On 14 October 2024, the European Securities and Markets Authority (ESMA) published an updated sustainable finance implementation timeline. The timeline covers the following Regulations:
- Sustainability-related disclosures in the financial services sector (SFDR);
- EU Taxonomy Regulation;
- Corporate Sustainability Reporting Directive (CSRD);
- Benchmarks Regulation; and
- The European Green Bonds Regulation.
Some of the key dates and milestones appearing on the timeline are as follows:
- 21 November 2024- Guidelines on funds’ names apply to all newly created funds.
- 1 January 2025- Non-financial undertakings disclose KPIs on taxonomy-alignment under TR Disclosures RTS (additional activities & environmental objectives).
- Q1 2025- Undertakings previously subject to Non-Financial Reporting Directive (NFRD) report under ESRS.
- 21 May 2025- End of transition period for funds existing prior to ESG Fund Names Guidelines application date.
- Mid-2025- Tentative date for the European Commission's review of SFDR Level 1.
- March- June 2025- EU Green Bond Regulation Consultation on remaining technical standards.
- 1 Jan 2026- Financial undertakings disclose KPIs on taxonomy-alignment under TR Disclosures RTS (additional activities and environmental objectives).
- Q1 2026- Large undertakings not previously subject to NFRD report under ESRS.
- 2027- Listed SMEs and small & non-complex FIs report under ESRS (optional).
- 2029- Listed SMEs and small & non-complex FIs report under ESRS for LSMEs (mandatory) and Certain third country undertakings report under ESRS.
The updated timeline can be accessed here.
