{"id":4534,"date":"2025-02-21T11:15:53","date_gmt":"2025-02-21T10:15:53","guid":{"rendered":"https:\/\/institutdelafinancedurable.com\/history-of-european-sustainable-finance\/"},"modified":"2025-07-08T10:56:12","modified_gmt":"2025-07-08T08:56:12","slug":"history-of-european-sustainable-finance","status":"publish","type":"page","link":"https:\/\/institutdelafinancedurable.com\/en\/history-of-european-sustainable-finance\/","title":{"rendered":"History of European sustainable finance"},"content":{"rendered":"<div class=\"espace pb-4 pb-lg-9\"><\/div>\n\n\t<!-- START OF : Composant : block-periscope-theme-section-composant-31-bloc-chronologie.php -->\n<div class=\"chronologie\" data-component=\"31-chronologie\">\n\t<div class=\"chronologie__timeline bg-primary\">\n\t\t<div class=\"chronologie__timeline__wrap\">\n\t\t\t\t\t\t\t\t<div class=\"chronologie__timeline__wrap__item\">\n\t\t\t\t\t\t<button class=\"btn btn-secondary btn-year\">2008<\/button>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"chronologie__timeline__wrap__item\">\n\t\t\t\t\t\t<button class=\"btn btn-secondary btn-year\">2014<\/button>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"chronologie__timeline__wrap__item\">\n\t\t\t\t\t\t<button class=\"btn btn-secondary btn-year\">2018<\/button>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"chronologie__timeline__wrap__item\">\n\t\t\t\t\t\t<button class=\"btn btn-secondary btn-year\">2019<\/button>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"chronologie__timeline__wrap__item\">\n\t\t\t\t\t\t<button class=\"btn btn-secondary btn-year\">2020<\/button>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"chronologie__timeline__wrap__item\">\n\t\t\t\t\t\t<button class=\"btn btn-secondary btn-year\">2021<\/button>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"chronologie__timeline__wrap__item\">\n\t\t\t\t\t\t<button class=\"btn btn-secondary btn-year\">2023<\/button>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"chronologie__timeline__wrap__item\">\n\t\t\t\t\t\t<button class=\"btn btn-secondary btn-year\">2024<\/button>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t<\/div>\n\t<div class=\"chronologie__view\">\n\t\t<div class=\"container chronologie__view__content\">\n\t\t\t\t\t\t\t\t<article class=\"chronologie__view__content__item\">\n\t\t\t\t\t\t<aside class=\"chronologie__view__content__item__aside\">\n\t\t\t\t\t\t\t<div class=\"chronologie__view__content__item__aside__content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/aside>\n\t\t\t\t\t\t<div class=\"chronologie__view__content__item__infos\">\n\t\t\t\t\t\t\t<div class=\"wysiwyg\">\n\t\t\t\t\t\t\t\t<h2>Adoption of the EU&#8217;s first energy-climate package<\/h2>\n<p>In <strong>2008<\/strong>, the European Union adopted its<strong> first Energy-Climate Package<\/strong>, setting <strong>ambitious targets for 2020<\/strong>, known as the<strong>&#8216;3&#215;20<\/strong>&#8216;. This legislative package aims to<strong> combat climate change<\/strong> and <strong>strengthen the<\/strong> EU&#8217;s <strong>energy security<\/strong>, and sets out three key objectives:<\/p>\n<ol>\n<li><strong>Reduce greenhouse gas emissions by 20%<\/strong> compared to 1990 levels.<\/li>\n<li><strong>Increase the share of renewable energies to 20%<\/strong> of total energy consumption.<\/li>\n<li><strong>Improve energy efficiency by 20%<\/strong>.<\/li>\n<\/ol>\n<p>This initiative marks a <strong>turning point in European climate policy<\/strong>, laying the foundations for a <strong>long-term energy transition<\/strong>.<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t<article class=\"chronologie__view__content__item\">\n\t\t\t\t\t\t<aside class=\"chronologie__view__content__item__aside\">\n\t\t\t\t\t\t\t<div class=\"chronologie__view__content__item__aside__content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/institutdelafinancedurable.com\/wp-content\/uploads\/2024\/08\/headway-5QgIuuBxKwM-unsplash.jpg\" alt=\"\" \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/aside>\n\t\t\t\t\t\t<div class=\"chronologie__view__content__item__infos\">\n\t\t\t\t\t\t\t<div class=\"wysiwyg\">\n\t\t\t\t\t\t\t\t<h2>Adoption of the EU&#8217;s 2030 climate-energy framework<\/h2>\n<p>In <strong>October 2014<\/strong>, the European Council adopted the <strong>Climate and Energy Framework 2030<\/strong>, reinforcing the EU&#8217;s climate ambitions.<strong>Main objective<\/strong>: Reduce greenhouse gas emissions and increase the use of renewable energies by 2030.<\/p>\n<h6>Key targets:<\/h6>\n<ul>\n<li><strong>Reduction of GHG emissions by at least 40%<\/strong> (compared to 1990)<\/li>\n<li><strong>Renewable energy share of at least 27%<\/strong> of final consumption<\/li>\n<li><strong>Energy efficiency improvement of at least 27%.<\/strong><\/li>\n<\/ul>\n<h6>Complementary measures:<\/h6>\n<ul>\n<li>Reform of the <strong>Emissions Trading Scheme (ETS)<\/strong><\/li>\n<li>New indicators for energy security and interconnection<\/li>\n<\/ul>\n<p>This framework lays the groundwork for the EU&#8217;s <strong>medium-term energy transition<\/strong>, paving the way for more ambitious long-term goals.<\/p>\n<h2 class='mb-2 mt-6 text-lg first:mt-3'>Adoption of the ESG Preferences Directive in MiFID II<\/h2>\n<p data-start='0' data-end='298'><strong data-start='3' data-end='18'>August 2, 2022<\/strong> marks an <strong data-start='30' data-end='50'>important milestone<\/strong> in the integration of <strong data-start='83' data-end='136'>ESG (Environmental, Social and Governance)<\/strong> criteria into the European financial sector with <strong data-start='177' data-end='243'>the entry into force of amendments to the MiFID II Directive<\/strong> concerning sustainability preferences.<\/p>\n<h6 data-start='300' data-end='356'><strong data-start='304' data-end='354'>Key points of this new regulation:<\/strong><\/h6>\n<ul data-start='358' data-end='1349'>\n<li data-start='358' data-end='576'><strong data-start='360' data-end='387'>Obligation to assess<\/strong>: Investment firms must now <strong data-start='441' data-end='527'>ask their customers about their sustainable investment preferences<\/strong> as part of the suitability assessment.<\/li>\n<li data-start='577' data-end='711'><strong data-start='579' data-end='610'>Integration into advice<\/strong>: These preferences must be taken <strong data-start='642' data-end='708'>into account when proposing suitable financial products<\/strong>.<\/li>\n<li data-start='712' data-end='983'><strong data-start='714' data-end='758'>Definition of sustainability preferences<\/strong>: These refer to <strong data-start='786' data-end='814'>sustainable investments<\/strong> according to the <strong data-start='824' data-end='848'>European Taxonomy<\/strong>, within the meaning of the <strong data-start='861' data-end='879' data-is-only-node=''>SFDR regulation<\/strong>, and to those taking into account the <strong data-start='913' data-end='980'>main negative impacts on sustainability factors<\/strong>.<\/li>\n<li data-start='984' data-end='1149'><strong data-start='986' data-end='1018'>Combating greenwashing<\/strong>: This directive aims to <strong data-start='1044' data-end='1105'>promote genuinely sustainable financial products<\/strong> and avoid misleading &#8216;green&#8217; marketing.<\/li>\n<li data-start='1150' data-end='1349'><strong data-start='1152' data-end='1180'>Adapting processes<\/strong>: Financial players must <strong data-start='1214' data-end='1283'>modify their customer questionnaires and advisory processes<\/strong>, and develop tools to integrate these new requirements.<\/li>\n<\/ul>\n<p data-start='1351' data-end='1629' data-is-last-node='' data-is-only-node=''>This directive represents <strong data-start='1378' data-end='1495'>a significant step towards aligning the financial sector with the European Union&#8217;s sustainability objectives<\/strong>, by encouraging <strong data-start='1513' data-end='1545'>greater transparency<\/strong> and <strong data-start='1552' data-end='1628'>directing financial flows towards more responsible investments<\/strong>.<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t<article class=\"chronologie__view__content__item\">\n\t\t\t\t\t\t<aside class=\"chronologie__view__content__item__aside\">\n\t\t\t\t\t\t\t<div class=\"chronologie__view__content__item__aside__content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/institutdelafinancedurable.com\/wp-content\/uploads\/2025\/02\/christian-lue-8Yw6tsB8tnc-unsplash-scaled.jpg\" alt=\"\" \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/aside>\n\t\t\t\t\t\t<div class=\"chronologie__view__content__item__infos\">\n\t\t\t\t\t\t\t<div class=\"wysiwyg\">\n\t\t\t\t\t\t\t\t<h2 class='mb-2 mt-6 text-lg first:mt-3'>EU Action Plan for Sustainable Finance adopted<\/h2>\n<p data-start='0' data-end='363'>On <strong data-start='3' data-end='18'>March 8, 2018<\/strong>, the <strong data-start='23' data-end='48'>European Commission<\/strong> took a <strong data-start='62' data-end='79'>major step<\/strong> forward in the development of <strong data-start='108' data-end='127'>sustainable finance<\/strong> by adopting its <strong data-start='144' data-end='196'>&#8216;Action Plan: financing sustainable growth&#8217;<\/strong>. This ambitious plan aims to <strong data-start='223' data-end='258'>redirect capital flows<\/strong> towards a more sustainable economy and <strong data-start='295' data-end='360'>integrate sustainability into financial risk management<\/strong>.<\/p>\n<h3 data-start='365' data-end='405'><strong data-start='369' data-end='403'>Key points of the action plan :<\/strong><\/h3>\n<h6 data-start='407' data-end='440'><strong data-start='412' data-end='438'>Main objectives:<\/strong><\/h6>\n<ul data-start='441' data-end='746'>\n<li data-start='441' data-end='518'><strong data-start='443' data-end='478'>Redirect capital flows<\/strong> towards <strong data-start='488' data-end='516'>sustainable investments<\/strong><\/li>\n<li data-start='519' data-end='635'><strong data-start='521' data-end='553'>Manage financial risks<\/strong> linked to <strong data-start='562' data-end='587'>climate change<\/strong> and <strong data-start='602' data-end='633'>environmental and social<\/strong> issues<\/li>\n<li data-start='636' data-end='746'><strong data-start='638' data-end='667'>Promote transparency<\/strong> and a <strong data-start='675' data-end='698'>long-term vision<\/strong> in economic and financial activities.<\/li>\n<\/ul>\n<h6 data-start='748' data-end='778'><strong data-start='753' data-end='776'>Concrete actions:<\/strong><\/h6>\n<ul data-start='779' data-end='1190'>\n<li data-start='779' data-end='878'><strong data-start='781' data-end='849'>Establish a unified European classification system (taxonomy)<\/strong> for <strong data-start='854' data-end='876'>sustainable activities<\/strong><\/li>\n<li data-start='879' data-end='942'><strong data-start='881' data-end='901'>Create labels<\/strong> for <strong data-start='911' data-end='940'>green financial products<\/strong><\/li>\n<li data-start='943' data-end='1069'><strong data-start='945' data-end='974'>Clarify the sustainability obligations<\/strong> of <strong data-start='979' data-end='1042'>institutional investors and asset managers<\/strong> <\/li>\n<li data-start='1070' data-end='1190'><strong data-start='1072' data-end='1101'>Increase corporate transparency<\/strong> on <strong data-start='1128' data-end='1188'>environmental, social and governance policies.<\/strong><\/li>\n<\/ul>\n<h6 data-start='1192' data-end='1218'><strong data-start='1197' data-end='1216'>Implementation :<\/strong><\/h6>\n<ul data-start='1219' data-end='1383'>\n<li data-start='1219' data-end='1295'><strong data-start='1221' data-end='1266'>Creation of a technical expert group<\/strong> on <strong data-start='1274' data-end='1293'>sustainable finance<\/strong><\/li>\n<li data-start='1296' data-end='1383'><strong data-start='1298' data-end='1344'>Proposal of regulations and directives<\/strong> to give concrete form to the plan&#8217;s actions.<\/li>\n<\/ul>\n<p data-start='1385' data-end='1657' data-is-last-node='' data-is-only-node=''>This <strong data-start='1388' data-end='1405'>action plan<\/strong> marks a <strong data-start='1416' data-end='1436'>decisive turning point<\/strong> in Europe&#8217;s approach to <strong data-start='1470' data-end='1489'>sustainable finance<\/strong>, laying the foundations for a <strong data-start='1513' data-end='1544'>comprehensive regulatory framework<\/strong> aimed at <strong data-start='1554' data-end='1586'>aligning the financial sector<\/strong> with the EU&#8217;s <strong data-start='1595' data-end='1648'>climate and sustainable development objectives<\/strong>.<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t<article class=\"chronologie__view__content__item\">\n\t\t\t\t\t\t<aside class=\"chronologie__view__content__item__aside\">\n\t\t\t\t\t\t\t<div class=\"chronologie__view__content__item__aside__content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/institutdelafinancedurable.com\/wp-content\/uploads\/2025\/02\/bud-helisson-kqguzgvYrtM-unsplash-scaled.jpg\" alt=\"\" \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/aside>\n\t\t\t\t\t\t<div class=\"chronologie__view__content__item__infos\">\n\t\t\t\t\t\t\t<div class=\"wysiwyg\">\n\t\t\t\t\t\t\t\t<h2 class='mb-2 mt-6 text-lg first:mt-3'>Adoption of the SFDR Regulation, a Major Step Forward for Transparency in Sustainable Finance<\/h2>\n<p data-start='0' data-end='297'>On <strong data-start='3' data-end='23'>November 27, 2019<\/strong>, the<strong data-start='27' data-end='47'>European Union<\/strong> adopts <strong data-start='58' data-end='86'>Regulation (EU) 2019\/2088<\/strong>, known as the <strong data-start='109' data-end='161'><em>Sustainable Finance Disclosure Regulation<\/em> (SFDR)<\/strong> or <em data-start='165' data-end='189'>&#8216;disclosure regulation&#8217;<\/em>. This regulation marks a <strong data-start='223' data-end='241'>crucial step<\/strong> in the evolution of <strong data-start='265' data-end='294'>sustainable finance in Europe<\/strong>.<\/p>\n<h3 data-start='299' data-end='340'><strong data-start='303' data-end='338'>Key points of the SFDR regulation :<\/strong><\/h3>\n<h6 data-start='342' data-end='373'><strong data-start='347' data-end='371'>Main objective:<\/strong><\/h6>\n<ul data-start='374' data-end='466'>\n<li data-start='374' data-end='466'><strong data-start='376' data-end='423'>Improve transparency on sustainability<\/strong> in the financial services sector.<\/li>\n<\/ul>\n<h6 data-start='468' data-end='500'><strong data-start='473' data-end='498'>Scope:<\/strong><\/h6>\n<ul data-start='501' data-end='614'>\n<li data-start='501' data-end='583'><strong data-start='503' data-end='537'>Financial market players<\/strong><em data-start='539' data-end='580'>(asset managers, insurers, etc.<\/em>)<\/li>\n<li data-start='584' data-end='614'><strong data-start='586' data-end='612'>Financial advisors<\/strong><\/li>\n<\/ul>\n<h6 data-start='616' data-end='656'><strong data-start='621' data-end='654'>Transparency requirements :<\/strong><\/h6>\n<ul data-start='657' data-end='972'>\n<li data-start='657' data-end='825'><strong data-start='659' data-end='684'>At entity level<\/strong>: <strong data-start='713' data-end='745'>Sustainability risk<\/strong> management policies, consideration of <strong data-start='767' data-end='822'>negative impacts on sustainability factors<\/strong>.<\/li>\n<li data-start='826' data-end='972'><strong data-start='828' data-end='854'>Product level<\/strong>: Integration of <strong data-start='873' data-end='909'>sustainability risks<\/strong>, <strong data-start='928' data-end='969'>environmental or social<\/strong> features <strong data-start='928' data-end='969'>promoted<\/strong>.<\/li>\n<\/ul>\n<h6 data-start='974' data-end='1025'><strong data-start='979' data-end='1023'>Classification of financial products:<\/strong><\/h6>\n<ul data-start='1026' data-end='1266'>\n<li data-start='1026' data-end='1095'><strong data-start='1028' data-end='1041'>Article 6<\/strong>: Products <strong data-start='1053' data-end='1093'>with no sustainability objective<\/strong><\/li>\n<li data-start='1096' data-end='1190'><strong data-start='1098' data-end='1111'>Article 8<\/strong>: Products <strong data-start='1123' data-end='1188'>promoting environmental or social characteristics<\/strong><\/li>\n<li data-start='1191' data-end='1266'><strong data-start='1193' data-end='1206'>Article 9<\/strong>: Products <strong data-start='1218' data-end='1264'>with a sustainable investment objective<\/strong><\/li>\n<\/ul>\n<h6 data-start='1268' data-end='1300'><strong data-start='1273' data-end='1298'>Implementation:<\/strong><\/h6>\n<ul data-start='1301' data-end='1375'>\n<li data-start='1301' data-end='1329'><strong data-start='1303' data-end='1315'>Adoption<\/strong> in <strong data-start='1319' data-end='1327'>2019<\/strong><\/li>\n<li data-start='1330' data-end='1375'><strong data-start='1332' data-end='1353'>Entry into force<\/strong> on <strong data-start='1357' data-end='1373'>March 10, 2021<\/strong><\/li>\n<\/ul>\n<p data-start='1377' data-end='1749' data-is-last-node='' data-is-only-node=''>The <strong data-start='1380' data-end='1398'>SFDR regulation<\/strong> aims to <strong data-start='1406' data-end='1439'>combat <em>greenwashing<\/em><\/strong> by providing investors with <strong data-start='1477' data-end='1522'>comparable and standardized information<\/strong> on the <strong data-start='1530' data-end='1568'>sustainability of financial products<\/strong>. It forms part of the broader framework of the <strong data-start='1611' data-end='1660'>EU Sustainable Finance Action Plan<\/strong>, helping to <strong data-start='1682' data-end='1748'>redirect capital flows towards a more sustainable economy<\/strong>.<\/p>\n<h2 class='mb-2 mt-6 text-lg first:mt-3'>Launch of the European <em>Green Deal<\/em> <\/h2>\n<p>In December 2019, the European Commission presents the European <em>Green Deal<\/em>, an ambitious action plan to transform the EU economy to achieve climate neutrality by 2050. This initiative represents a decisive turning point in the Union&#8217;s environmental and economic policies.<\/p>\n<h3 class='mb-2 mt-6 text-lg first:mt-3'>Main objectives:<\/h3>\n<ol class='marker:text-textOff list-decimal pl-8'>\n<li><strong>Climate neutrality<\/strong>: Achieve zero net greenhouse gas emissions by 2050.<\/li>\n<li><strong>Emissions reduction<\/strong>: Reduce greenhouse gas emissions by at least 55% by 2030 compared to 1990 levels.<\/li>\n<li><strong>Circular economy<\/strong>: Promote an economy that minimizes waste and maximizes the reuse of resources.<\/li>\n<\/ol>\n<h3 class='mb-2 mt-6 text-lg first:mt-3'>Key Green Deal measures:<\/h3>\n<ul class='marker:text-textOff list-disc pl-8'>\n<li><strong>Fit for 55<\/strong>: A set of legislative proposals to align EU laws with its climate goals.<\/li>\n<li><strong>Just Transition<\/strong>: Establishment of a Just Transition mechanism to support regions and sectors dependent on fossil fuels, with a proposed budget of \u20ac100 billion.<\/li>\n<li><strong>Sustainable mobility<\/strong>: Promotion of electric vehicles and the necessary infrastructure, with a target of installing one million public charging points by 2025.<\/li>\n<li><strong>Sustainable agriculture<\/strong>: Development of a &#8216;farm to fork&#8217; strategy to ensure a healthy and environmentally-friendly food system.<\/li>\n<\/ul>\n<h3 class='mb-2 mt-6 text-lg first:mt-3'>Financing:<\/h3>\n<p>The <em>Green Deal<\/em> provides for a total investment of over \u20ac1 trillion to finance the reforms needed for sustainable economic growth and climate transition.<\/p>\n<h3 class='mb-2 mt-6 text-lg first:mt-3'>Significance:<\/h3>\n<p>The European <em>Green Deal<\/em> is seen as a systemic response to today&#8217;s environmental challenges, integrating various sectors such as energy, transport, agriculture and finance. It aims not only to protect the environment, but also to foster inclusive and sustainable economic growth for all European citizens.<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t<article class=\"chronologie__view__content__item\">\n\t\t\t\t\t\t<aside class=\"chronologie__view__content__item__aside\">\n\t\t\t\t\t\t\t<div class=\"chronologie__view__content__item__aside__content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/institutdelafinancedurable.com\/wp-content\/uploads\/2025\/02\/myriam-jessier-eveI7MOcSmw-unsplash-scaled.jpg\" alt=\"\" \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/aside>\n\t\t\t\t\t\t<div class=\"chronologie__view__content__item__infos\">\n\t\t\t\t\t\t\t<div class=\"wysiwyg\">\n\t\t\t\t\t\t\t\t<h2 class='mb-2 mt-6 text-lg first:mt-3'>Creation of the EFRAG <em>Task Force<\/em> on non-financial reporting standards<\/h2>\n<ul data-start='75' data-end='391'>\n<li data-start='75' data-end='257'><strong data-start='77' data-end='90'>June 2020<\/strong>: The <strong data-start='96' data-end='121'>European Commission<\/strong> mandates<strong data-start='132' data-end='141'>EFRAG<\/strong> to undertake preparatory work on possible <strong data-start='203' data-end='254'>European non-financial reporting standards<\/strong>.<\/li>\n<li data-start='258' data-end='391'><strong data-start='260' data-end='278'>September 2020<\/strong>:<strong data-start='283' data-end='292'>EFRAG<\/strong> creates a <strong data-start='302' data-end='351'>multi-stakeholder<em>Task Force<\/em> (PTF-NFRS)<\/strong> responsible for this preparatory work.<\/li>\n<\/ul>\n<h6 data-start='393' data-end='414'><strong data-start='398' data-end='412'>Objective:<\/strong><\/h6>\n<ul data-start='415' data-end='551'>\n<li data-start='415' data-end='551'>To develop <strong data-start='430' data-end='449'>recommendations<\/strong> on the content and structure of potential <strong data-start='497' data-end='548'>European non-financial reporting standards<\/strong>.<\/li>\n<\/ul>\n<h6 data-start='553' data-end='577'><strong data-start='558' data-end='575'>Composition:<\/strong><\/h6>\n<ul data-start='578' data-end='735'>\n<li data-start='578' data-end='735'>The<em> <strong data-start='583' data-end='597'>Task Force<\/strong><\/em> comprises <strong data-start='607' data-end='629'>around 35 experts<\/strong> representing a wide range of <strong data-start='664' data-end='685'>stakeholders<\/strong><em data-start='687' data-end='731'>(public sector, private sector, SMEs, civil society<\/em>).<\/li>\n<\/ul>\n<h6 data-start='737' data-end='760'><strong data-start='742' data-end='758'>Timetable:<\/strong><\/h6>\n<ul data-start='761' data-end='957'>\n<li data-start='761' data-end='812'><strong data-start='763' data-end='788'>Launch of work<\/strong> in <strong data-start='792' data-end='810'>September 2020<\/strong><\/li>\n<li data-start='813' data-end='874'><strong data-start='815' data-end='851'>Publication of a progress report<\/strong> in <strong data-start='855' data-end='872'>November 2020<\/strong><\/li>\n<li data-start='875' data-end='957'><strong data-start='877' data-end='904'>Final report<\/strong> to the <strong data-start='910' data-end='935'>European Commission<\/strong> in <strong data-start='939' data-end='955'>February 2021<\/strong><\/li>\n<\/ul>\n<p data-start='959' data-end='1327'>The <strong data-start='962' data-end='979'>final report<\/strong>, published on <strong data-start='991' data-end='1006'>March 8, 2021<\/strong>, proposes <strong data-start='1016' data-end='1040'>a roadmap<\/strong> for the development of a <strong data-start='1065' data-end='1128'>comprehensive set of European sustainability reporting standards<\/strong>.<br data-start='1129' data-end='1132' \/>Following this report, the Task Force is renamed <strong data-start='1179' data-end='1191'>PTF-ESRS<\/strong><em data-start='1193' data-end='1260'>(Project Task Force on European Sustainability Reporting Standards<\/em>) and tasked with <strong data-start='1276' data-end='1324'>beginning the technical development of the standards<\/strong>.<\/p>\n<p data-start='1329' data-end='1603'>This initiative is part of the wider <strong data-start='1384' data-end='1407'>European Green Deal<\/strong> and the <strong data-start='1417' data-end='1485'>revision of the Non-Financial Reporting Directive (NFRD)<\/strong>, aimed at <strong data-start='1496' data-end='1600'>improving the quality and comparability of sustainability information published by companies<\/strong>.<\/p>\n<h2 class='mb-2 mt-6 text-lg first:mt-3'>Adoption of the European Taxonomy Regulation<\/h2>\n<p data-start='1662' data-end='1887'>On <strong data-start='1665' data-end='1681'>June 18, 2020<\/strong>, the <strong data-start='1686' data-end='1708'>European Parliament<\/strong> adopts <strong data-start='1719' data-end='1746'>Regulation (EU) 2020\/852<\/strong>, known as the <strong data-start='1752' data-end='1775'>Taxonomy Regulation<\/strong>, which establishes a <strong data-start='1792' data-end='1856'>classification system for<\/strong> environmentally <strong data-start='1792' data-end='1856'>sustainable economic activities<\/strong>.<\/p>\n<h4 data-start='1889' data-end='1936'><strong data-start='1894' data-end='1934'>Key points of the Taxonomy Regulation:<\/strong><\/h4>\n<h6 data-start='1938' data-end='1960'><strong data-start='1944' data-end='1958'>Objective:<\/strong><\/h6>\n<ul data-start='1961' data-end='2119'>\n<li data-start='1961' data-end='2119'>Create <strong data-start='1969' data-end='1990'>a common language<\/strong> and a <strong data-start='1998' data-end='2019'>clear definition of<\/strong> what is <em data-start='2034' data-end='2045'>&#8216;sustainable&#8217;<\/em>, to <strong data-start='2052' data-end='2084'>guide investments<\/strong> towards <strong data-start='2094' data-end='2116'>sustainable activities<\/strong>.<\/li>\n<\/ul>\n<h6 data-start='2121' data-end='2194'><strong data-start='2127' data-end='2192'>Criteria for an activity to be considered sustainable:<\/strong><\/h6>\n<ul data-start='2195' data-end='2412'>\n<li data-start='2195' data-end='2293'><strong data-start='2197' data-end='2229'>Contribute substantially<\/strong> to <strong data-start='2232' data-end='2282'>at least one of the six<\/strong> defined <strong data-start='2232' data-end='2282'>environmental objectives<\/strong>.<\/li>\n<li data-start='2294' data-end='2360'><strong data-start='2296' data-end='2336'>Do not cause significant harm to<\/strong> the other objectives.<\/li>\n<li data-start='2361' data-end='2412'><strong data-start='2363' data-end='2409'>Respect minimum social guarantees<\/strong>.<\/li>\n<\/ul>\n<h6 data-start='2414' data-end='2466'><strong data-start='2420' data-end='2464'>Six defined environmental objectives:<\/strong><\/h6>\n<ol data-start='2467' data-end='2808'>\n<li data-start='2467' data-end='2512'><strong data-start='2470' data-end='2510'>Climate change mitigation<\/strong><\/li>\n<li data-start='2513' data-end='2557'><strong data-start='2516' data-end='2555'>Adaptation to climate change<\/strong><\/li>\n<li data-start='2558' data-end='2637'><strong data-start='2561' data-end='2635'>Sustainable use and protection of aquatic and marine resources<\/strong><\/li>\n<li data-start='2638' data-end='2686'><strong data-start='2641' data-end='2684'>Transition to a circular economy<\/strong><\/li>\n<li data-start='2687' data-end='2734'><strong data-start='2690' data-end='2732'>Pollution prevention and control<\/strong><\/li>\n<li data-start='2735' data-end='2808'><strong data-start='2738' data-end='2806'>Protection and restoration of biodiversity and ecosystems<\/strong><\/li>\n<\/ol>\n<h6 data-start='2810' data-end='2849'><strong data-start='2816' data-end='2847'>Progressive implementation :<\/strong><\/h6>\n<ul data-start='2850' data-end='3074'>\n<li data-start='2850' data-end='2898'><strong data-start='2852' data-end='2873'>Entry into force<\/strong> <strong data-start='2877' data-end='2896'>July 12, 2020<\/strong><\/li>\n<li data-start='2899' data-end='2992'><strong data-start='2901' data-end='2941'>Application from January 2022<\/strong> for the <strong data-start='2951' data-end='2990'>first two climate objectives<\/strong><\/li>\n<li data-start='2993' data-end='3074'><strong data-start='2995' data-end='3035'>Application from January 2023<\/strong> for the <strong data-start='3045' data-end='3072'>other four targets<\/strong><\/li>\n<\/ul>\n<h6 data-start='3076' data-end='3114'><strong data-start='3082' data-end='3112'>Reporting obligations :<\/strong><\/h6>\n<ul data-start='3115' data-end='3290'>\n<li data-start='3115' data-end='3204'><strong data-start='3117' data-end='3141'>For companies<\/strong> subject to the <strong data-start='3156' data-end='3202'>non-financial reporting directive<\/strong><\/li>\n<li data-start='3205' data-end='3290'><strong data-start='3207' data-end='3250'>For financial market players<\/strong> offering <strong data-start='3265' data-end='3288'>financial products<\/strong><\/li>\n<\/ul>\n<p data-start='3292' data-end='3474' data-is-last-node='' data-is-only-node=''>The <strong data-start='3295' data-end='3318'>Taxonomy Regulation<\/strong> is a <strong data-start='3326' data-end='3392'>central pillar of the EU&#8217;s Sustainable Finance Action Plan<\/strong>, aimed at <strong data-start='3403' data-end='3438'>redirecting capital flows<\/strong> towards a <strong data-start='3448' data-end='3473'>more sustainable economy<\/strong>.<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t<article class=\"chronologie__view__content__item\">\n\t\t\t\t\t\t<aside class=\"chronologie__view__content__item__aside\">\n\t\t\t\t\t\t\t<div class=\"chronologie__view__content__item__aside__content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/institutdelafinancedurable.com\/wp-content\/uploads\/2025\/02\/isaac-smith-Ij7h-m4nJ18-unsplash-scaled.jpg\" alt=\"\" \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/aside>\n\t\t\t\t\t\t<div class=\"chronologie__view__content__item__infos\">\n\t\t\t\t\t\t\t<div class=\"wysiwyg\">\n\t\t\t\t\t\t\t\t<h2 class='mb-2 mt-6 text-lg first:mt-3'>Adoption of the delegated act on the European Taxonomy<\/h2>\n<p data-start='0' data-end='141'>On <strong data-start='3' data-end='18'>June 4, 2021<\/strong>, the <strong data-start='23' data-end='48'>European Commission<\/strong> adopted the <strong data-start='59' data-end='106'>first delegated act relating to Taxonomy<\/strong><em data-start='108' data-end='137'>(delegated regulation 2021\/2139<\/em>).<\/p>\n<h6 data-start='143' data-end='186'><strong data-start='147' data-end='184'>Key points of this delegated act:<\/strong><\/h6>\n<ul>\n<li><strong>Definition of technical examination criteria to determine:<\/strong><\/li>\n<\/ul>\n<ol>\n<li>Under which conditions an <strong data-start='295' data-end='318'>economic activity<\/strong> can be considered to <strong data-start='346' data-end='424'>contribute substantially to the first two environmental objectives<\/strong><em data-start='426' data-end='489'>(climate change mitigation and adaptation<\/em>).<\/li>\n<li>Whether this activity does <strong data-start='516' data-end='593'>not cause significant harm to the other environmental objectives<\/strong>.<\/li>\n<\/ol>\n<ul>\n<li><strong>Scope of application:<\/strong><\/li>\n<\/ul>\n<ol>\n<li>It covers the <strong data-start='645' data-end='670'>economic activities<\/strong> of almost <strong data-start='682' data-end='712'>40% of listed companies<\/strong> in sectors responsible for <strong data-start='747' data-end='819'>almost 80% of direct greenhouse gas emissions in Europe<\/strong>.<\/li>\n<li>The delegated act establishes <strong data-start='854' data-end='907'>technical criteria for 88 economic activities<\/strong> in sectors such as <strong data-start='935' data-end='1011'>energy, forestry, industry, transport and buildings<\/strong>.<\/li>\n<\/ol>\n<ul>\n<li><strong>Entry into force :<\/strong><\/li>\n<\/ul>\n<ol>\n<li><strong data-start='1051' data-end='1071'>January 1, 2022<\/strong> for the <strong data-start='1081' data-end='1120'>first two climate objectives<\/strong><em data-start='1122' data-end='1149'>(mitigation and adaptation<\/em>).<\/li>\n<\/ol>\n<p data-start='1155' data-end='1541' data-is-last-node='' data-is-only-node=''>This <strong data-start='1159' data-end='1175'>delegated act<\/strong> is a <strong data-start='1184' data-end='1202'>crucial step<\/strong> in the practical implementation of the <strong data-start='1240' data-end='1264'>European Taxonomy<\/strong>, providing a <strong data-start='1281' data-end='1299'>detailed framework<\/strong> for <strong data-start='1305' data-end='1382'>identifying environmentally sustainable economic activities<\/strong>. It aims to <strong data-start='1394' data-end='1426'>direct investment<\/strong> towards <strong data-start='1436' data-end='1469'>sustainable projects and activities<\/strong>, thereby contributing to the <strong data-start='1493' data-end='1540'>EU&#8217;s climate objectives<\/strong>.<\/p>\n<h2>Green Pact for Europe and European Climate Law<\/h2>\n<p>In <strong>2021<\/strong>, the European Union adopts<strong> the Green Pact<\/strong> and the <strong>European Climate Law<\/strong>, reinforcing its commitment to the fight against climate change.<strong>Main objective<\/strong>: Achieve<strong> carbon neutrality by 2050<\/strong>.<\/p>\n<h6>Reinforced targets for 2030:<\/h6>\n<ul>\n<li><strong>Reduce greenhouse gas emissions by at least 55%<\/strong> compared to 1990 levels<\/li>\n<li><strong>Increase the share of renewable energies to 40%.<\/strong><\/li>\n<li><strong>Improve energy efficiency by 32.5%.<\/strong><\/li>\n<\/ul>\n<h6>Key measures:<\/h6>\n<ul>\n<li><strong>Revision of the Emissions Trading Scheme (ETS)<\/strong><\/li>\n<li>Border carbon adjustment mechanism<\/li>\n<li>Biodiversity strategy for 2030<\/li>\n<\/ul>\n<p>The Green Pact and Climate Law mark<strong> a turning point in EU environmental policy<\/strong>, establishing a binding legal framework for the ecological transition.<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t<article class=\"chronologie__view__content__item\">\n\t\t\t\t\t\t<aside class=\"chronologie__view__content__item__aside\">\n\t\t\t\t\t\t\t<div class=\"chronologie__view__content__item__aside__content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/institutdelafinancedurable.com\/wp-content\/uploads\/2025\/02\/guillaume-perigois-0NRkVddA2fw-unsplash-scaled.jpg\" alt=\"\" \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/aside>\n\t\t\t\t\t\t<div class=\"chronologie__view__content__item__infos\">\n\t\t\t\t\t\t\t<div class=\"wysiwyg\">\n\t\t\t\t\t\t\t\t<h2 class='mb-2 mt-6 text-lg first:mt-3'>Adoption of the first ESRS by the European Commission<\/h2>\n<h4 data-start='53' data-end='127'><strong data-start='58' data-end='125'>Adoption of ESRS (<em>European Sustainability Reporting Standards<\/em>)<\/strong><\/h4>\n<ul data-start='128' data-end='555'>\n<li data-start='128' data-end='258'><strong data-start='130' data-end='138'>Date<\/strong>: <strong data-start='141' data-end='160'>July 31, 2023<\/strong> &#8211; The <strong data-start='166' data-end='225'>European Commission adopts the first set of ESRS<\/strong> in the form of a<strong data-start='239' data-end='255'>delegated act<\/strong>.<\/li>\n<li data-start='259' data-end='419'><strong data-start='261' data-end='273'>Context<\/strong>: These standards are part of the <strong data-start='320' data-end='375'><em>Corporate Sustainability Reporting Directive<\/em> (CSRD<\/strong>), which came into force on <strong data-start='398' data-end='416'>January 5, 2023<\/strong>.<\/li>\n<li data-start='420' data-end='555'><strong data-start='422' data-end='434'>Objective<\/strong>: To <strong data-start='437' data-end='481'>provide a standardized and detailed framework<\/strong> for <strong data-start='490' data-end='517'>sustainability<em>reporting<\/em><\/strong> by companies subject to the CSRD.<\/li>\n<\/ul>\n<h6 data-start='557' data-end='608'><strong data-start='563' data-end='606'>Main features of ESRS :<\/strong><\/h6>\n<ul>\n<li data-start='609' data-end='703'><strong data-start='611' data-end='636'>Binding standards<\/strong>: ESRS have the <strong data-start='652' data-end='668'>force of law<\/strong> for the companies concerned.<\/li>\n<li><strong data-start='706' data-end='740'>Double materiality approach<\/strong>: Companies must report both :<\/li>\n<\/ul>\n<ol>\n<li><strong data-start='795' data-end='846'>Their impact on the environment and society<\/strong><\/li>\n<li><strong data-start='853' data-end='937'>The risks and opportunities that sustainability issues represent for them<\/strong><\/li>\n<\/ol>\n<ul>\n<li data-start='940' data-end='1206'><strong data-start='942' data-end='975'>Broad thematic coverage:<\/strong><\/li>\n<\/ul>\n<ol>\n<li><strong data-start='982' data-end='999'>Environment<\/strong>: climate, biodiversity, pollution, aquatic and marine resources, circular economy<\/li>\n<li><strong data-start='1095' data-end='1105'>Social<\/strong>: human rights, working conditions<\/li>\n<li><strong data-start='1152' data-end='1167'>Governance<\/strong>: business ethics, transparency<\/li>\n<\/ol>\n<h5 data-start='1208' data-end='1240'><strong data-start='1214' data-end='1238'>Structure of ESRS :<\/strong><\/h5>\n<ul data-start='1241' data-end='1386'>\n<li data-start='1241' data-end='1287'><strong data-start='1243' data-end='1269'>2 transversal standards<\/strong><em data-start='1271' data-end='1284'>(ESRS 1 and 2<\/em>)<\/li>\n<li data-start='1288' data-end='1386'><strong data-start='1290' data-end='1315'>10 thematic standards<\/strong> covering <strong data-start='1337' data-end='1384'>environmental, social and governance<\/strong> aspects<\/li>\n<\/ul>\n<h5 data-start='1388' data-end='1425'><strong data-start='1394' data-end='1423'>Progressive application :<\/strong><\/h5>\n<ul data-start='1426' data-end='1526'>\n<li data-start='1426' data-end='1526'><strong data-start='1428' data-end='1456'>Staggered implementation<\/strong> from <strong data-start='1469' data-end='1477'>2024<\/strong>, depending on company size and status.<\/li>\n<\/ul>\n<p data-start='1528' data-end='1822'><strong data-start='1532' data-end='1540'>ESRS<\/strong> aim to <strong data-start='1550' data-end='1613'>improve the transparency, comparability and reliability<\/strong> of sustainability information published by European companies, thereby contributing to the <strong data-start='1709' data-end='1745'>objectives of the European <em>Green Deal<\/em><\/strong> and the <strong data-start='1754' data-end='1819'>redirection of financial flows towards sustainable activities<\/strong>.<\/p>\n<h2 class='mb-2 mt-6 text-lg first:mt-3'>Adoption of the CSRD Directive<\/h2>\n<ul class='marker:text-textOff list-disc pl-8'>\n<li><strong>Effective date<\/strong>: January 5, 2023<\/li>\n<li><strong>Objective<\/strong>: To set new non-financial <em>reporting<\/em> standards and obligations for large companies and SMEs listed in the European Union.<\/li>\n<\/ul>\n<h3 class='mb-2 mt-6 text-lg first:mt-3'>Key features of the CSRD:<\/h3>\n<h6>Expanded scope:<\/h6>\n<ul>\n<li>Approximately 50,000 companies in Europe (previously 11,700)<\/li>\n<li>Includes large companies and listed SMEs<\/li>\n<\/ul>\n<h6>Principle of double materiality:<\/h6>\n<ul>\n<li>Companies must report on both: a) Their impact on the environment and society b) The risks and opportunities that sustainability issues represent for them<\/li>\n<\/ul>\n<h6>Disclosures:<\/h6>\n<ul>\n<li>Environmental: climate, biodiversity, pollution, resources<\/li>\n<li>Social: working conditions, human rights<\/li>\n<li>Governance: business ethics, fight against corruption<\/li>\n<\/ul>\n<h6>Standardized <em>reporting<\/em>:<\/h6>\n<ul>\n<li>Mandatory use of <em>European Sustainability Reporting Standards<\/em> (ESRS)<\/li>\n<\/ul>\n<h6>External verification :<\/h6>\n<ul>\n<li>Published information must be certified by an independent third party<\/li>\n<\/ul>\n<h6>Digitization:<\/h6>\n<ul>\n<li>Information must be published in a standardized digital format<\/li>\n<\/ul>\n<h6>Progressive application :<\/h6>\n<ul>\n<li>Staggered implementation between 2024 and 2028 depending on company size and status<\/li>\n<\/ul>\n<p>The <strong data-start='3343' data-end='3351'>CSRD<\/strong> aims to <strong data-start='3359' data-end='3422'>improve the transparency, comparability and reliability<\/strong> of <strong data-start='3427' data-end='3457'>sustainability information<\/strong> published by European companies, thereby contributing to the <strong data-start='3522' data-end='3558'>objectives of the European <em>Green Deal<\/em><\/strong> and the <strong data-start='3567' data-end='3632'>redirection of financial flows towards sustainable activities<\/strong>.<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t<article class=\"chronologie__view__content__item\">\n\t\t\t\t\t\t<aside class=\"chronologie__view__content__item__aside\">\n\t\t\t\t\t\t\t<div class=\"chronologie__view__content__item__aside__content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/institutdelafinancedurable.com\/wp-content\/uploads\/2025\/02\/naja-bertolt-jensen-BJUoZu0mpt0-unsplash-scaled.jpg\" alt=\"\" \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/aside>\n\t\t\t\t\t\t<div class=\"chronologie__view__content__item__infos\">\n\t\t\t\t\t\t\t<div class=\"wysiwyg\">\n\t\t\t\t\t\t\t\t<h2 class='mb-2 mt-6 text-lg first:mt-3'>Adoption of the CS3D directive<\/h2>\n<h4 data-start='0' data-end='62'><strong data-start='4' data-end='60'>Directive on corporate duty of care<\/strong><\/h4>\n<h6 data-start='64' data-end='95'><strong data-start='69' data-end='93'>Main objective:<\/strong><\/h6>\n<ul data-start='96' data-end='322'>\n<li data-start='96' data-end='322'><strong data-start='98' data-end='125'>To oblige companies<\/strong> to <strong data-start='128' data-end='174'>identify, prevent, mitigate and remedy<\/strong> the <strong data-start='179' data-end='199'>negative impacts<\/strong> of their activities on <strong data-start='223' data-end='264'>human rights and the environment<\/strong>, throughout their <strong data-start='288' data-end='319'>global value chains<\/strong>.<\/li>\n<\/ul>\n<h6 data-start='324' data-end='356'><strong data-start='329' data-end='354'>Scope of application:<\/strong><\/h6>\n<ul data-start='357' data-end='634'>\n<li data-start='357' data-end='483'><strong data-start='359' data-end='390'>Large EU companies<\/strong><em data-start='392' data-end='479'>(over 1,000 employees and worldwide sales of over \u20ac450 million<\/em>).<\/li>\n<li data-start='484' data-end='634'><strong data-start='486' data-end='508'>Non-EU companies<\/strong> with <strong data-start='519' data-end='558'>significant operations in the EU<\/strong><em data-start='560' data-end='630'>(annual sales in the EU in excess of \u20ac450 million<\/em>).<\/li>\n<\/ul>\n<h6 data-start='636' data-end='672'><strong data-start='641' data-end='670'>Main obligations :<\/strong><\/h6>\n<ul data-start='673' data-end='1335'>\n<li data-start='673' data-end='788'><strong data-start='675' data-end='710'>Integrate the duty of vigilance<\/strong> into the company&#8217;s <strong data-start='720' data-end='769'>risk management policies and systems<\/strong>.<\/li>\n<li data-start='789' data-end='906'><strong data-start='791' data-end='837'>Identify and assess<\/strong> actual and potential<strong data-start='791' data-end='837'>negative impacts<\/strong> on <strong data-start='862' data-end='903'>human rights and the environment<\/strong>.<\/li>\n<li data-start='907' data-end='984'><strong data-start='909' data-end='945'>Prevent, mitigate and end<\/strong> <strong data-start='950' data-end='981'>identified negative impacts<\/strong>.<\/li>\n<li data-start='985' data-end='1045'><strong data-start='987' data-end='1042'>Establish complaint and reporting mechanisms<\/strong>.<\/li>\n<li data-start='1046' data-end='1105'><strong data-start='1048' data-end='1102'>Monitor the effectiveness of measures put in place<\/strong>.<\/li>\n<li data-start='1106' data-end='1198'><strong data-start='1108' data-end='1136'>Communicate publicly<\/strong> on <strong data-start='1145' data-end='1195'>due diligence policies and measures<\/strong>.<\/li>\n<li data-start='1199' data-end='1335'><strong data-start='1201' data-end='1246'>Develop a climate transition plan<\/strong> aligned with the <strong data-start='1272' data-end='1281'>1.5\u00b0C<\/strong> target for companies with <strong data-start='1306' data-end='1332'>more than 1,000 employees<\/strong>.<\/li>\n<\/ul>\n<h6 data-start='1337' data-end='1384'><strong data-start='1342' data-end='1382'>Sanctions and civil liability:<\/strong><\/h6>\n<ul data-start='1385' data-end='1541'>\n<li data-start='1385' data-end='1460'><strong data-start='1387' data-end='1457'>Fines of up to 5% of worldwide net sales<\/strong>.<\/li>\n<li data-start='1461' data-end='1541'><strong data-start='1463' data-end='1519'>Possibility for victims to claim compensation<\/strong> in the event of damage.<\/li>\n<\/ul>\n<p data-start='1543' data-end='1797' data-is-last-node='' data-is-only-node=''>This <strong data-start='1549' data-end='1562'>directive<\/strong> represents <strong data-start='1574' data-end='1597'>a major step forward<\/strong> in <strong data-start='1606' data-end='1650'>regulating the activities of companies<\/strong> worldwide, requiring them to <strong data-start='1692' data-end='1753'>take account of the social and environmental impacts<\/strong> of their entire <strong data-start='1776' data-end='1796'>value chain<\/strong>.<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\t<!-- END OF : Composant : block-periscope-theme-section-composant-31-bloc-chronologie.php -->\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":3,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-4534","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - 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