Towards Mandatory Climate Disclosure: A Push From Europe (LSE)
The European Union (EU) in particular has made clear that the COVID-19 outbreak will not change the EU Green Deal strategy, and is focusing its latest regulatory developments on climate-related disclosure initiatives and sustainable finance. Two regulations deserve a privileged look: the European Climate Law proposal, and the EU Green Taxonomy.
The first looks into making climate neutrality goals obligatory in order to achieve net-zero greenhouse gas emissions by 2050. It outlines the legal framework for achieving EU climate neutrality, together with a process for assessment and reporting. The EU Taxonomy represents an even more significant milestone: for the very first time, there will be a granular definition of sustainable activity enshrined in law – applicable to both financial and non-financial companies.
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