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Update
14.01.2025
January 2025:

ESMA publishes final report on ESG-related amendments to CRA Regulation
On 18 December, ESMA issued its final report on proposed amendments to the Delegated Regulation and Annex I of the Credit Rating Agencies (CRA) Regulation. The report follows a public consultation on this topic. The proposed amendments aim to enhance the incorporation of ESG factors into credit rating methodologies, and improve disclosures on the relevance of ESG factors for individual credit rating actions. Among other things, CRAs would need to prominently identify in press releases or reports when ESG considerations are a key element of a credit rating or rating outlook. The report will be submitted to the European Commission for further consideration.

EIOPA and ECB publish joint paper on solutions to reduce the impact of natural catastrophes
On 18 December, the European Insurance and Occupational Pensions Authority (EIOPA) and the European Central Bank (ECB) released a joint paper proposing an EU-level solution to address the widening gap in natural catastrophe insurance protection due to the increasing risk posed by climate change. Building on existing national and EU structures, the paper spells out an EU-level solution composed of two pillars. The first pillar is an EU public-private reinsurance scheme aimed at increasing insurance coverage for natural disaster risks. The second pillar is an EU fund for public disaster financing, designed to strengthen disaster risk management among member states. The proposed solutions are intended as a basis for discussion among stakeholders. They should be complementary to ambitious mitigation policies to tackle climate change and reduce the associated catastrophe risks.

EIOPA publishes annual working programme 2025

On 17 December, EIOPA released its Final Single Programming Document 2025-2027 including its Annual Work Programme 2025. On sustainability, EIOPA’s priorities for 2025 include addressing gaps in natural catastrophe protection, and supervising sustainability risks from prudential and conduct perspectives. Initiatives on conduct risks, such as greenwashing, will be guided by reviews and implementation of product-related sustainability rules. The operational objectives regarding sustainability are (i) integrating ESG risks into prudential and conduct frameworks and supporting ESG risk analyses; (ii) promoting sustainability reporting and fighting greenwashing; (iii) addressing protection gaps; and (iv) fostering the understanding of catastrophe models and ensuring data accessibility.

EC adopts MiCAR RTS on sustainability information
On 17 December, the EC adopted Regulatory Technical Standards (RTS) on sustainability information under the Market in Crypto Assets Regulation (MiCAR). MiCAR requires crypto-asset issuers and service providers to disclose their principal adverse impacts (PAI) on the environment, particularly those related to consensus mechanisms used to issue or validate crypto-assets that have significant energy consumption and environmental implications. The RTS specify the content, methodologies, and presentation of information regarding sustainability indicators in relation to PAI on climate and other environment‐related adverse impacts.

ESMA publishes Q&A on guidelines on funds’ names

On 13 December, ESMA released Q&As on the application of its Guidelines for fund names (UCITS and AIFs) using ESG or sustainability-related terms. The Q&As address the application of investment exclusion criteria to green bonds, the definition of ‘meaningfully investing in sustainable investments’, and the definition of controversial weapons and its connection to the SFDR PAI statement.

Official publication of ESG Ratings Regulation
On 12 December, the ESG Ratings Regulation was published in the Official Journal of the EU. It applies from 2 July 2026. For more details on the new regulatory framework for ESG rating providers, see our Highlight in the June edition of ESG Matters.

EIOPA publishes consultation on RTS on sustainability risk management and plans
On 4 December, EIOPA released a consultation and a consultation paper on Regulatory Technical Standards (RTS) on the management of sustainability risks, including sustainability risk plans. To limit the burden on companies and promote coherence and proportionality, the proposal: (i) builds on existing prudential requirements and integrates sustainability risk plans into companies’ existing risk management practices; (ii) ensures read-across between companies’ sustainability and transition plans; and (iii) enables companies, including those subject to the Corporate Sustainability Reporting Directive (CSRD), to disclose sustainability risks in a consistent and efficient manner. The consultation is open until 26 February 2025.

ECB publishes staff contribution on EU securitisation framework
On 3 December, the European Central Bank (ECB) published a staff contribution to the EC’s targeted consultation on the functioning of the EU securitisation framework. It highlights the need for access to climate-related data for adequately assessing the increase in transition and physical risks associated with climate change. Indicators related to climate change risk offer investors valuable information to evaluate their impact and exposure to these risks. The ECB suggests introducing a minimum set of data metrics aligned with other EU regulatory criteria, such as the EU Taxonomy or Sustainable Finance Disclosure Regulation (SFDR) requirements. This alignment would enable a more effective assessment of associated climate-related risks without overburdening stakeholders.

GFANZ publishes 2024 progress report
On 30 November, the Glasgow Financial Alliance for Net Zero (GFANZ) released its 2024 progress report, evaluating the financial sector’s progress towards net zero. The report looks back on GFANZ achievements in 2024 and outlines five strategic objectives under the 2024-2025 priorities. These objectives are: (i) promoting a common approach to transition plans; (ii) developing innovative transition finance solutions; (iii) unlocking high-integrity voluntary carbon markets; (iv) driving climate finance in emerging markets; and (v) enhancing transparency on net-zero transitions.

EBA publishes study on bank’s Paris alignment
On 27 November, the European Banking Authority (EBA) released a pilot study on banks’ alignment with the temperature target of the Paris Agreement (PA). The study notes that prudential supervisory authorities have mainly focused on evaluating banks' resilience to climate-related financial shocks from a risk-oriented perspective. It advocates for a focus on banks' contributions to global warming through their financing of climate-damaging activities. The study quantifies the implied temperature rise associated with banks’ (non-SME) corporate loan books, finding an implied average temperature rise range between 3.7 and 4.1°C, depending on the aggregation methodology used. None of the reviewed institutions were found to be aligned with the PA target.

Previous updates

  • ESG developments in Financial Institutions & regulation - 2024

    See our overview of ESG developments in Financial Institutions & regulation in 2024

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