The European Savings and Retail Banking Group (ESBG) has issued recommendations to the European Commission regarding its forthcoming ‘omnibus’ initiative, in a position paper published on Monday 10 February (see EUROPE 13574/4, 13576/2). The ESBG “welcomes [this initiative] and supports the European Commission in its desire to simplify sustainable finance regulations”.
Regarding the EU taxonomy, the ESBG supports the initial idea of the EU taxonomy to create a common understanding of sustainable economic activities, but believes that it has not yet been able to fulfil this expectation. The ESBG is therefore proposing five key recommendations: - review reporting requirements in accordance with Art. 8 Taxonomy Regulation; - simplify the conditions for assessing Taxonomy compliance; - avoid overlapping and parallel disclosure requirements of Taxonomy related information; - review the Green Asset Ratio; - avoid adding extra-burden through ‘soft law’.
The ESBG has also issued recommendations concerning the ‘CSRD’ and ‘CSDDD’ directives.
Read the position: https://aeur.eu/f/ffw (Original version in French by Anne Damiani)