Commission publishes Renewed Sustainable Finance Strategy / defers application of SFDR RTS

On Tuesday, 6 July the European Commission published the Renewed Sustainable Finance Strategy, a proposal for a European Green Bond Standard and the Delegated Act for Article 8 of the Taxonomy Regulation.

The Article 8 Delegated Act sets out information to be disclosed by financial and non-financial companies about how sustainable their activities are. The Act applies fully to non-financial undertakings as of 1 January 2023 for the reporting period 2022 and to financial undertakings as of 1 January 2024 for the reporting period 2023.

The Commission did not publish the SFDR Level 2 measures as part of this package and instead has written to the European Parliament and Council advising that they plan to bundle all 13 of the SFDR RTS into a single Delegated Act and defer the dates of application of 1 January 2022 by six months to 1 July 2022.