There are so many ESG-related publications and developments that it is hard to keep abreast of them all. For this reason, every two weeks, our firm has been publishing a tracker of ESG-related publications and developments, with a primary focus on developments that may be of most interest to or impact our clients, be they corporates, asset managers or asset owners.
Key updates covered in this edition include:
- The Council of the European Union announced it had adopted the proposed Corporate Sustainability Reporting Directive.
- The European Commission adopted a proposal for a Regulation on an EU certification framework for carbon removals.
- Three European supervisory authorities announced a Call for Evidence on greenwashing practices in the EU financial sector, including banking, insurance and financial markets.
- The Spanish Minister for Transport, Mobility and the Urban Agenda signed agreements with several Spanish regions to promote affordable rental construction and the refurbishment of more than 6,100 homes.
- The Spanish Government authorises the territorial distribution of 720 million euros in Sustainability Plans 2022.
- The Spanish Government approves the draft bill for the Industry Law, which aims to place the Spanish industry at the forefront of the 21st century.
If you have any ESG-related questions, please get in touch with your usual contact at HSF who will be able to direct you as appropriate.
Key items
This issue covers the period from 22 November to 7 December 2022.
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The European Commission has requested technical advice from the EBA on green loans and mortgages, complementing the Commission’s published Strategy for financing the transition to a sustainable economy (July 2021).
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The European Commission approved more than EUR 380 million of funding for 168 projects across Europe under the LIFE Programme, which aims to help the EU become climate neutral by 2050, support nature and biodiversity, promote the circular economy, and contribute to the clean energy transition.
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The European Financial Reporting Advisory Group (EFRAG) submitted to the European Commission the first set of draft EU sustainability reporting standards (ESRS) that it has developed to support the proposed Corporate Sustainability Reporting Directive (CSRD).
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Three European supervisory authorities (ESAs) — the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) — announced a Call for Evidence on greenwashing. The ESAs are seeking feedback on “potential greenwashing practices in the whole EU financial sector, including banking, insurance and financial markets, and which may be relevant to various segments of the sustainable investment value chain and of the financial product lifecycle.” The Call for Evidence defines greenwashing “broadly” to include “sustainability-related claims relating to all aspects of the ESG spectrum.”
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The EU Platform on Sustainable Finance published a report providing supplementary advice on the methodology and technical screening criteria for the climate and environmental objectives under the EU Taxonomy Regulation ((EU) 2020/852). The EU Taxonomy Regulation introduces a framework for an EU-wide taxonomy of environmentally sustainable activities.
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The Council of the European Union announced it had adopted the proposed Corporate Sustainability Reporting Directive. The proposed Directive requires affected companies to report information on a full range of environmental, social and governance issues relevant to their businesses.
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The Spanish Minister for Transport, Mobility and the Urban Agenda signed agreements with Galicia, the Balearic Islands, Madrid and Murcia to promote the construction of council houses and the refurbishment of more than 6,100 homes. Specifically, these agreements will allow for the construction of more than 2,937 council homes in energy-efficient buildings in several municipalities in Galicia, the Balearic Islands and Madrid, and the renovation of neighbourhoods to regenerate up to 3,196 homes in different locations in Madrid and Murcia.
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The Spanish Council of Ministers authorised the territorial distribution of €720 million corresponding to the extraordinary call for the 2022 Tourism Sustainability Plans on Site programme, financed entirely with Next Generation EU funds from the Recovery Plan.
The aim of these Plans is to promote the competitiveness of the tourism sector through a sustainable and digitalised transformation. Projects related to "enogastronomy" (i.e. a kind of tourism focused on wine production areas) are of particular relevance.
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The EU and the Organisation of African, Caribbean and Pacific States called for an ambitious, comprehensive and transformative global biodiversity framework to halt and reverse biodiversity loss at the UN Biodiversity Conference COP15. Such framework will require quantifiable targets, a robust monitoring and review framework and adequate support for its implementation.
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The City Council of Salamanca launches the 'Eco Generation' project with the aim of promoting sustainability in schools and involving the entire educational community in building a more sustainable future. This project will be developed during the 2022-2023 school year.
The schools are given a periodic motivational challenge related to sustainability, awareness and the real reduction of the impact of the water and carbon footprint. With the participation of students, teachers and families, each school can develop its own proposal, responding to the challenge in ways which seek to promote creativity, commitment and environmental awareness.
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30 November 2022
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The European Commission adopted a proposal for a Regulation on an EU certification framework for carbon removals. The Commission’s aims in adopting this proposal include:
- accelerating the deployment of verifiable and high-quality carbon removals;
- reducing the risk of greenwashing; and
- stimulating financing options by private and public sources.
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The European Commission adopted a Communication on an EU policy framework on biobased, biodegradable and compostable plastics. This aims to clarify when such plastics can provide genuine environmental benefits.
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Reuters reported that the European Union has agreed to add shipping to its carbon market for the first time from 2024, which would result in vessels needing to purchase permits to emit carbon dioxide, providing a financial incentive to emit less.
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The European Commission adopted an Implementing Regulation amending implementing technical standards laid down relating to the disclosure of ESG risks. The Implementing Regulation sets out uniform formats and associated instructions for the disclosure of ESG risk information.
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The European Council announced that it had adopted its negotiating position on the Corporate Sustainability Due Diligence Directive, providing Council presidency with a mandate to start negotiations with European Parliament.
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The Spanish Council of Ministers has approved the preliminary draft of the new Industry Law, which reinforces the role of the industry in the economic and social structure of Spain and its contribution to the green and digital transition.
The draft aims to strengthen Spain's sovereignty in industrial terms and to adopt industrial policy instruments to improve the competitiveness of the Spanish industry in the international sphere.
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Recent and upcoming HSF ESG-related publications, webinars and events
- HSF released a new episode of the Third Wheel Podcast Series on 4 December 2022, titled ‘Unlocking ESG Investment in Australia’.
- HSF published a blog post on 29 November 2022 titled ‘COP15: Will the biodiversity conference meet nature positive ambitions?’.
- HSF published a legal briefing on 22 November 2022 titled ‘Dutch legislators propose human rights and environmental due diligence law’.
Other resources of interest: Spain
