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Delegated acts on the EU climate benchmarks and benchmarks’ ESG disclosures published

Delegated acts on the EU climate benchmarks and benchmarks’ ESG discl

Delegated acts on the EU climate benchmarks and benchmarks’ ESG disclosures published

04.12.2020 NL law

On 3 December 2020, three delegated acts were published in the EU Official Journal.

On 3 December 2020, three delegated acts supplementing Regulation (EU) 2019/2089 of 27 November 2019 amending Regulation (EU) 2016/1011 (“Benchmark regulation”) as regards EU climate transition benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks were published in the EU Official Journal. Regulation (EU) 2019/2089 is part of the EU Sustainable Finance Action Plan. This action plan also forms the basis of the SFDR and the Taxonomy regulation.

The Benchmark regulation requires benchmark administrators to explain in the benchmark statement how environmental, social and governance (“ESG”) factors are reflected in each benchmark or family of benchmarks provided and published. Delegated Regulation (EU) 2020/1816 covers the presentation of this information.  

In addition, the Benchmark regulation requires benchmark administrators to explain how, for each benchmark provided and published, the key elements of the benchmark methodology reflect ESG factors. The minimum content of this explanation is included in Delegated Regulation (EU) 2020/1817.

Furthermore, the Benchmark Regulation establishes EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks. The methodology of those benchmarks is based on the commitments laid down in the Paris Agreement. It is necessary to specify the minimum standards applicable to both types of benchmarks. Delegated Regulation (EU) 2020/1818 contains the minimum standards for EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks.

The three Delegated acts will become applicable on 23 December 2020.

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