EU institutions continue to shape the EU regulatory environment
in the ESG field.
Firstly, on 20 April 2021, a political agreement was reached on
the text of the European Climate
Law , a new, directly applicable EU Regulation. It
writes into law the EU's commitment to reaching climate
neutrality by 2050 and the intermediate target of reducing net
greenhouse gas emissions by at least 55% by 2030, compared to 1990
levels. It contains a commitment to negative emissions after 2050
and provides for the establishment of the European Scientific
Advisory Board on Climate Change, which will provide independent
scientific advice. The finalised text is expected to be adopted
shortly.
Secondly, through the so-called "April Package
" published on 21 April 2021, significant progress was made on
standard-setting and reporting on sustainability related
disclosures through the adoption of a number of draft legal
instruments:
