On 24 July 2024, the European Securities and Markets Authority (“ESMA“) published an opinion on the sustainable finance regulatory framework (the “ESMA Opinion“), which outlines the ESMA’s long-term vision for the functioning of the EU’s sustainable finance framework (the “Framework“). The ESMA Opinion builds on the findings of the ESMA’s progress report on greenwashing, published on 31 May 2023, and the European Supervisory Authorities’ (“ESA“) joint opinion on the assessment of the EU Sustainable Finance Disclosure Regulation (the “SFDR“), published on 18 June 2024 (the “ESA Opinion“). Through these publications, the ESMA has acknowledged that although the Framework is relatively well developed and already contains safeguards against greenwashing, the Framework should evolve to facilitate investors’ access to sustainable investments and support the effective functioning of the sustainable investment value chain.
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