European Commission puts forward new strategy to make the EU's financial system more sustainable and proposes new European Green Bond Standard

First, the new Sustainable Finance Strategy sets out several initiatives to tackle climate change, and other environmental challenges, while increasing investment – and the inclusiveness of small and medium-sized enterprises (SMEs) – in the EU's transition towards a sustainable economy.

The European Green Bond Standard proposal, also adopted today, will create a high-quality voluntary standard for bonds financing sustainable investment.

Finally, the Commission adopted today a Delegated Act on the information to be disclosed by financial and non-financial companies about how sustainable their activities are, based on Article 8 of the EU Taxonomy.

Mairead McGuinness, Commissioner in charge of Financial Services, Financial Stability, and Capital Markets Union, said: “Today's Strategy sets out our ambitious roadmap on Sustainable Finance for the years ahead. To achieve our climate targets, we need sustained efforts to ensure more money flows towards a sustainable economy. Significant investment is needed to green the economy and create a more inclusive society, so that everyone can play their part. We must step up global cooperation on climate and environmental issues because the EU cannot fight climate change alone – global coordination and action is essential. In addition, our EU Green Bond Standard proposal will set a gold standard in the market, and responds to the needs of investors for a trusted, robust tool when investing sustainably.”