The European Securities and Markets Authority (ESMA) has played a significant role in promoting sustainability in the European Union (EU). Here is a timeline of some of the key developments and initiatives from ESMA in this area:
2019: ESMA published its first annual report on sustainable finance, highlighting the increasing importance of sustainability in the EU financial system.
2020: ESMA issued guidelines on disclosure of climate-related risks for investment firms and credit institutions. The guidelines are designed to assist firms in understanding and disclosing their exposure to climate risks, and to enhance the comparability of climate risk information across the EU.
2021: ESMA published its final report on sustainability-related disclosures in the insurance sector, outlining the expectations for insurance companies to disclose information about their sustainability practices and impact.
2021: ESMA also issued draft technical advice to the European Commission on possible delegated acts regarding sustainability-related disclosures in the EU Regulation on sustainability-related disclosures in the financial services sector (SFDR). The draft technical advice provides recommendations on how to implement the SFDR’s provisions, including the required sustainability-related disclosures.
These initiatives demonstrate ESMA’s commitment to promoting sustainability in the EU financial system, and to enhancing the transparency and accountability of companies in their sustainability practices.
