Welcome to the EU Monthly, NEO’s sustainability and ESG news round up from Brussels.
February 2024 highlights:
- “Historic” ESG rating deal: In what one member of the European Parliament called a “historic breakthrough,” the EU agreed on a set of rules to regulate company ESG ratings in early February. Under the agreement, ESG rating providers in the EU will come under the authority and supervision of the European Securities and Markets Authority. The decision comes after concerns of greenwashing and exaggeration of ESG initiatives by companies. (Read more: Reuters)
- Farmers’ protests update: European countries made concessions to farmers while protests continue to sweep the streets of many member states including Germany, France, Bulgaria, Poland and others. The protests began in early 2024 with farmers demanding wages, imports, and what they consider to be overly strict sustainability regulations to be addressed by the EU. Euractiv tracked some concessions made to farmer demands by each European country. (Read more: Euractiv)
- €233 million for green transition: The European Union has allocated €233 million for Strategic Projects as part of the LIFE Programme to support the EU Green Deal and environmental goals. The countries that will benefit from the funding are Austria, Bulgaria, Czechia, Ireland, Spain, France, Italy, Lithuania, Poland and Finland. The current projects are dedicated to marine ecosystems, water and and air quality, energy, transportation, and other climate-related topics. (Read more: ESG News)
- Debate on the CSDDD: Key EU member states backed down from supporting the Corporate Sustainability Due Diligence Directive (CSDDD) at the end of February. The CSDDD, which was provisionally agreed upon in December, is meant to hold firms responsible for effects on the environment and human rights that may result from their activities. Those who oppose the directive worry that its implementation would increase bureaucracy to the disservice of the economy, while those in favoir believe it will benefit the climate, human rights, and the EU’s credibility. (Read more: Bloomberg)