainable finance and the completion of the multiannual finance framework), by reviews of legislation foreseen for the next term and the need for action where indicators ...

This study reviews the state of play of on-going EU environmental and climate legislation and pinpoints key challenges for the next five years. Challenges arise from the plans released by the president-elect, such as a new European Green Deal, the completion of work started in the previous term (e.g. the Regulation on a framework for sustainable finance and the completion of the multiannual finance framework), by reviews of legislation foreseen for the next term and the need for action where indicators show that current EU environment targets may not be achieved. This document was provided by Policy Department A at the request of the Committee on the Environment, Public Health and Food Safety of the European Parliament.

Autor externo

Anke HEROLD, Vanessa COOK, Yifaat BARON, Martin CAMES, Sabine GORES, Jakob GRAICHEN, Peter KASTEN, Georg MEHLHART, Anne SIEMONS, Cristina URRUTIA, Franziska WOLFF

The UN Sustainable Development Goals Summit and the Climate Action Summit, New York, 23-25 September 2019

12-09-2019

The United Nations (UN) High Level Political Forum (HLPF) in 24-25 September 2019 is a one-and-a-halfday event that for the first time since the adoption of the Sustainable Development Goals (SDGs) takes place under the auspices of the UN General Assembly (GA). This special event, called the SDG Summit, will be a litmus test for the 2030 Agenda. Ending a four-year review cycle of all 17 SDGs, the Summit will enable a first assessment of the progress achieved so far and the challenges ahead. So far ...

The United Nations (UN) High Level Political Forum (HLPF) in 24-25 September 2019 is a one-and-a-halfday event that for the first time since the adoption of the Sustainable Development Goals (SDGs) takes place under the auspices of the UN General Assembly (GA). This special event, called the SDG Summit, will be a litmus test for the 2030 Agenda. Ending a four-year review cycle of all 17 SDGs, the Summit will enable a first assessment of the progress achieved so far and the challenges ahead. So far, there has been a lack of political leadership and guidance at the international level.

Autor externo

Elisabeth HEGE, David LEVAÏ (IDDRI)

EU policies – Delivering for citizens: Environmental protection

28-06-2019

Through its environmental policy, the European Union (EU) has been improving Europeans' well-being since 1972. Today, the aim of EU environmental policy is to ensure that by 2050 we are living well, within the limits of the planet. To reach this goal, the EU is striving to move towards a low-carbon, resource-efficient economy, to safeguard biodiversity and to protect human health through legislation on air quality, chemicals, climate, nature, waste and water. Although this policy is delivering concrete ...

Through its environmental policy, the European Union (EU) has been improving Europeans' well-being since 1972. Today, the aim of EU environmental policy is to ensure that by 2050 we are living well, within the limits of the planet. To reach this goal, the EU is striving to move towards a low-carbon, resource-efficient economy, to safeguard biodiversity and to protect human health through legislation on air quality, chemicals, climate, nature, waste and water. Although this policy is delivering concrete benefits (such as a wide network of Natura 2000 protected areas, lower greenhouse gas emissions, increased resource recycling, and cleaner air and water), the outlook for the European environment 20 years from now shows a bleaker picture. Yet transitioning to sustainability could deliver a number of benefits beyond environmental protection, from jobs and economic activity to well-being and health. In a recent poll conducted for the European Parliament, three quarters of EU citizens expressed support for increased EU action on environmental protection. Since 2014, efforts have been made in a number of areas, including waste management (for example new recycling targets, restrictions on plastic carrier bags, action on plastics, measures to tackle marine litter); climate (for example the 2030 greenhouse gas emission targets, and measures to decarbonise the transport sector); nature (primarily to improve the way EU rules on biodiversity protection are implemented); and air quality (new rules on maximum amounts of five key air pollutants that EU countries can emit into the atmosphere). The European Parliament has advocated ambitious policies in many of these areas. In the future, EU environment and climate spending is expected to rise. The Commission is proposing to boost the share of EU spending contributing to climate objectives from 20 % to 25 %, while Parliament has called for this share to be set at 30 %. In the coming years, policies are expected to focus on climate action, nature protection, air quality, the circular economy and pesticides. This is an update of an earlier briefing issued in advance of the 2019 European elections.

EU policies – Delivering for citizens: Human Rights

28-06-2019

In the 70 years since the adoption of the Universal Declaration of Human Rights – the first international document to set common standards of achievement for all states – the pivotal role and moral, legal and political significance of human rights in the international arena have become indisputable. However, despite considerable progress in many areas on recognition, codification and implementation, human rights have also come under increased attack. Whether in theatres of war or in the political ...

In the 70 years since the adoption of the Universal Declaration of Human Rights – the first international document to set common standards of achievement for all states – the pivotal role and moral, legal and political significance of human rights in the international arena have become indisputable. However, despite considerable progress in many areas on recognition, codification and implementation, human rights have also come under increased attack. Whether in theatres of war or in the political arena, human rights are now often rejected on ideological grounds. The EU itself has not been spared by the current backlash. In its Member States, a populist wave has empowered some political forces that increasingly question the significance of core human rights, such as the right to freedom of expression. In these troubled times for human rights, opinion polls show that European citizens perceive human rights as one of the most important values for them personally and one of the values that best represent the EU itself. Having emerged from World War II and its atrocities, European countries were determined to secure lasting peace, and the Union they created is founded on respect for democracy, the rule of law and human rights, which guide and shape its legislation and policies. Within the EU, recent action has included new legislation on data protection and access to justice, the European Pillar of Social Rights, and initiatives to combat inequality, discrimination and hate speech. There is also an acknowledgement that more needs to be done to complete the legal framework to combat discrimination and strengthen internal mechanisms for upholding the rule of law. Human rights are additionally a general objective of EU external action. The EU is deeply committed to promoting human rights, as enshrined in international treaties, in its relations with third countries and with other multilateral regional and global institutions. During Parliament's last mandate, the EU consistently applied and deepened a range of policy approaches that strengthen its role and image as a normative power that inspires others through its example. Maintaining and consolidating this policy remains vital for preserving the EU's image and credibility as a normative power based on values, and one that has the capacity to act at a time when the principle of multilateralism is increasingly questioned. This is an update of an earlier briefing issued in advance of the 2019 European elections.

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