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| EUROPEAN COMMISSION | EVROPSKA KOMISIJA |
| Strasbourg, 6.7.2021 | Strasbourg, 6.7.2021 |
| COM(2021) 390 final | COM(2021) 390 final |
| COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE OF THE REGIONS EMPTY | SPOROČILO KOMISIJE EVROPSKEMU PARLAMENTU, SVETU, EVROPSKEMU EKONOMSKO-SOCIALNEMU ODBORU IN ODBORU REGIJ EMPTY |
| Strategy for Financing the Transition to a Sustainable Economy | Strategija za financiranje prehoda na trajnostno gospodarstvo |
| {SWD(2021) 180 final} | {SWD(2021) 180 final} |
| Introduction – Enhancing the EU sustainable finance framework | Uvod – Izboljšanje okvira EU za trajnostno financiranje |
| Climate change and environmental degradation are defining global challenges of our time. Countries across the world recognise the urgent need to address these challenges, as demonstrated by their support for the Paris Agreement and the UN’s 2030 Agenda for Sustainable Development 1 , and are setting ambitious targets. Based on the European Green Deal, the EU has made a number of ambitious commitments, in particular to become the first climate-neutral continent by 2050 and to reduce greenhouse gas emissions by at least 55% by 2030 compared to 1990 levels 2 . The EU also aims to strengthen its resilience to climate change, to reverse biodiversity loss and the broader degradation of the environment and to leave nobody behind in the process. To reach these targets, the alignment of all sources of finance – public and private, national and multilateral – is required. The EU needs to cooperate globally and work with low- and middle-income countries in their transition. | Podnebne spremembe in degradacija okolja so glavni svetovni izzivi našega časa. Države po vsem svetu priznavajo nujno potrebo po reševanju teh izzivov, kot dokazuje njihova podpora Pariškemu sporazumu in agendi OZN za trajnostni razvoj do leta 2030 1 , in določajo ambiciozne cilje. EU je na podlagi evropskega zelenega dogovora sprejela več ambicioznih zavez, zlasti da bo do leta 2050 postala prva podnebno nevtralna celina in da bo do leta 2030 zmanjšala emisije toplogrednih plinov za vsaj 55 % v primerjavi z ravnmi leta 1990 2 . Poleg tega si EU prizadeva okrepiti odpornost proti podnebnim spremembam, obrniti trend izgube biotske raznovrstnosti in širše degradacije okolja ter pri tem nikogar zapostaviti. Za dosego teh ciljev je potrebno uskladiti vse vire financiranja – javne in zasebne, nacionalne in večstranske. EU mora sodelovati na svetovni ravni ter pomagati državam z nizkimi in srednje visokimi dohodki pri njihovem prehodu. |
| The EU sustainable finance framework will play a key role in meeting these targets and supporting a sustainable recovery from the COVID pandemic. Europe will need an estimated EUR 350 billion in additional investment per year over this decade to meet its 2030 emissions-reduction target in energy systems alone, alongside the EUR 130 billion it will need for other environmental goals 3 . Investment in unsustainable activities and assets are increasingly likely to become stranded, as climate and environmental challenges become ever more material. The insufficient integration of these risks hampers reallocation of resources and risks leading to disruptive readjustments in the future, with implications for financial stability. Accordingly, environmental regulation must be complemented by a sustainable finance framework which channels finance to investment that reduces exposure to these climate and environmental risks 4 . | Okvir EU za trajnostno financiranje bo imel ključno vlogo pri doseganju teh ciljev in podpiranju trajnostnega okrevanja po pandemiji COVID-19. Evropa bo v tem desetletju samo v energetskih sistemih potrebovala približno 350 milijard EUR dodatnih naložb na leto, da bi dosegla cilj zmanjšanja emisij do leta 2030, poleg 130 milijard EUR, ki jih bo potrebovala za druge okoljske cilje 3 . Naložbe v netrajnostne dejavnosti in sredstva se najverjetneje ne bodo več izvajale, saj so podnebni in okoljski izzivi pomembnejši kot kadar koli prej. Nezadostna vključenost teh tveganj ovira prerazporeditev virov in tveganj, kar vodi do motečih ponovnih prilagoditev v prihodnosti in vpliva na finančno stabilnost. Tako je treba okoljske predpise dopolniti z okvirom za trajnostno financiranje, ki financiranje usmerja k naložbam, s katerimi se zmanjšuje izpostavljenost tem podnebnim in okoljskim tveganjem 4 . |
| The framework for sustainable finance can make it easier for public authorities to raise sustainable capital. The EU is already taking significant steps in this regard. Under the 2021-2027 Multiannual Financial Framework (MFF) and Next-Generation-EU (NGEU) 5 , the Union aims to spend up to EUR 605 billion on projects addressing the climate crisis and EUR 100 billion in projects supporting biodiversity. Of the EUR 750 billion allocated for Next-Generation-EU, 30% will be raised through issuance of NGEU green bonds. As the ‘EU climate bank’, the European Investment Bank Group has also taken important steps to support the transition 6 . | Okvir za trajnostno financiranje lahko javnim organom olajša zbiranje trajnostnega kapitala. EU v zvezi s tem že sprejema pomembne ukrepe. Unija namerava v okviru večletnega finančnega okvira za obdobje 2021–2027 in instrumenta NextGenerationEU (NGEU) 5 porabiti do 605 milijard EUR za projekte, namenjene reševanju podnebne krize, in 100 milijard EUR za projekte, s katerimi se podpira biotska raznovrstnost. Od 750 milijard EUR, dodeljenih za instrument NextGenerationEU, jih bo 30 % zbranih z izdajo zelenih obveznic NGEU. Tudi skupina Evropske investicijske banke je kot „podnebna banka EU“ sprejela pomembne ukrepe za podporo prehodu 6 . |
| As the scale of investment required is well beyond the capacity of the public sector, the main objective of the sustainable finance framework is to channel private financial flows into relevant economic activities. Private interest in sustainable investment has grown considerably in recent years but requires a framework for sustainable finance which is clear, consistent and robust. The EU is putting that framework in place. | Ker obseg potrebnih naložb močno presega zmogljivosti javnega sektorja, je glavni cilj okvira za trajnostno financiranje usmeriti zasebne kapitalske tokove v ustrezne gospodarske dejavnosti. Zasebni interes za trajnostne naložbe se je v zadnjih letih precej povečal, vendar zahteva jasen, dosleden in zanesljiv okvir za trajnostno financiranje. EU vzpostavlja ta okvir. |
| The sustainable finance framework and the Capital Markets Union reinforce each other, creating more opportunities for businesses and investors. Well-integrated and efficient capital markets should act as a catalyst for effective mobilisation and allocation of capital towards sustainable investments 7 . In turn, the momentum of the sustainable finance policy agenda boosts the importance and urgency of the efforts to build a truly single and sustainable market for capital in the European Union. | Okvir za trajnostno financiranje in unija kapitalskih trgov se medsebojno krepita, s čimer ustvarjata več priložnosti za podjetja in vlagatelje. Dobro povezani in učinkoviti kapitalski trgi bi morali delovati kot katalizator za učinkovito mobilizacijo in dodeljevanje kapitala v trajnostne naložbe 7 . Z zagonom agende za politiko trajnostnega financiranja pa se povečujeta pomen in nujnost prizadevanj za vzpostavitev resnično enotnega in trajnostnega kapitalskega trga v Evropski uniji. |
| In 2018, the Commission adopted its first action plan on financing sustainable growth. Based on that plan, the EU has put in place the three building blocks for a sustainable financial framework 8 . These building blocks are: 1) a classification system, or ‘taxonomy’, of sustainable activities, 2) a disclosure framework for non-financial and financial companies, and 3) investment tools, including benchmarks, standards and labels 9 . | Komisija je leta 2018 sprejela prvi akcijski načrt za financiranje trajnostne rasti. EU je na podlagi tega načrta vzpostavila tri gradnike za okvir za trajnostno financiranje 8 . Ti gradniki so: 1) sistem klasifikacije ali „taksonomija“ trajnostnih dejavnosti, 2) okvir razkritja za nefinančna in finančna podjetja ter 3) naložbena orodja, vključno z referenčnimi vrednostmi, standardi in oznakami 9 . |
| The first building block is the EU Taxonomy 10 . The Taxonomy Regulation aims to provide a robust, science-based classification system, allowing non-financial and financial companies to share a common definition of sustainability and thereby providing protection against greenwashing 11 . | Prvi gradnik je taksonomija EU za trajnostne dejavnosti 10 . Cilj uredbe o taksonomiji je zagotoviti zanesljiv, na znanosti temelječ sistem klasifikacije, ki nefinančnim in finančnim podjetjem omogoča skupno opredelitev trajnostnosti, s čimer ščiti pred lažnim zelenim oglaševanjem 11 . |
| The second building block is a mandatory disclosure regime for both non-financial and financial companies, providing investors with information to make informed sustainable investment decisions. Disclosure requirements include the impact of a company’s activities on the environment and society, as well as the business and financial risks faced by a company due to its sustainability exposures (the ‘double materiality’ concept). In this context, the Commission has today adopted a delegated act under the Taxonomy Regulation specifying the information to be disclosed by financial and non-financial undertakings concerning their environmental performance based on the EU Taxonomy 12 . | Drugi gradnik je ureditev obveznega razkritja za nefinančna in finančna podjetja, ki vlagateljem zagotavlja informacije za sprejemanje utemeljenih odločitev o trajnostnih naložbah. Zahteve po razkritju vključujejo vpliv dejavnosti podjetja na okolje in družbo ter poslovna in finančna tveganja, s katerimi se podjetje srečuje zaradi izpostavljenosti na področju trajnostnosti (koncept „dvojne pomembnosti“). V zvezi s tem je Komisija v okviru uredbe o taksonomiji danes sprejela delegirani akt, ki določa, katere informacije morajo finančna in nefinančna podjetja razkriti v zvezi s svojo okoljsko uspešnostjo na podlagi taksonomije EU za trajnostne dejavnosti 12 . |
| EU sustainability disclosure regime for financial and non-financial companies | Ureditev EU o razkritjih, povezanih s trajnostnostjo, za finančna in nefinančna podjetja |
| Instrument | Corporate Sustainability Reporting Directive (CSRD) proposal 13 | Sustainable Finance Disclosure Regulation (SFDR) 14 | Taxonomy Regulation 15 | Instrument | Predlog direktive o poročanju podjetij glede trajnostnosti (CSRD) 13 | Uredba o razkritjih, povezanih s trajnostnostjo, v sektorju finančnih storitev (SFDR) 14 | Uredba o taksonomiji 15 |
| Scope | All EU large companies and all listed companies (except listed micro enterprises) | Financial market participants offering investment products, and financial advisers | Financial market participants; | all companies subject to CSRD 16 | Področje uporabe | Vsa velika podjetja v EU in vsa podjetja, ki kotirajo na borzi (razen mikropodjetij, ki kotirajo na borzi) | Udeleženci na finančnem trgu, ki ponujajo naložbene produkte, in finančni svetovalci | Udeleženci na finančnem trgu; | vsa podjetja, za katera se uporablja predlagana direktiva o poročanju podjetij glede trajnostnosti 16 |
| Disclosure | Report on the basis of formal reporting standards and subject to external audit | Entity and product level disclosure on sustainability risks and principal adverse impacts | Turnover, capital and operating expenditures in the reporting year from products or activities associated with Taxonomy | Razkritje | Poročilo na podlagi formalnih standardov poročanja, ki je predmet zunanje revizije | Razkritje tveganj glede trajnostnosti in glavnih škodljivih učinkov na ravni subjektov in proizvodov | Prihodki, naložbe v osnovna sredstva in odhodki iz poslovanja v letu poročanja za proizvode ali dejavnosti, povezane s taksonomijo |
| Status | Under negotiation; expected to apply from 2023 | Applies from 10 March 2021 | Applies from January 2022 | Status | V fazi pogajanj; predvidoma se bo začelo uporabljati leta 2023 | Uporablja se od 10. marca 2021 | Uporablja se od januarja 2022 |
| To complement these disclosure requirements, sustainability preferences must be included in investment and insurance advice 17 . | Za dopolnitev teh zahtev po razkritju morajo biti v naložbeno in zavarovalno svetovanje vključene preference glede trajnostnosti 17 . |
| The third building block is a set of investment tools, including benchmarks, standards and labels. These make it easier for financial market participants to align their investment strategies with the EU’s climate and environmental goals. They provide greater transparency to market participants. These are the objectives of both the EU Climate Transition Benchmarks and the EU Paris-aligned Benchmarks, created by the EU Climate Benchmarks Regulation 18 . Today, the Commission is adopting a legislative proposal for a standard on European green bonds 19 . This proposal will create a high-quality voluntary standard, available to all issuers to help attract sustainable investments. Furthermore, the extension of the EU Ecolabel to financial products, will provide retail investors with a credible, reliable and widely recognised label for retail financial products. | Tretji gradnik je sklop naložbenih orodij, vključno z referenčnimi vrednostmi, standardi in oznakami. S pomočjo teh orodij udeleženci na finančnem trgu lažje uskladijo svoje naložbene strategije s podnebnimi in okoljskimi cilji EU. Udeležencem na trgu zagotavljajo večjo preglednost. To so cilji referenčnih vrednosti EU za podnebni prehod in referenčnih vrednosti EU, usklajenih s Pariškim sporazumom, vzpostavljenih z uredbo EU o podnebnih referenčnih vrednostih 18 . Danes Komisija sprejema zakonodajni predlog za standard na področju evropskih zelenih obveznic 19 . S tem predlogom bo vzpostavljen visokokakovosten prostovoljni standard, ki bo na voljo vsem izdajateljem za lažje privabljanje trajnostnih naložb. Poleg tega bo razširitev znaka EU za okolje na finančne produkte malim vlagateljem zagotovila zaupanja vreden, zanesljiv in splošno priznan znak za maloprodajne finančne produkte. |
| Within a few years, major progress has been made in laying the foundations for the sustainable finance framework. The three building blocks are underway, but work remains to be done. The Commission is committed to completing the implementation of its ambitious 2018 action plan. However, since 2018, our understanding of what is needed to meet the sustainability goals has evolved, and the global context has changed. For these reasons, a new phase of the EU’s sustainable finance strategy is required. | V nekaj letih je bil dosežen velik napredek pri postavljanju temeljev za okvir za trajnostno financiranje. Vsi trije gradniki se že izvajajo, a delo še ni končano. Komisija se je zavezala, da bo dokončala izvajanje ambicioznega akcijskega načrta iz leta 2018. Vendar se je od leta 2018 spremenilo naše razumevanje, kaj je potrebno za doseganje ciljev trajnostnega razvoja, poleg tega pa so se spremenile tudi globalne razmere. Zato je potrebna nova faza strategije EU za trajnostno financiranje. |
| This strategy identifies four main areas where additional actions are needed for the financial system to fully support the transition of the economy towards sustainability. | Ta strategija opredeljuje štiri glavna področja, na katerih so potrebni dodatni ukrepi, da bi finančni sistem v celoti podprl prehod gospodarstva na trajnostne dejavnosti. |
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| To inform this strategy, the Commission requested advice from the Platform on Sustainable Finance and ran an extensive stakeholder consultation in 2020 20 . This strategy also complements other European Green Deal initiatives 21 , such as the Fit for 55 Package 22 . | Da bi Komisija zagotovila podlago za to strategijo, se je posvetovala s platformo za trajnostno financiranje in leta 2020 izvedla obsežno posvetovanje z deležniki 20 . Ta strategija dopolnjuje tudi druge pobude v okviru evropskega zelenega dogovora 21 , kot je sveženj „Pripravljeni na 55“ 22 . |
| I.Financing the transition of the real economy towards sustainability | I.Financiranje prehoda realnega sektorja na trajnostnost |
| The transition towards the EU’s sustainability goals requires unprecedented efforts to mitigate and adapt to climate change, rebuild natural capital and strengthen resilience and wider social capital, all as part of a sustainable recovery from the COVID-19 crisis. The transition pathways of economic actors will vary considerably, with different starting points and different business strategies, but all pathways should ultimately be consistent with the EU’s sustainability goals. | Prehod na cilje trajnostnega razvoja EU zahteva neizmerna prizadevanja za blažitev podnebnih sprememb in prilagajanje nanje, ponovno vzpostavitev naravnega kapitala ter krepitev odpornosti in širšega socialnega kapitala, vse v okviru trajnostnega okrevanja po krizi zaradi pandemije COVID-19. Gospodarski subjekti bodo imeli različna izhodišča in poslovne strategije, zato se bodo njihove poti prehoda precej razlikovale, vendar bi morale biti vse skladne s cilji trajnostnega razvoja EU. |
| EU efforts have predominantly focused on supporting investment flows towards economic activities that are already environmentally sustainable and towards plans to make them environmentally sustainable. A more supportive framework is needed to address the challenge of financing interim steps in the urgent transition of activities towards the EU’s climate neutrality and environmental objectives. The Commission has requested the advice of the Platform on Sustainable Finance on options that would encourage and recognise investments in economic activities for the transition towards sustainability 23 . | Prizadevanja EU so bila usmerjena zlasti v podpiranje priliva naložb v gospodarske dejavnosti, ki so že okoljsko trajnostne, in v načrte, da bi dejavnosti postale okoljsko trajnostne. Za obravnavo izziva, ki ga predstavlja financiranje vmesnih korakov v nujnem prehodu dejavnosti k ciljem EU v zvezi s podnebno nevtralnostjo in okoljem, je potreben okvir, ki zagotavlja večjo podporo. Komisija se je s platformo za trajnostno financiranje posvetovala o možnostih, s katerimi bi se spodbujale in priznavale naložbe v gospodarske dejavnosti za prehod na trajnostnost 23 . |
| Recognising transition efforts | Priznavanje prizadevanj za prehod |
| While companies, issuers and investors can use the EU Taxonomy to green their activities and portfolios, the current framework could be developed to better recognise investments for intermediary steps on the pathway towards sustainability. Such investments may reduce harmful climate and environmental impacts, if they do not lead to lock-in of carbon-intensive technologies. | Medtem ko lahko podjetja, izdajatelji in vlagatelji uporabijo taksonomijo EU za ozelenitev svojih dejavnosti in portfeljev, bi se lahko trenutni okvir nadgradil, da bi se bolje prepoznavale naložbe za vmesne korake na poti k trajnostnosti. S takimi naložbami se lahko zmanjšajo škodljivi vplivi na podnebje in okolje, če ne povzročajo odvisnosti od ogljično intenzivnih tehnologij. |
| As a first step, the Commission will consider proposing legislation to recognise and support the financing of certain economic activities, primarily in the energy sector, including gas, that contribute to reducing greenhouse gas emissions in a way that supports the transition towards climate neutrality throughout the current decade, as announced in the Commission’s Communication of April 2021 24 . | Komisija bo najprej razmislila o predlogu zakonodaje za priznanje in podpiranje financiranja nekaterih gospodarskih dejavnosti, predvsem v energetskem sektorju, vključno s plinom, ki prispevajo k zmanjševanju emisij toplogrednih plinov na način, ki podpira prehod na podnebno nevtralnost tekom tega desetletja, kot je napovedano v sporočilu Komisije iz aprila 2021 24 . |
| Furthermore, the Commission will consider options for an extension of the Taxonomy framework beyond environmentally sustainable activities to possibly recognise activities with an intermediate level of environmental performance. This could help to boost transparency and mobilise finance for economic activities that are on a credible pathway towards sustainability, while taking into account social aspects. By the end of 2021, the Commission will publish a report describing the provisions required to cover economic activities that do not have a significant impact on environmental sustainability and economic activities that significantly harm environmental sustainability 25 . | Poleg tega bo Komisija proučila možnosti za razširitev okvira taksonomije EU onkraj okoljsko trajnostnih dejavnosti, da bi se lahko prepoznale dejavnosti z vmesno stopnjo okoljske uspešnosti. To bi lahko pomagalo povečati preglednost in mobilizirati financiranje gospodarskih dejavnosti, ki so na zanesljivi poti k trajnostnosti, pri čemer bi se upoštevali socialni vidiki. Komisija bo do konca leta 2021 objavila poročilo, v katerem bo opisala določbe, potrebne za pokrivanje gospodarskih dejavnosti, ki nimajo pomembnega učinka na okoljsko trajnostnost, in gospodarskih dejavnosti, ki bistveno škodijo okoljski trajnostnosti 25 . |
| Including additional sustainable activities in the EU Taxonomy | Vključevanje dodatnih trajnostnih dejavnosti v taksonomijo EU za trajnostne dejavnosti |
| As announced in the Commission’s Communication published in April 2021, the Commission will adopt a complementary EU Taxonomy Climate Delegated Act covering activities not yet covered in the first EU Taxonomy Climate Delegated Act, such as agriculture and certain energy sectors, in line with the requirements of the Taxonomy Regulation. The Delegated Act will also cover nuclear energy activities, subject to and consistent with the specific expert review process that the Commission set out for this purpose 26 . The Commission will adopt this complementary Delegated Act as soon as possible after the end of the specific review process in summer 2021. This complementary Delegated Act will also cover natural gas and related technologies as transitional activity in as far as they fall within the limits of Article 10(2) of the EU Taxonomy Regulation. The merits of a sunset clause for transitional activities will be considered in this context. | Kot je napovedano v sporočilu Komisije, objavljenem aprila 2021, bo Komisija sprejela dopolnilni delegirani akt o taksonomiji EU na področju podnebja, ki bo v skladu z zahtevami iz uredbe o taksonomiji zajemal dejavnosti, ki jih prvi delegirani akt o taksonomiji EU na področju podnebja še ne zajema, kot so kmetijstvo in nekateri energetski sektorji. Delegirani akt bo zajemal tudi dejavnosti jedrske energije, ob upoštevanju posebnega postopka strokovnega pregleda, ki ga je Komisija določila v ta namen 26 , in v skladu s tem postopkom. Komisija bo ta dopolnilni delegirani akt sprejela čim prej po koncu posebnega postopka pregleda poleti 2021. Ta dopolnilni delegirani akt bo zajemal tudi zemeljski plin in povezane tehnologije kot prehodne dejavnosti, če bodo v mejah člena 10(2) uredbe o taksonomiji EU. V tem okviru bo obravnavana utemeljenost samoderogacijske klavzule za prehodne dejavnosti. |
| Furthermore, the Commission will adopt technical screening criteria for the remaining four environmental objectives under the Taxonomy Regulation: water, circular economy, pollution prevention and biodiversity 27 . The Commission will set out criteria for these objectives in a delegated act as foreseen by the Taxonomy Regulation, to be adopted in the first half of 2022, which will then apply from 2023. This will facilitate environmentally sustainable investments beyond climate. | Poleg tega bo Komisija sprejela tehnična merila za pregled za preostale štiri okoljske cilje iz uredbe o taksonomiji: voda, krožno gospodarstvo, preprečevanje onesnaževanja in biotska raznovrstnost 27 . Komisija bo merila za te cilje določila v delegiranem aktu, predvidenem v uredbi o taksonomiji, ki bo sprejet v prvi polovici leta 2022 in se bo uporabljal od leta 2023. S tem se bodo olajšale okoljsko trajnostne naložbe, ki presegajo področje podnebja. |
| Extending the framework of sustainable finance standards and labels | Razširitev okvira o standardih in oznakah za trajnostno financiranje |
| Standards and labels can help channel finance to companies, issuers and investors as they transition towards more sustainable activities and business models. They can also help investors by creating a transparent, credible framework to prevent greenwashing. To facilitate additional capital flows to interim transition efforts, the Commission will work on other bond labels, such as transition or sustainability-linked bond labels 28 . | Standardi in oznake lahko pomagajo usmeriti financiranje v podjetja, izdajatelje in vlagatelje, ko prehajajo na bolj trajnostne dejavnosti in poslovne modele. Vlagateljem lahko pomagajo tudi z oblikovanjem preglednega in verodostojnega okvira za preprečevanje lažnega zelenega oglaševanja. Da bi Komisija olajšala dodatne kapitalske tokove za vmesna prizadevanja za prehod, si bo prizadevala za vzpostavitev še drugih oznak za obveznice, kot so oznake za obveznice, povezane s prehodom ali trajnostnostjo 28 . |
| Looking ahead, a more general framework for labels for financial instruments could help bring clarity, transparency and coherence to sustainable finance markets. This framework would enable and cater for future market innovation, while ensuring a minimum level of transparency and credibility with regards to sustainability factors of labels developed by the market. Beyond financial instruments, the Commission will consider labels for Environmental, Social and Governance (ESG) benchmarks and minimum sustainability criteria for financial products that promote environmental or social characteristics. Finally, adjustments to the Prospectus Regulation 29 may be considered to create minimum requirements for the comparability, transparency and harmonisation of information available for all ESG securities. | V prihodnosti bi lahko splošnejši okvir za oznake za finančne instrumente pomagal zagotoviti jasnost, preglednost in skladnost na trajnostnih finančnih trgih. Ta okvir bi omogočil in upošteval prihodnje tržne inovacije, hkrati pa bi zagotovil minimalno raven preglednosti in verodostojnosti v zvezi s trajnostnimi dejavnimi oznak, ki jih razvije trg. Komisija bo poleg oznak za finančne instrumente proučila tudi oznake za okoljske, socialne in upravljavske referenčne vrednosti (referenčne vrednosti ESG) ter minimalna merila trajnostnosti za finančne produkte, s katerimi se spodbujajo okoljske ali socialne značilnosti. Prav tako bo morda treba razmisliti o spremembah uredbe o prospektu 29 , da bi se oblikovale minimalne zahteve za primerljivost, preglednost in usklajenost informacij, ki so na voljo za vse vrednostne papirje ESG. |
| Action 1: To develop a more comprehensive framework and help the financing of intermediary steps towards sustainability, the Commission will: | Ukrep 1: Komisija bo za razvoj celovitejšega okvira in pomoč pri financiranju vmesnih korakov za prehod na trajnostnost: |
| a)consider proposing legislation to support the financing of certain economic activities, mainly in the energy sector, that help to reduce greenhouse gas emissions; | a)razmislila o predlogu zakonodaje za podporo financiranju nekaterih gospodarskih dejavnosti, predvsem v energetskem sektorju, ki prispevajo k zmanjšanju emisij toplogrednih plinov; |
| b)consider options for extending the EU Taxonomy framework to possibly recognise economic activities performing at an intermediate level; | b)proučila možnosti za razširitev okvira taksonomije EU, da bi se lahko prepoznale gospodarske dejavnosti, ki se izvajajo na vmesni ravni; |
| c)adopt a Complementary EU Taxonomy Climate Delegated Act covering new sectors including agriculture and certain energy activities; | c)sprejela dopolnilni delegirani akt o taksonomiji EU na področju podnebja, ki bo zajemal nove sektorje, vključno s kmetijstvom in nekaterimi dejavnostmi na področju energije; |
| d)adopt a delegated act under the EU Taxonomy covering the remaining four environmental goals, i.e. water, biodiversity, pollution prevention and circular economy by Q2-2022; and | d)do drugega četrtletja leta 2022 sprejela delegirani akt v okviru taksonomije EU, ki bo zajemal preostale štiri okoljske cilje, tj. vodo, biotsko raznovrstnost, preprečevanje onesnaževanja in krožno gospodarstvo, ter |
| e)consider a general framework for labels for financial instruments, work on other bond labels such as transition or sustainability-link bonds, an ESG Benchmark label, minimum sustainability criteria for financial products that promote environmental or social characteristics and introduce targeted prospectus disclosures. | e)proučila splošni okvir za oznake za finančne instrumente, si prizadevala za vzpostavitev še drugih oznak za obveznice, kot so obveznice, povezane s prehodom ali trajnostnostjo, oznako za referenčno vrednost ESG, minimalna merila trajnostnosti za finančne produkte, s katerimi se spodbujajo okoljske ali socialne značilnosti, in uvedla ciljno usmerjena razkritja o prospektu. |
| II.Towards a more inclusive sustainable finance framework | II.Prehod na bolj vključujoč okvir za trajnostno financiranje |
| Empowering retail investors and SMEs to access sustainable finance opportunities | Opolnomočenje malih vlagateljev in MSP za dostop do možnosti trajnostnega financiranja |
| Citizens, as retail investors or consumers, and small and medium-sized enterprises (SMEs) are key for the sustainability transition. Many sustainable projects will be small and developed at local level – yet essential to supporting the green recovery. The Capital Markets Union and the sustainable finance framework together will aim to provide SMEs with more financing opportunities and encourage greater retail investor participation in capital markets. | Državljani kot mali vlagatelji ali potrošniki ter mala in srednja podjetja (MSP) so ključni za prehod na trajnostnost. Številni trajnostni projekti bodo majhni in razviti na lokalni ravni, vseeno pa bodo ključni za podporo zelenemu okrevanju. Skupni cilj unije kapitalskih trgov in okvira za trajnostno financiranje bo zagotoviti MSP več možnosti financiranja in spodbuditi večjo udeležbo malih vlagateljev na kapitalskih trgih. |
| Individuals and households can play an important role in transforming the economy by accessing sustainable finance. For example, green loans can help households and SMEs improve the energy performance of their buildings or switch to zero emission vehicles. To encourage green retail lending, the Commission will ask the European Banking Authority (EBA) for an opinion on the definition and possible supporting tools for green retail loans and green mortgages. The Commission will also explore ways to support the uptake of energy efficient mortgages in the framework of the Mortgage Credit Directive review 30 . | Posamezniki in gospodinjstva imajo lahko pomembno vlogo pri preoblikovanju gospodarstva z dostopom do trajnostnega financiranja. Gospodinjstva in MSP lahko na primer s pomočjo zelenih posojil izboljšajo energijsko učinkovitost svojih stavb ali preidejo na brezemisijska vozila. Da bi Komisija spodbudila zelena posojila prebivalstvu, bo Evropski bančni organ (EBA) zaprosila za mnenje o opredelitvi in morebitnih podpornih orodjih za zelena posojila prebivalstvu in zelene hipotekarne kredite. Komisija bo v okviru pregleda direktive o stanovanjskih kreditih proučila tudi načine za podporo uvajanju hipotekarnega financiranja energijske učinkovitosti 30 . |
| Financial advisors are the main point of contact for retail investors. They need to be qualified to support the uptake of sustainable finance. The Commission will encourage greater retail investor engagement by seeking improvements in the level of sustainability expertise of financial advisors, subject to further assessment. Moreover, the Commission, together with the OECD and its International Network on Financial Education, are working to improve citizens’ financial literacy. They will publish joint financial competence frameworks for adults and young people reflecting the skills and knowledge individuals need to support their financial well-being and to further access sustainable finance. | Finančni svetovalci so glavna kontaktna točka za male vlagatelje. Biti morajo usposobljeni za podporo uvajanju trajnostnega financiranja. Komisija bo spodbujala večje sodelovanje malih vlagateljev, in sicer si bo prizadevala za izboljšanje ravni strokovnega znanja finančnih svetovalcev v zvezi s trajnostnostjo, kar bo predmet nadaljnje ocene. Poleg tega si Komisija skupaj z OECD in njeno Mednarodno mrežo za finančno izobraževanje prizadeva izboljšati finančno pismenost državljanov. Objavile bodo skupne okvire za finančne kompetence odraslih in mladih, ki bodo odražale spretnosti in znanja, ki jih posamezniki potrebujejo za finančno blagostanje in nadaljnji dostop do trajnostnega financiranja. |
| The EU economy includes 23 million SMEs, which should benefit from greater access to sustainability advisory services based on their specific needs. The COVID-19 crisis has made it more challenging for SMEs to attract financing they need for their transition efforts. SMEs often lack the capabilities and awareness to seize the opportunities offered by sustainable finance tools 31 . | Gospodarstvo EU vključuje 23 milijonov MSP, ki bi morala imeti večji dostop do svetovalnih storitev na področju trajnostnosti glede na svoje specifične potrebe. Zaradi krize, ki jo je povzročila pandemija COVID-19, MSP težje pridobijo finančna sredstva, ki jih potrebujejo za svoj prehod. MSP pogosto nimajo potrebnih zmogljivosti in niso dovolj ozaveščena, da bi izkoristila priložnosti, ki jih ponujajo orodja za trajnostno financiranje 31 . |
| The Commission stands ready to support Member States in their efforts to provide capacity building and technical advice on how SMEs can voluntarily report on sustainability risks and impacts 32 . To that end, and in line with the proposed CSRD, the European Financial Reporting Advisory Group (EFRAG) will prepare a simplified voluntary sustainability reporting standard that will provide SMEs with a proportionate tool. In addition, the Invest EU Programme will provide de-risking mechanisms while the SME pillar of the Single Market Programme will provide advisory services for SMEs through the Enterprise Europe Network and the Joint Cluster Initiative 33 . | Komisija je pripravljena podpreti države članice pri njihovih prizadevanjih za zagotavljanje krepitve zmogljivosti in tehničnega svetovanja o tem, kako lahko MSP prostovoljno poročajo o tveganjih glede trajnostnosti in učinkih na trajnostnost 32 . Evropska svetovalna skupina za računovodsko poročanje bo v ta namen in v skladu s predlagano direktivo o poročanju podjetij glede trajnostnosti pripravila poenostavljen standard prostovoljnega poročanja o trajnostnosti, s katerim se bo MSP zagotovilo sorazmerno orodje. Poleg tega bo program InvestEU zagotovil mehanizme za zmanjševanje tveganj, steber programa Enotni trg za MSP pa bo MSP zagotovil svetovanje v okviru Evropske podjetniške mreže in skupne pobude grozdov 33 . |
| Leveraging the opportunities digital technologies offer for sustainable finance | Izkoriščanje priložnosti, ki jih digitalne tehnologije ponujajo za trajnostno financiranje |
| Digital technologies can provide essential solutions for citizens, investors and SMEs to carry out their transition to sustainability. The Commission will enable and encourage innovative solutions to help SMEs use digital sustainable finance tools and to support retail investor understanding of the sustainability impact of financial products 34 . Technological innovation, such as artificial intelligence, blockchain, big data, and the Internet of things, has a significant role to play in sustainable finance. Further EU initiatives, such as including sustainability-related information in the European Single Access Point (ESAP) and the Open Finance Framework, will help to unleash this potential. | Digitalne tehnologije lahko državljanom, vlagateljem in MSP zagotovijo bistvene rešitve za prehod na trajnostnost. Komisija bo omogočila in spodbujala inovativne rešitve za pomoč MSP pri uporabi digitalnih orodij za trajnostno financiranje in podporo malim vlagateljem pri razumevanju vpliva finančnih produktov na trajnostnost 34 . Tehnološke inovacije, kot so umetna inteligenca, blokovna veriga, velepodatki in internet stvari, imajo pomembno vlogo pri trajnostnem financiranju. Nadaljnje pobude EU, na primer vključitev informacij, povezanih s trajnostnostjo, v evropsko enotno vstopno točko in okvir za odprte finance, bodo pomagale sprostiti ta potencial. |
| While digital technologies are important enablers in the transition, there are concerns about the environmental impact and increasing energy needs of data centres and distributed ledger technologies, notably for crypto-assets 35 . The Commission will assess the sustainability impact of digital finance technologies. The EU should take the lead in making these infrastructures climate neutral and energy efficient by 2030 36 . The EU Taxonomy Climate Delegated Act already establishes the technical screening criteria for data centres and digital solutions that substantially contribute to the EU Taxonomy objectives and should be expanded to include more activities for developing sustainable digital solutions and using sustainable crypto-assets. | Digitalne tehnologije so pomembni dejavniki pri omogočanju prehoda, vendar obstajajo pomisleki glede okoljskega vpliva in naraščajočih energijskih potreb podatkovnih centrov in tehnologij razpršene evidence, zlasti za kriptosredstva 35 . Komisija bo ocenila vpliv digitalnih finančnih tehnologij na trajnostnost. EU bi morala prevzeti vodilni položaj pri zagotavljanju, da bodo te infrastrukture do leta 2030 podnebno nevtralne in energijsko učinkovite 36 . Delegirani akt o taksonomiji EU na področju podnebja že določa tehnična merila za pregled za podatkovne centre in digitalne rešitve, ki bistveno prispevajo k ciljem taksonomije EU, vendar bi ga bilo treba razširiti, da bi vključeval več dejavnosti za razvoj trajnostnih digitalnih rešitev in uporabo trajnostnih kriptosredstev. |
| Insurance: offering greater protection from climate and environmental risks | Zavarovanje: ponujanje večje zaščite pred podnebnimi in okoljskimi tveganji |
| By increasing insurance coverage, the financial system can better protect the economy and society against certain climate-related and natural disaster risks. A small increase in insurance coverage can significantly reduce the economic cost of climate-related disasters for taxpayers and governments. The recently adopted Climate Adaptation strategy 37 will create the enabling conditions to support society’s resilience to climate change and reduce the risks. A natural disaster insurance dashboard from the European Insurance and Occupational Pensions Authority (EIOPA) will indicate potential insurance coverage gaps in Member States 38 . In addition, the Commission will initiate a Climate Resilience Dialogue between insurers, re-insurers, public authorities and other stakeholders to exchange best practices and identify ways to address the climate protection gap, either through recommendations or through voluntary commitments. | S povečanjem zavarovalnega kritja lahko finančni sistem bolje zaščiti gospodarstvo in družbo pred določenimi tveganji, povezanimi s podnebjem in naravnimi nesrečami. Z majhnim povečanjem zavarovalnega kritja se lahko za davkoplačevalce in vlade znatno zmanjšajo gospodarski stroški, ki nastanejo zaradi nesreč, povezanih s podnebjem. Z nedavno sprejeto strategijo za prilagajanje podnebnim spremembam 37 bodo vzpostavljeni omogočitveni pogoji za podpiranje odpornosti družbe proti podnebnim spremembam in zmanjšanje tveganj. Preglednica zavarovanj za primer naravnih nesreč, ki jo je pripravil Evropski organ za zavarovanja in poklicne pokojnine (EIOPA), bo prikazovala morebitne vrzeli v zavarovalnih kritjih v državah članicah 38 . Poleg tega bo Komisija začela dialog o odpornosti proti podnebnim spremembam med zavarovalnicami, pozavarovalnicami, javnimi organi in drugimi deležniki, da se izmenjajo dobre prakse in opredelijo načini za odpravo vrzeli na področju varstva podnebja bodisi s priporočili bodisi s prostovoljnimi zavezami. |
| Supporting credible social investments | Podpiranje verodostojnih socialnih naložb |
| The recovery from the pandemic has highlighted the need for a just transition that supports workers and their communities affected by the transitioning of economic activities. The steep increase in social bond issuance shows that investors are increasingly looking for investment opportunities with positive social outcomes and promoting human rights. This trend encourages financial institutions to intensify their engagement with companies to help them integrate human rights and social factors in their strategies and activities. | Med okrevanjem po pandemiji se je pokazala potreba po pravičnem prehodu, ki podpira delavce in njihove skupnosti, prizadete zaradi prehoda gospodarskih dejavnosti. Strma porast izdaje socialnih obveznic kaže, da vlagatelji vse bolj iščejo naložbene priložnosti, ki imajo pozitivne socialne učinke in spodbujajo človekove pravice. Ta trend spodbuja finančne institucije, da okrepijo sodelovanje s podjetji ter jim pomagajo vključiti človekove pravice in socialne dejavnike v njihove strategije in dejavnosti. |
| Sustainable finance disclosure requirements for financial market participants already include certain social factors, but further steps are needed. Before December 2022, the Commission will engage with the European Supervisory Authorities to review the regulatory technical standards under the SFDR 39 , clarifying indicators for both climate and environment-related principal adverse impacts and principal adverse impacts in the field of social and employee matters, respect for human rights, anti-corruption and anti-bribery matters. Furthermore, by the end of 2021, the Commission will publish a report on the provisions required for a social taxonomy, as required by the Taxonomy Regulation 40 . | Zahteve po razkritjih, povezanih s trajnostnim financiranjem, za udeležence na finančnem trgu že vključujejo nekatere socialne dejavnike, vendar so potrebni nadaljnji ukrepi. Komisija bo pred decembrom 2022 z evropskimi nadzornimi organi sodelovala pri pregledu regulativnih tehničnih standardov v okviru uredbe o razkritjih, povezanih s trajnostnostjo, v sektorju finančnih storitev 39 , pri čemer bodo pojasnjeni kazalniki za glavne škodljive učinke, povezane s podnebjem in okoljem, ter glavne škodljive učinke na področju socialnih in kadrovskih zadev, spoštovanja človekovih pravic, boja proti korupciji in boja proti podkupovanju. Poleg tega bo Komisija do konca leta 2021 objavila poročilo o določbah, potrebnih za socialno taksonomijo, kot se zahteva z uredbo o taksonomiji 40 . |
| In addition, the Commission will put forward a proposal on Sustainable Corporate Governance to ensure companies manage sustainability risks and benefit from opportunities derived from the path to sustainability. | Poleg tega bo Komisija predstavila predlog o trajnostnem upravljanju podjetij za zagotovitev, da bodo podjetja obvladovala tveganja glede trajnostnosti in izkoristila priložnosti, ki jih prinaša pot k trajnostnosti. |
| Green budgeting and risk-sharing mechanisms | Mehanizmi zelenega oblikovanja proračuna in delitve tveganja |
| While public funds alone cannot finance all the investment needs, they have a major role to play, alongside private funding. | Čeprav javni skladi sami ne morejo financirati vseh naložbenih potreb, imajo poleg zasebnega financiranja pomembno vlogo. |
| The Commission is further strengthening climate and biodiversity mainstreaming in the EU budget. The Commission is already using green budgeting tools in the annual EU budget cycle. In the context of the implementation of the 2021-2027 Multiannual Financial Framework and the related inter-institutional agreement with its commitments on climate and biodiversity spending, this work will be further strengthened. The Commission is committed to producing updated and strengthened tracking methodologies on both climate and biodiversity. Those tracking methodologies will be key to monitor that climate and biodiversity spending under the 2021-2027 Multiannual Financial Framework align with the EU’s ambition. | Komisija še naprej krepi vključevanje podnebja in biotske raznovrstnosti v proračun EU. Komisija že uporablja orodja za zeleno oblikovanje proračuna v letnem proračunskem ciklu EU. V okviru izvajanja večletnega finančnega okvira za obdobje 2021–2027 in s tem povezanega medinstitucionalnega sporazuma z zavezami glede porabe za podnebje in biotsko raznovrstnost se bodo ta prizadevanja še okrepila. Komisija se je zavezala, da bo pripravila posodobljene in okrepljene metodologije za spremljanje odhodkov za podnebne ukrepe in ukrepe glede biotske raznovrstnosti. Te metodologije spremljanja bodo ključne za spremljanje, ali je poraba za podnebje in biotsko raznovrstnost v okviru večletnega finančnega okvira za obdobje 2021–2027 v skladu z ambicijami EU. |
| The Commission is also working closely with Member States to increase the use of green budgeting tools. The Commission has also developed a green budgeting reference framework and conducts annual surveys on existing practices in green budgeting in the EU to support the many Member States who want to redirect their national budget to green priorities. Analytical work 41 , technical support and training as well as an annual conference promote a mutual learning process to ensure that budgetary policies and spending are in line with environmental commitments. | Komisija tesno sodeluje tudi z državami članicami, da bi povečala uporabo orodij za zeleno oblikovanje proračuna. Komisija je razvila tudi referenčni okvir za zeleno oblikovanje proračuna in izvaja letne raziskave o obstoječih praksah zelenega oblikovanja proračuna v EU, da bi podprla številne države članice, ki želijo nacionalni proračun preusmeriti k zelenim prednostnim nalogam. Analitično delo 41 , tehnična podpora in usposabljanje ter vsakoletna konferenca spodbujajo vzajemni proces učenja, da se zagotovi skladnost proračunske politike in porabe z okoljskimi zavezami. |
| Risk-sharing between public and private investors can effectively address market failures that hinder the financing of sustainable infrastructure and innovation driven transition. The Sustainable Europe Investment Plan, the investment pillar of the European Green Deal, aims to mobilise at least EUR 1 trillion in sustainable investments over the next decade from private and public actors. The InvestEU programme will provide risk-taking capacity and support for related advisory initiatives to the EIB Group, national promotional banks and other financial institutions. The Commission will organise an inaugural annual Sustainable Investment Summit ahead of COP 26 to take stock of progress across EU initiatives included in the Sustainable Europe Investment Plan. | Z delitvijo tveganja med javnimi in zasebnimi vlagatelji se lahko učinkovito reši nedelovanje trga, ki ovira financiranje trajnostne infrastrukture in prehoda, ki temelji na inovacijah. Cilj naložbenega načrta za trajnostno Evropo, ki je naložbeni steber evropskega zelenega dogovora, je v naslednjem desetletju mobilizirati trajnostne naložbe zasebnih in javnih akterjev v višini vsaj enega bilijona EUR. Program InvestEU bo skupini EIB, nacionalnim spodbujevalnim bankam in drugim finančnim institucijam zagotovil sposobnost prevzemanja tveganj in podporo za povezane svetovalne pobude. Komisija bo pred 26. konferenco pogodbenic (COP26) organizirala prvo letno zasedanje o trajnostnih naložbah, da bi ocenila napredek pri pobudah EU, vključenih v naložbeni načrt za trajnostno Evropo. |
| Action 2: To improve the inclusiveness of sustainable finance, the Commission will: | Ukrep 2: Komisija bo za izboljšanje vključevanja trajnostnega financiranja: |
| a)ask the EBA for an opinion on the definition of and support for green loans and mortgages, explore options to facilitate their uptake by 2022, and increase access of citizens and SMEs to sustainable finance advisory services; | a)EBA zaprosila za mnenje o opredelitvi zelenih posojil in hipotekarnih kreditov ter podpori zanje, proučila možnosti za njihovo lažje uvajanje do leta 2022 ter povečala dostop državljanov in MSP do svetovalnih storitev v zvezi s trajnostnim financiranjem; |
| b)integrate sustainable finance related data in the data spaces under the European Data Strategy and reflect, together with the Digital Finance Platform, on possible further actions to enable and encourage innovative solutions using digital technologies to support SMEs and retail investors; and | b)vključila podatke, povezane s trajnostnim financiranjem, v podatkovne prostore v okviru evropske strategije za podatke in skupaj s platformo EU za digitalne finance razmislila o morebitnih nadaljnjih ukrepih za omogočanje in spodbujanje inovativnih rešitev z uporabo digitalnih tehnologij, da se podprejo MSP in mali vlagatelji, ter |
| c)identify insurance protection gaps through EIOPA’s natural disaster dashboard and initiate a Climate Resilience Dialogue with all relevant stakeholders (2022); | c)opredelila vrzeli v zavarovalnih kritjih v okviru preglednice EIOPA za primer naravnih nesreč in z vsemi ustreznimi deležniki začela dialog o odpornosti proti podnebnim spremembam (2022); |
| d)publish a report on a social taxonomy by the end of 2021; and | d)objavila poročilo o socialni taksonomiji do konca leta 2021 ter |
| e)strengthen tracking methodologies for climate and biodiversity spending, support Member States who want to redirect their national budget to green priorities and organise an inaugural annual Sustainable Investment Summit ahead of COP 26. | e)okrepila metodologije spremljanja porabe za podnebje in biotsko raznovrstnost, podprla države članice, ki želijo nacionalni proračun preusmeriti v zelene prednostne naloge, in pred COP26 organizirala prvo letno zasedanje o trajnostnih naložbah. |
| III.Improving the financial sector’s resilience and contribution to sustainability: the double materiality perspective | III.Izboljšanje odpornosti finančnega sektorja in njegovega prispevka k trajnostnosti: vidik dvojne pomembnosti |
| To align with the European Green Deal, the financial sector itself will need to be more resilient to the risks posed by climate change and environmental degradation and also improve its contribution to sustainability. This requires a comprehensive approach which consists of the systematic integration of both financially material sustainability risks (outside-in) and sustainability impacts (inside-out) in financial decision-making processes. It is crucial that both angles of the materiality concept are duly integrated for the financial sector to contribute pro-actively and fully to the success of the European Green Deal. | Za uskladitev z evropskim zelenim dogovorom mora finančni sektor postati odpornejši na tveganja, ki jih prinašajo podnebne spremembe in degradacija okolja, ter izboljšati svoj prispevek k trajnostnosti. Za to je potreben celovit pristop, ki zajema sistematično vključevanje finančno pomembnih tveganj glede trajnostnosti (od zunaj navznoter) in vplivov na trajnostnost (od znotraj navzven) v postopke finančnega odločanja. Da bi lahko finančni sektor proaktivno in v celoti prispeval k uspehu evropskega zelenega dogovora, je ključno, da sta ustrezno vključena oba vidika pomembnosti. |
| Enhancing economic and financial resilience to sustainability risks | Povečanje ekonomske in finančne odpornosti na tveganja glede trajnostnosti |
| Sustainability risks are already material, and will have adverse impacts on financial stability and the financing of the real economy 42 . The physical impact of climate change and the loss of biodiversity create risks that can be systemic and may not be visible at the individual asset level 43 . Risks might also arise from a disorderly and sudden reaction to the transition. It is therefore vital to understand the nature and degree of these exposures and how they interact and evolve over time. Complementary steps are needed to ensure a consistent integration of sustainability factors in risk assessment and management in the financial sector. | Tveganja glede trajnostnosti so že pomembna in bodo škodljivo vplivala na finančno stabilnost in financiranje realnega sektorja 42 . Fizični učinek podnebnih sprememb in izguba biotske raznovrstnosti ustvarjata tveganja, ki so lahko sistemska in morda niso vidna na ravni posameznih sredstev 43 . Tveganja lahko nastanejo tudi zaradi neurejenega in nenadnega odziva na prehod. Zato je ključno razumeti naravo in stopnjo teh izpostavljenosti ter njihov medsebojni vpliv in razvoj skozi čas. Potrebni so dopolnilni ukrepi, da se zagotovi dosledno vključevanje dejavnikov trajnostnosti v oceno tveganja in obvladovanje tveganj v finančnem sektorju. |
| Reflecting sustainability risks in financial reporting standards and accounting | Upoštevanje tveganj glede trajnostnosti v standardih računovodskega poročanja in računovodenju |
| The Commission strongly supports international work on integrating sustainability considerations into financial reporting and accounting and will seek the highest level of ambition. The Commission will work with the European Financial Reporting Advisory Group (EFRAG), the European Securities and Markets Authority (ESMA) and the International Accounting Standards Board (IASB) to assess whether international financial reporting standards (IFRS) appropriately integrate sustainability risks. As financial reporting standards and practices determine the value of investments, they are a key element for embedding sustainability risks in financial market decision-making. In particular, it should be assessed how to recognise and report relevant climate and environmental risks in financial statements adequately and on a timely basis. | Komisija močno podpira mednarodna prizadevanja za vključevanje vidikov trajnostnosti v računovodsko poročanje in računovodenje ter si bo prizadevala za najvišjo raven ambicij. Komisija bo skupaj z Evropsko svetovalno skupino za računovodsko poročanje (EFRAG), Evropskim organom za vrednostne papirje in trge (ESMA) in Odborom za mednarodne računovodske standarde (IASB) ocenila, ali mednarodni standardi računovodskega poročanja (MSRP) ustrezno vključujejo tveganja glede trajnostnosti. Ker standardi in prakse računovodskega poročanja določajo vrednost naložb, so ključni element za vključevanje tveganj glede trajnostnosti v sprejemanje odločitev na finančnih trgih. Zlasti bi bilo treba oceniti, kako ustrezno in pravočasno prepoznati ustrezna podnebna in okoljska tveganja ter o njih poročati v računovodskih izkazih. |
| To encourage the development of standards for assessing natural capital in the EU and globally, the Commission is also intensifying its engagement with industry on biodiversity and natural capital accounting. | Da bi Komisija spodbudila razvoj standardov za ocenjevanje naravnega kapitala v EU in po svetu, krepi tudi sodelovanje z industrijo na področju računovodenja biotske raznovrstnosti in naravnega kapitala. |
| Improving transparency of credit ratings and rating outlooks | Izboljšanje preglednosti bonitetnih ocen in obetov glede bonitetnih ocen |
| Credit rating agencies play an important role in the financial system by assessing the credit risk of financial and non-financial issuers 44 . Stakeholders continue to express concerns around the lack of transparency on how credit rating agencies incorporate sustainability factors in their methodologies, in light of the wide use of credit ratings. Subject to further assessment of the effectiveness of the existing measures by ESMA, the Commission will take action to improve transparency and ensure the inclusion of relevant ESG factors in credit ratings and credit outlooks, while ensuring methodological transparency. | Bonitetne agencije imajo pomembno vlogo v finančnem sistemu, saj ocenjujejo kreditna tveganja finančnih in nefinančnih izdajateljev 44 . Deležniki še naprej izražajo pomisleke zaradi nepreglednosti v zvezi s tem, kako bonitetne agencije vključujejo dejavnike trajnostnosti v svoje metodologije glede na široko uporabo bonitetnih ocen. Komisija bo na podlagi nadaljnje ocene učinkovitosti obstoječih ukrepov, ki jo bo izvedel organ ESMA, sprejela ukrepe za izboljšanje preglednosti in zagotovitev vključevanja ustreznih okoljskih, socialnih in upravljavskih dejavnikov v bonitetne ocene in obete glede bonitetnih ocen, pri čemer bo zagotovila metodološko preglednost. |
| Identifying and managing sustainability risks by banks and insurers | Opredelitev in obvladovanje tveganj glede trajnostnosti s strani bank in zavarovateljev |
| The ability of banks and insurance companies to identify and manage sustainability risks and absorb financial losses arising from them is key for financial stability and the resilience of the real economy during the transition. While financial sector entities and supervisors are making efforts to capture climate and environmental factors in risk management systems and prudential capital requirements, progress remains insufficient 45 . | Sposobnost bank in zavarovalnic, da opredelijo in obvladujejo tveganja glede trajnostnosti ter krijejo finančne izgube, ki iz njih izhajajo, je ključna za finančno stabilnost in odpornost realnega sektorja med prehodom. Subjekti in nadzorniki v finančnem sektorju si sicer prizadevajo zajeti podnebne in okoljske dejavnike v sistemih za obvladovanje tveganj in bonitetnih kapitalskih zahtevah, vendar napredek še vedno ni zadosten 45 . |
| -The Commission will propose amendments to the prudential framework for banks to ensure ESG factors are consistently included in the risk management systems and supervision 46 . To achieve this, clear requirements will be set to identify, measure, manage and monitor sustainability risks in the risk management frameworks, including climate change stress testing for banks. To complement this and as part of the annual supervisory assessment, the role of supervisors in assessing such risks will be clarified and strengthened. Finally, the Commission will propose for the European Banking Authority to bring forward its ongoing assessment of the prudential treatment of exposures related to assets or activities associated substantially with environmental and/or social objectives by two years to 2023. | -Komisija bo predlagala spremembe bonitetnega okvira za banke za zagotovitev, da so okoljski, socialni in upravljavski dejavniki dosledno vključeni v sisteme za obvladovanje tveganja in nadzor 46 . V ta namen bodo določene jasne zahteve za opredelitev, merjenje, obvladovanje in spremljanje tveganj glede trajnostnosti v okvirih za obvladovanje tveganj, vključno s stresnimi testi podnebnih sprememb za banke. Za dopolnitev tega in v okviru letne nadzorniške ocene bo pojasnjena in okrepljena vloga nadzornikov pri ocenjevanju takih tveganj. Prav tako bo Komisija Evropskemu bančnemu organu predlagala, naj tekočo oceno bonitetne obravnave izpostavljenosti v zvezi s sredstvi ali dejavnostmi, ki so bistveno povezane z okoljskimi in/ali socialnimi cilji, prestavi za dve leti, tj. na leto 2023. |
| -The Commission will consistently integrate sustainability risks in the risk management systems and supervision of insurers. Amendments to the Solvency II Directive 47 will be proposed, including climate change scenario analysis by insurers. Similar to the approach taken in the banking sector, EIOPA will assess the risk differentials between environmentally and/or socially sustainable and other exposures in insurance. | -Komisija bo tveganja glede trajnostnosti dosledno vključevala v sisteme obvladovanja tveganj in nadzor zavarovateljev. Predlagane bodo spremembe direktive Solventnost II 47 , vključno z analizo scenarijev podnebnih sprememb s strani zavarovateljev. Podobno kot v bančnem sektorju bo EIOPA ocenil razlikovanje tveganj med izpostavljenostjo v zvezi z okoljsko in/ali družbeno trajnostnostjo in drugimi izpostavljenostmi v zavarovalništvu. |
| Managing sustainability risks at system level | Obvladovanje tveganj glede trajnostnosti na sistemski ravni |
| Increasing the resilience of the financial system to shocks requires the identification, measurement and management of risks at the system level. 48 The Commission will strengthen its cooperation with European supervisors and the European Central Bank (ECB) with the aim of capturing, monitoring and mitigating all systemic sustainability risks impacting long-term financial stability. To achieve this, work will be intensified to develop coherent and relevant methodologies and scenarios to quantify sustainability risks and to stress test the resilience of the financial system, covering relevant financial sectors 49 . The Commission will mandate a targeted stress-testing of the financial system on the Fit-for-55 package. | Za povečanje odpornosti finančnega sistema na pretrese so potrebni opredelitev, merjenje in obvladovanje tveganj na sistemski ravni 48 . Komisija bo okrepila sodelovanje z evropskimi nadzorniki in Evropsko centralno banko (ECB), da bi zajela, spremljala in ublažila vsa sistemska tveganja glede trajnostnosti, ki vplivajo na dolgoročno finančno stabilnost. V ta namen se bodo okrepila prizadevanja za razvoj skladnih in ustreznih metodologij in scenarijev za količinsko opredelitev tveganj glede trajnostnosti in izvedbo stresnega testa odpornosti finančnega sistema, s katerim bodo zajeti ustrezni finančni sektorji 49 . Komisija bo naročila ciljno usmerjen stresni test finančnega sistema za sveženj Pripravljeni na 55. |
| Financial institutions are increasingly exposed to the accelerating degradation of ecosystems and loss of biodiversity, the depletion of natural resources and the levels of pollution in our water, air and soils. To advance efforts in measuring the financial risks stemming from a significant loss of biodiversity and ecosystem degradation, the Commission will prepare a report on the measurement and presence of such risks in the EU. The Commission report will also look at approaches and methods to measure those risks and outline next steps in this area. | Finančne institucije so vse bolj izpostavljene pospešeni degradaciji ekosistemov in izgubi biotske raznovrstnosti, izčrpavanju naravnih virov ter stopnjam onesnaženosti naše vode, zraka in tal. Za okrepitev prizadevanj pri merjenju finančnih tveganj, ki izhajajo iz velike izgube biotske raznovrstnosti in degradacije ekosistemov, bo Komisija pripravila poročilo o merjenju in prisotnosti takih tveganj v EU. V poročilu Komisije se bodo obravnavali tudi pristopi in metode za merjenje teh tveganj ter začrtali nadaljnji koraki na tem področju. |
| Finally, addressing and managing systemic risks requires appropriate tools for macro-prudential authorities. With the support of the European Supervisory Authorities (ESAs), the European Systemic Risk Board (ESRB) and the ECB, the Commission will consider whether macro-prudential tools are able to address climate change-related financial stability risks as part of an upcoming review of the banking macro-prudential framework. In the medium term, further work will be conducted on broadening the scope to non-banking sectors and to environmental risks based on advice by the European Supervisory Authorities, the ESRB and the ECB. | Prav tako so za obravnavo in obvladovanje sistemskih tveganj potrebna ustrezna orodja za makrobonitetne organe. Komisija bo ob podpori evropskih nadzornih organov (ESA), Evropskega odbora za sistemska tveganja (ESRB) in ECB v okviru prihodnjega pregleda makrobonitetnega okvira proučila, ali so makrobonitetna orodja zmožna obravnavati tveganja za finančno stabilnost, povezana s podnebnimi spremembami. Na podlagi nasvetov evropskih nadzornih organov, ESRB in ECB se bodo srednjeročno nadaljevala prizadevanja za razširitev področja uporabe na nebančne sektorje in okoljska tveganja. |
| Action 3: To enhance economic and financial resilience to sustainability risks, the Commission will: | Ukrep 3: Komisija bo za povečanje ekonomske in finančne odpornosti na tveganja glede trajnostnosti: |
| a)work with EFRAG, ESMA and the IASB on how financial reporting standards can best capture relevant sustainability risks; | a)v sodelovanju z EFRAG, ESMA in IASB proučila, kako lahko standardi računovodskega poročanja najbolje zajamejo ustrezna tveganja glede trajnostnosti; |
| b)take action to ensure that relevant ESG risks are systematically captured in credit ratings and rating outlooks in a transparent manner, taking into account further assessment by ESMA (2023); | b)sprejela ukrepe za zagotovitev, da so ustrezna okoljska socialna in upravljavska tveganja pregledno in sistematično vključena v bonitetne ocene in obete glede bonitetnih ocen, ob upoštevanju nadaljnje ocene organa ESMA (2023); |
| c)propose amendments in the Capital Requirements Regulation and Capital Requirements Directive to ensure the consistent integration of sustainability risks in risk management systems of banks, including climate change stress tests by banks (2021); | c)predlagala spremembe uredbe o kapitalskih zahtevah in direktive o kapitalskih zahtevah, da se zagotovi dosledno vključevanje tveganj glede trajnostnosti v sisteme bank za obvladovanje tveganja, vključno s stresnimi testi podnebnih sprememb, ki jih izvajajo banke (2021); |
| d)propose amendments in the Solvency II Directive to consistently integrate sustainability risks in risk management of insurers, including climate change scenario analysis by insurers (2021); and | d)predlagala spremembe direktive Solventnost II za dosledno vključevanje tveganj glede trajnostnosti v sisteme zavarovateljev za obvladovanje tveganja, vključno z analizo scenarijev podnebnih sprememb, ki jo izvedejo zavarovatelji (2021), ter |
| e)strengthen long-term financial stability through closer cooperation on financial stability risk assessment, regular stress tests, an assessment of macro-prudential tools and a study dedicated to risks stemming from environmental degradation and biodiversity loss. | e)okrepila dolgoročno finančno stabilnost s tesnejšim sodelovanjem pri ocenjevanju tveganj za finančno stabilnost, rednimi stresnimi testi, oceno makrobonitetnih orodij in študijo o tveganjih, ki izhajajo iz degradacije okolja in izgube biotske raznovrstnosti. |
| Accelerating the contribution of the financial sector to transition efforts | Pospeševanje prispevka finančnega sektorja k prizadevanjem za prehod |
| Beyond the management of sustainability risks by financial institutions, the success of the European Green Deal depends on the contribution of all economic stakeholders and on their incentives to meet our targets. To that end, financial institutions must translate EU sustainability goals into their long-term financing strategies and decision-making processes. This includes better measuring, monitoring and disclosing progress on a regular basis. | Poleg obvladovanja tveganj glede trajnostnosti s strani finančnih institucij je uspeh evropskega zelenega dogovora odvisen od prispevka vseh gospodarskih deležnikov in njihovih spodbud za doseganje naših ciljev. V ta namen morajo finančne institucije cilje trajnostnega razvoja EU prenesti v svoje dolgoročne finančne strategije in postopke odločanja. To vključuje boljše redno merjenje, spremljanje in razkrivanje napredka. |
| Improving science-based target setting, disclosure and monitoring of the financial sector’s commitments | Izboljšanje na znanosti temelječega določanja ciljev, razkritja in spremljanja zavez finančnega sektorja |
| Financial institutions should disclose their own sustainability transition and decarbonisation plans, including intermediate and long-term targets and how they plan to reduce their environmental footprint. Greater transparency on targets, indicators, definitions and methodologies will be key to monitor the effectiveness of actions over time. The CSRD proposal will require large EU companies and listed companies including banks, insurers and investors to disclose sustainability targets and progress towards achieving them. In addition, and building on the regulatory technical standard under the SFDR, the Commission will strengthen the disclosure and effectiveness of decarbonisation action by financial market participants for all investment products. | Finančne institucije bi morale razkriti svoje načrte za prehod na trajnostnost in razogljičenje, vključno z vmesnimi in dolgoročnimi cilji, ter navesti, kako nameravajo zmanjšati svoj okoljski odtis. Večja preglednost ciljev, kazalnikov, opredelitev in metodologij bo ključna za spremljanje učinkovitosti ukrepov skozi čas. S predlagano direktivo o poročanju podjetij glede trajnostnosti se bo od velikih podjetij EU in podjetij, ki kotirajo na borzi, vključno z bankami, zavarovatelji in vlagatelji, zahtevalo, da razkrijejo cilje trajnostnega razvoja in napredujejo pri njihovem doseganju. Poleg tega bo Komisija na podlagi regulativnega tehničnega standarda iz uredbe o razkritjih, povezanih s trajnostnostjo, v sektorju finančnih storitev okrepila razkritje in učinkovitost ukrepov razogljičenja, ki jih sprejmejo udeleženci na finančnem trgu, za vse naložbene produkte. |
| In this regard, voluntary pledges by financial institutions globally to adopt strategic science-based climate and sustainability targets are also commendable as a first step. Pending possible further policy action in this area, the Commission will examine to what extent more guidance could ensure that such voluntary pledges are credible and will monitor progress over time across the EU. At this stage, financial institutions could use the EU Taxonomy and other sustainable finance tools to progress towards achieving their plans at entity and portfolio level. | V zvezi s tem so kot prvi korak pohvalne tudi prostovoljne zaveze finančnih institucij po vsem svetu, da bodo sprejele na znanosti temelječe strateške cilje glede podnebja in trajnostnosti. Pred sprejetjem morebitnih nadaljnjih strateških ukrepov na tem področju bo Komisija proučila, v kolikšni meri bi se lahko z več smernicami zagotovila verodostojnost takih prostovoljnih zavez, in spremljala napredek v EU skozi čas. Na tej stopnji bi lahko finančne institucije uporabljale taksonomijo EU in druga orodja za trajnostno financiranje, da bi napredovale pri doseganju svojih načrtov na ravni subjekta in portfelja. |
| Clarifying the fiduciary duties and stewardship rules of investors to reflect the financial sector’s contribution to Green Deal targets | Pojasnitev fiduciarnih obveznosti in pravil upravljanja za vlagatelje, da se upošteva prispevek finančnega sektorja k ciljem zelenega dogovora |
| Aligning financial flows with the European Green Deal objectives requires further consideration of sustainability impacts in the strategies and investment decision-making processes of investors. On 21 April 2021, the Commission published six amending delegated acts, which require financial firms, such as advisers, asset managers and insurers, to include financially material sustainability risks in their procedures and to consider the sustainability preferences of their clients 50 . This will need to be complemented by further action for the 125 000 pension funds in the EU managing collective schemes on behalf of around 75 million Europeans 51 . To enhance their contribution to the Green Deal targets, it is critical that the fiduciary duties of investors and pension funds towards members and beneficiaries also reflect the inside-out ESG risks of investments as part of investment decision-making processes. | Za uskladitev kapitalskih tokov s cilji evropskega zelenega dogovora je potrebna nadaljnja proučitev vplivov na trajnostnost v strategijah in postopkih odločanja o naložbah, ki jih izvajajo vlagatelji. Komisija je 21. aprila 2021 objavila šest delegiranih aktov o spremembah, s katerimi se od finančnih podjetij, kot so svetovalci, upravitelji premoženja in zavarovatelji, zahteva, naj v svoje postopke vključijo finančno pomembna tveganja glede trajnostnosti in upoštevajo preference svojih strank glede trajnostnosti 50 . To bo treba dopolniti z nadaljnjimi ukrepi za 125 000 pokojninskih skladov v EU, ki upravljajo kolektivne sheme v imenu približno 75 milijonov Evropejcev 51 . Za povečanje njihovega prispevka k ciljem zelenega dogovora je ključno, da se pri fiduciarnih obveznostih vlagateljev in pokojninskih skladov do članov in upravičencev upoštevajo tudi okoljska, socialna in upravljavska tveganja naložb od znotraj navzven v okviru postopkov odločanja o naložbah. |
| -The Commission will ask EIOPA to assess the potential need to broaden the concept of the ‘long-term best interest of members and beneficiaries’ and introduce the obligation to consider sustainability impacts in the pension investment framework. The aim would be to ensure that the framework better reflects members and beneficiaries’ sustainability preferences and broader societal and environmental goals. In collaboration with the European Supervisory Authorities, the Commission will consider and assess further measures to enable all relevant financial market participants and advisers to consider positive and negative sustainability impacts of their investment decisions, and of the products they advise on a systematic basis. | -Komisija bo EIOPA zaprosila, naj oceni morebitno potrebo po razširitvi koncepta „dolgoročne največje koristi članov in upravičencev“ in uvede obveznost upoštevanja vplivov na trajnostnost v okviru pokojninskih naložb. Cilj bi bil zagotoviti, da okvir bolje odraža preference članov in upravičencev glede trajnostnosti ter širše socialne in okoljske cilje. Komisija bo v sodelovanju z evropskimi nadzornimi organi proučila in ocenila nadaljnje ukrepe, da bi se vsem ustreznim udeležencem in svetovalcem na finančnem trgu omogočil sistematičen razmislek o pozitivnih in negativnih vplivih na trajnostnost, ki jih imajo njihove naložbene odločitve in produkti, o katerih svetujejo. |
| -The Commission will review relevant frameworks relating to investors’ stewardship and engagement activities. In particular, the Commission will explore how the Shareholder Rights Directive II 52 may better reflect EU sustainability goals and align with global best practices in stewardship guidelines. | -Komisija bo pregledala ustrezne okvire v zvezi z dejavnostmi upravljanja in sodelovanja vlagateljev. Komisija bo zlasti proučila, kako lahko direktiva o pravicah delničarjev II 52 bolje upošteva cilje trajnostnega razvoja EU in se uskladi z dobrimi praksami v svetovnem merilu na področju smernic o upravljanju. |
| Improving the availability, integrity and transparency of ESG market research and ratings | Izboljšanje razpoložljivosti, celovitosti in preglednosti tržnih raziskav in ocen ESG |
| To carry out their transition efforts, financial institutions will need a wide array of information to identify sustainability risks, opportunities and impacts of their investee companies and clients. To that end, the CSRD proposal will require large, listed EU companies to disclose meaningful, comparable and forward-looking sustainability data across the finance value chain 53 . In addition, the upcoming proposal for a European Single Access Point will create an EU-wide mechanism offering easily accessible, comparable and digitally usable databases on the public reporting requirements of companies, including sustainability information. | Finančne institucije bodo za izvedbo prehoda potrebovale širok nabor informacij, da bi prepoznale tveganja, priložnosti in učinke glede trajnostnosti podjetij, v katera vlagajo, in strank. V ta namen se bo s predlagano direktivo o poročanju podjetij glede trajnostnosti zahtevalo, da velika podjetja EU, ki kotirajo na borzi, razkrijejo smiselne, primerljive in v prihodnost usmerjene podatke o trajnostnosti v finančni vrednostni verigi 53 . Poleg tega bo s prihodnjim predlogom za enotno evropsko vstopno točko vzpostavljen mehanizem na ravni EU, ki bo ponujal lahko dostopne, primerljive in digitalno uporabne zbirke podatkov o zahtevah glede javnega poročanja za podjetja, vključno z informacijami o trajnostnosti. |
| Subject to a public consultation and an impact assessment, the Commission will take action to improve the reliability, comparability and transparency of ESG ratings. ESG ratings have an increasingly important impact on the operation of capital markets and on investor confidence in sustainable products. Such an action will build on the Commission’s study published in January 2021, identifying a lack of transparency in the operations of ESG ratings providers, the low level of comparability between ESG ratings and potential conflicts of interests 54 . The increasing demand for sustainable investments also puts the focus on the need for unbiased and reliable ESG research, based on transparent and comparable methodologies. | Komisija bo na podlagi javnega posvetovanja in ocene učinka sprejela ukrepe za izboljšanje zanesljivosti, primerljivosti in preglednosti ocen ESG. Ocene ESG vse pomembneje vplivajo na delovanje kapitalskih trgov in zaupanje vlagateljev v trajnostne produkte. Tak ukrep bo temeljil na študiji Komisije, objavljeni januarja 2021, v kateri so bili ugotovljeni pomanjkanje preglednosti pri poslovanju ponudnikov ocen ESG, nizka stopnja primerljivosti med ocenami ESG in morebitna navzkrižja interesov 54 . Naraščajoče povpraševanje po trajnostnih naložbah tudi poudarja potrebo po nepristranskih in zanesljivih raziskavah ESG, ki temeljijo na preglednih in primerljivih metodologijah. |
| Action 4: To increase the contribution of the financial sector to sustainability, the Commission will: | Ukrep 4: Komisija bo za povečanje prispevka finančnega sektorja k trajnostnosti: |
| a)improve financial institutions’ disclosures of sustainability targets and transition planning, examine to what extent more guidance could ensure that voluntary pledges are credible and monitor progress; | a)izboljšala razkritja finančnih institucij o ciljih trajnostnega razvoja in načrtovanju prehoda, proučila, v kolikšni meri bi se lahko z več smernicami zagotovila verodostojnost prostovoljnih obljub, in spremljala napredek; |
| b)ask EIOPA to assess the need to review the fiduciary duties of pension funds and investors to reflect sustainability impacts as part of investment decision making processes, including stewardship and engagement activities by 2022; and | b)EIOPA zaprosila, naj oceni potrebo po pregledu fiduciarnih obveznosti pokojninskih skladov in vlagateljev, da bi se upoštevali vplivi na trajnostnost v okviru postopkov odločanja o naložbah, vključno z dejavnostmi upravljanja in sodelovanja, do leta 2022, ter |
| c)take action to improve the reliability and comparability of ESG ratings and further assess certain aspects of ESG research, to decide on whether an intervention is necessary. | c)sprejela ukrepe za izboljšanje zanesljivosti in primerljivosti ocen ESG ter nadalje ocenila nekatere vidike raziskav ESG, da bi se odločila, ali je potrebno ukrepanje. |
| Addressing greenwashing | Odprava lažnega zelenega oglaševanja |
| The EU has taken important steps to address greenwashing in the financial market. Greenwashing attempts can generate reputational risks for the actors involved and trigger a loss of trust in sustainable finance products and the financial system. To prevent greenwashing, the EU has introduced disclosure requirements for companies and investors and created tools to increase transparency and help end-investors identify credible investment opportunities 55 . Yet, the effectiveness of sustainable finance policies also depends on an adequate level of enforcement across the EU. Supervisors have a key role in monitoring compliance with sustainable finance regulation, and making full use of their legal mandates and powers to ensure that investors and consumers are protected against unsubstantiated sustainability claims. | EU je sprejela pomembne korake za odpravo lažnega zelenega oglaševanja na finančnem trgu. Poskusi lažnega zelenega oglaševanja lahko povzročijo tveganja izgube ugleda za udeležene akterje ter izgubo zaupanja v trajnostne finančne produkte in finančni sistem. Da bi EU preprečila lažno zeleno oglaševanje, je uvedla zahteve po razkritju za podjetja in vlagatelje ter oblikovala orodja, ki povečujejo preglednost in končnim vlagateljem pomagajo prepoznati verodostojne naložbene priložnosti 55 . Vendar je učinkovitost politik trajnostnega financiranja odvisna tudi od ustrezne ravni izvrševanja po vsej EU. Nadzorniki imajo ključno vlogo pri spremljanju skladnosti z uredbo o trajnostnem financiranju ter uporabi vseh svojih pravnih pooblastil in pristojnosti za zagotovitev, da so vlagatelji in potrošniki zaščiteni pred neutemeljenimi trditvami o trajnostnosti. |
| With the support of the European Supervisory Authorities, the Commission will assess whether supervisory powers, capabilities and obligations are fit for purpose. Based on this assessment and the monitoring of greenwashing risks by the European Supervisory Authorities, the Commission will consider steps to ensure a sufficient, consistent level of enforcement and supervision to address greenwashing. | Komisija bo ob podpori evropskih nadzornih organov ocenila, ali so nadzorna pooblastila, zmogljivosti in obveznosti primerni za svoj namen. Na podlagi te ocene in spremljanja tveganj za lažno zeleno oglaševanje, ki ga izvajajo evropski nadzorni organi, bo Komisija proučila ukrepe za zagotovitev zadostne, dosledne ravni izvrševanja in nadzora za obravnavo lažnega zelenega oglaševanja. |
| Monitoring an orderly transition of the EU financial system | Spremljanje urejenega prehoda finančnega sistema EU |
| Achieving EU climate objectives will require collaborative action among Member States, financial supervisors and relevant public authorities to monitor progress in the transition. The Commission, in collaboration with the Platform on Sustainable Finance, will develop a robust monitoring framework to measure capital flows to sustainable investments. The Commission will assist Member States in assessing the investment gap and measuring the progress made by financial sectors to achieve our climate and environmental goals 56 . | Da bi se dosegli podnebni cilji EU, bodo potrebni skupni ukrepi držav članic, finančnih nadzornikov in ustreznih javnih organov za spremljanje napredka pri prehodu. Komisija bo v sodelovanju s platformo za trajnostno financiranje razvila zanesljiv okvir spremljanja za merjenje kapitalskih tokov v trajnostne naložbe. Državam članicam bo pomagala pri oceni naložbene vrzeli in merjenju napredka finančnih sektorjev pri doseganju naših podnebnih in okoljskih ciljev 56 . |
| European supervisors can play an important role to help with the consistent integration of the double materiality perspective across the financial system. The Commission will strengthen the cooperation among all relevant public authorities, including supervisors, to help define intermediate targets for the financial sector, better understand if progress is sufficient, and thus pave the way for taking a more collaborative policy action by all relevant public authorities. | Evropski nadzorniki imajo lahko pomembno vlogo pri doslednem vključevanju vidika dvojne pomembnosti v finančni sistem. Komisija bo okrepila sodelovanje med vsemi ustreznimi javnimi organi, vključno z nadzorniki, da bi pomagala določiti vmesne cilje za finančni sektor, bolje razumela, ali je napredek zadosten, in tako utrla pot za bolj sodelovalne strateške ukrepe vseh ustreznih javnih organov. |
| Finally, the Commission will establish a Sustainable Finance Research Forum to strengthen the role of science and encourage knowledge sharing on sustainable finance between academia and the industry. This forum would be tasked with increasing awareness on the use of sustainable finance research and fostering knowledge exchange between researchers and the financial community. | Prav tako bo Komisija ustanovila forum za raziskave na področju trajnostnega financiranja, da bi okrepila vlogo znanosti in spodbudila izmenjavo znanja o trajnostnem financiranju med akademskim svetom in industrijo. Ta forum bi bil zadolžen za ozaveščanje o uporabi raziskav na področju trajnostnega financiranja ter spodbujanje izmenjave znanja med raziskovalci in finančno skupnostjo. |
| Action 5: To monitor an orderly transition and ensure the integrity of the EU financial system, the Commission will: | Ukrep 5: Komisija bo za spremljanje urejenega prehoda in zagotovitev integritete finančnega sistema EU: |
| a)monitor greenwashing risks, and assess and review the current supervisory and enforcement toolkit available to Competent Authorities, to ensure that supervisory powers, capabilities and obligations are fit for purpose, with the support of the European Supervisory Authorities; | a)ob podpori evropskih nadzornih organov spremljala tveganja za lažno zeleno oglaševanje ter ocenila in pregledala trenutni nabor orodij za nadzor in izvrševanje, ki je na voljo pristojnim organom, za zagotovitev, da so nadzorna pooblastila, zmogljivosti in obveznosti primerni za svoj namen; |
| b)develop a robust monitoring framework to measure capital flows and assist Member States in assessing the investment gap and measuring the progress made by their financial sectors by 2023; | b)razvila zanesljiv okvir spremljanja za merjenje kapitalskih tokov in pomagala državam članicam pri oceni naložbene vrzeli in merjenju napredka, ki ga bodo njihovi finančni sektorji dosegli do leta 2023; |
| c)strengthen cooperation among all relevant public authorities, including Member States, the ECB, the ESRB, the European Supervisory Authorities and the European Environment Agency, to work towards a common approach to monitor an orderly transition and ensure the double materiality perspective is consistently integrated across the EU financial system (by 2022); and | c)okrepila sodelovanje med vsemi ustreznimi javnimi organi, vključno z državami članicami, ECB, ESRB, evropskimi nadzornimi organi in Evropsko agencijo za okolje, da bi si prizadevali za skupni pristop k spremljanju urejenega prehoda in zagotovili dosledno vključitev vidika dvojne pomembnosti v finančni sistem EU (do leta 2022), ter |
| d)establish a Sustainable Finance Research Forum to foster knowledge exchange between researchers and the financial community. | d)ustanovila forum za raziskave na področju trajnostnega financiranja, da bi spodbudila izmenjavo znanja med raziskovalci in finančno skupnostjo. |
| IV.Fostering global ambition | IV.Spodbujanje globalnih ambicij |
| Global challenges call for global action. However, different jurisdictions have varying starting points, levels of ambition and objectives. International forums and networks are increasingly coordinating sustainable finance initiatives to fully harness the global potential of sustainable finance 57 . Building on its domestic achievements, the EU has established itself as a leader in sustainable finance internationally and is actively contributing to the global effort. This leadership can be a source of inspiration for other jurisdictions across the world and generate business opportunities for the EU financial sector globally. EU actors are the largest issuers of green bonds and have emerged as major sustainable investors. Dynamic green markets help strengthen the international role of the euro and make the EU the major global hub for sustainable finance. | Globalni izzivi zahtevajo globalne ukrepe. Vendar imajo različne jurisdikcije različna izhodišča, ravni ambicij in cilje. Mednarodni forumi in mreže vse bolj usklajujejo pobude za trajnostno financiranje, da bi v celoti izkoristili globalni potencial trajnostnega financiranja 57 . EU je na podlagi domačih dosežkov prevzela mednarodno vodilno vlogo na področju trajnostnega financiranja in dejavno prispeva k globalnim prizadevanjem. Ta vodilni položaj je lahko vir navdiha za druge jurisdikcije po vsem svetu in lahko po vsem svetu ustvarja poslovne priložnosti za finančni sektor EU. Akterji EU so največji izdajatelji zelenih obveznic in so postali glavni vlagatelji v trajnostne naložbe. Z dinamičnimi zelenimi trgi se krepi mednarodna vloga evra, EU pa postaja pomembno svetovno središče za trajnostno financiranje. |
| The Commission sees the need for an ambitious and robust international sustainable finance architecture that embraces the concept of double materiality and supports EU partner countries. This architecture must encompass robust international governance, a solid rulebook and a monitoring framework. As a first step, the Commission suggests that the Financial Stability Board (FSB) expands its mandate to cover the contribution of the financial system to global climate and environmental objectives. | Komisija meni, da je potrebna ambiciozna in zanesljiva mednarodna arhitektura za trajnostno financiranje, ki bo sprejela koncept dvojne pomembnosti in podpirala partnerske države EU. Ta arhitektura mora zajemati zanesljivo mednarodno upravljanje, enotna pravila in okvir spremljanja. Kot prvi korak Komisija predlaga, da Odbor za finančno stabilnost (FSB) razširi svoja pooblastila, da bodo zajemala prispevek finančnega sistema k svetovnim podnebnim in okoljskim ciljem. |
| The Commission invites all international partners to deepen cooperation on sustainable finance bilaterally and multilaterally, in particular to promote convergence of approaches and to provide the private sector with usable tools and metrics, such as taxonomies 58 . Notably, as part of the G20 Sustainable Finance Working Group (SFWG) Roadmap, the Commission stresses the importance of working towards the alignment of financial flows with sustainability goals. | Komisija poziva vse mednarodne partnerje, naj dvostransko in večstransko poglobijo sodelovanje na področju trajnostnega financiranja, zlasti spodbujajo zbliževanje pristopov, ter naj zasebnemu sektorju zagotovijo uporabna orodja in metrike, kot so taksonomije 58 . Komisija v okviru časovnega načrta delovne skupine G20 za trajnostno financiranje (SFWG) poudarja, da si je treba prizadevati za uskladitev kapitalskih tokov s cilji trajnostnega razvoja. |
| Promoting an ambitious consensus in international forums | Spodbujanje ambicioznega soglasja na mednarodnih forumih |
| The EU will advocate for international forums and standard-setters, such as the IFRS Foundation, to develop ambitious standards and principles for disclosure, building where appropriate on the recommendations of the Task Force on Climate-related Financial Disclosures and other international initiatives 59 . International disclosure standards may overlap, be inconsistent and vary in ambition. The Commission welcomes efforts for a baseline global reporting standard for sustainability and advocates for comprehensive sustainability reporting standards that address all sustainability issues and capture the double materiality perspective, in line with the CSRD proposal. | EU si bo prizadevala, da mednarodni forumi in oblikovalci standardov, kot je Fundacija MSRP, razvijejo ambiciozne standarde in načela razkritja na podlagi, kjer je to ustrezno, priporočil projektne skupine za finančna razkritja v zvezi s podnebjem in drugih mednarodnih pobud 59 . Mednarodni standardi razkritja se lahko prekrivajo, so nedosledni in se razlikujejo glede na raven ambicij. Komisija pozdravlja prizadevanja za osnovni svetovni standard poročanja o trajnostnosti in se zavzema za celovite standarde poročanja o trajnostnosti, s katerimi se obravnavajo vsa vprašanja trajnostnosti in ki zajemajo vidik dvojne pomembnosti, v skladu s predlagano direktivo o poročanju podjetij glede trajnostnosti. |
| The EU will continue to cooperate with its partners in international forums to agree on common objectives and principles for taxonomies and, going forward, to increase comparability and consistency of taxonomies’ metrics and thresholds. The EU is actively engaging in the G20 and the International Platform on Sustainable Finance to avoid fragmented approaches, which would lead to increased transaction costs, insufficient cross-border capital flows and a drag on financial innovation. | EU bo še naprej sodelovala s partnerji na mednarodnih forumih, da bi se dogovorili o skupnih ciljih in načelih za taksonomije ter da bi se v prihodnje povečali primerljivost in doslednost metrik in referenčnih vrednosti taksonomij. EU dejavno sodeluje s skupino G20 in mednarodno platformo za trajnostno financiranje, da bi se preprečili razdrobljeni pristopi, ki bi povzročili večje transakcijske stroške, nezadostne čezmejne kapitalske tokove in upočasnitev finančnih inovacij. |
| Global efforts are key to tackling the financial stability implications of climate and environmental risks. The EU invites the FSB to address broader sustainability issues and to take into account that financial institutions’ activities have an impact on climate and the environment and therefore contribute to the risks they aim to measure. Finally, the EU actively supports the work of the Task Force on Climate-related Financial Risks in the Basel Committee on Banking Supervision to identify and address potential gaps in the Basel framework and the work of the International Association of Insurance Supervisors to integrate climate-related risks into insurance supervision. | Globalna prizadevanja so ključna za obvladovanje posledic podnebnih in okoljskih tveganj za finančno stabilnost. EU poziva Odbor za finančno stabilnost, naj obravnava širša vprašanja glede trajnostnosti in upošteva, da dejavnosti finančnih institucij vplivajo na podnebje in okolje ter zato prispevajo k tveganjem, ki se želijo izmeriti. Prav tako EU dejavno podpira prizadevanja projektne skupine za finančna tveganja v zvezi s podnebjem v Baselskem odboru za bančni nadzor, da bi opredelili in odpravili morebitne vrzeli v baselskem okviru, in prizadevanja Mednarodnega združenja zavarovalnih nadzornikov za vključitev tveganj, povezanih s podnebnimi spremembami, v zavarovalniški nadzor. |
| Advancing and deepening the work of the IPSF | Spodbujanje in poglabljanje prizadevanj mednarodne platforme za trajnostno financiranje |
| To foster international cooperation, the European Commission and seven other jurisdictions launched the International Platform on Sustainable Finance (IPSF) in October 2019 60 . The IPSF promotes integrated markets for sustainable finance and work on usable tools and metrics 61 . It has now has 17 members and is acknowledged as a key international sustainable finance initiative 62 . | Da bi se spodbudilo mednarodno sodelovanje, so Evropska komisija in sedem drugih jurisdikcij oktobra 2019 ustanovile mednarodno platformo za trajnostno financiranje (IPSF) 60 . IPSF spodbuja integrirane trge za trajnostno financiranje ter prizadevanja za uporabna orodja in metrike 61 . Danes ima 17 članov in je priznana kot ključna mednarodna pobuda za trajnostno financiranje 62 . |
| The IPSF will report on its work on a ‘common ground taxonomy’ based on the new taxonomies developed by its members, and on sustainability disclosures. The Commission will promote the concept of double materiality within the IPSF. In addition, it will propose to enhance knowledge sharing on key sustainable finance areas, such as the synergies between finance for climate and biodiversity and the transition of the financial system towards shared sustainability aims. The Commission will also support the growth of the IPSF membership, a strengthened governance structure and propose a new work plan by autumn 2021. The IPSF is also recognised as a knowledge partner to the re-established G20 SFWG and key contributor to the work on the alignment of investments with sustainability goals. | IPSF bo poročala o svojih prizadevanjih za „skupno taksonomijo“, temelječo na novih taksonomijah, ki so jih razvili njeni člani, ter o razkritjih, povezanih s trajnostnostjo. Komisija se bo v IPSF zavzemala za koncept dvojne pomembnosti. Poleg tega bo predlagala izboljšanje izmenjave znanja na ključnih področjih trajnostnega financiranja, kot so sinergije med financiranjem za podnebje in biotsko raznovrstnost ter prehod finančnega sistema k skupnim ciljem trajnostnega razvoja. Komisija bo tudi podprla povečanje števila članov v IPSF in okrepljeno strukturo upravljanja ter predlagala nov delovni načrt do jeseni 2021. IPSF je priznana tudi kot partner znanja ponovno vzpostavljene delovne skupine G20 za trajnostno financiranje, ki odločilno prispeva k prizadevanjem za uskladitev naložb s cilji trajnostnega razvoja. |
| Supporting low- and middle-income countries in scaling up their access to sustainable finance | Podpiranje držav z nizkimi in srednje visokimi dohodki pri povečanju njihovega dostopa do trajnostnega financiranja |
| The Commission will develop a comprehensive strategy to help increase sustainable finance in EU partner countries. Low- and middle-income countries face massive investment needs to finance their sustainable development 63 . Accelerating private financial flows towards our partner countries will be critical to collectively delivering on our global sustainability agenda. However, this will require dedicated support. The Commission will support efforts to scale up sustainability-related financial instruments in our partner countries and help build back better globally, notably via ‘Global Europe’ - the Neighbourhood, Development and International Cooperation Instrument (NDICI) and the Instrument for Pre-Accession Assistance (IPA). | Komisija bo razvila celovito strategijo, da bi prispevala k povečanju trajnostnega financiranja v partnerskih državah EU. Države z nizkimi in srednje visokimi dohodki se srečujejo z velikimi naložbenimi potrebami za financiranje trajnostnega razvoja 63 . Pospeševanje zasebnih kapitalskih tokov v naše partnerske države bo ključnega pomena za skupno uresničevanje naše svetovne agende za trajnostni razvoj. Vendar bo za to potrebna namenska podpora. Komisija bo podprla prizadevanja za nagdradnjo finančnih instrumentov, povezanih s trajnostnostjo, v naših partnerskih državah in pripomogla k boljši obnovi na svetovni ravni, zlasti prek „Globalne Evrope“ – Instrumenta za sosedstvo ter razvojno in mednarodno sodelovanje (NDICI) in instrumenta za predpristopno pomoč (IPA). |
| Action 6: To set a high level of ambition in developing international sustainable finance initiatives and standards and to support EU partner countries, the Commission will: | Ukrep 6: Komisija bo za določitev visoke ravni ambicij pri razvoju mednarodnih pobud in standardov za trajnostno financiranje ter za podpiranje partnerskih držav EU: |
| a)seek an ambitious consensus in international forums, mainstream the concept of double materiality, stress the importance of disclosure frameworks, and agree on objectives and principles for taxonomies; | a)poskušala doseči ambiciozno soglasje na mednarodnih forumih, vključila koncept dvojne pomembnosti, poudarila pomen okvirov razkritja ter se dogovorila o ciljih in načelih za taksonomije; |
| b)propose to expand the work of the IPSF to new topics and strengthen its governance; and | b)predlagala razširitev dela IPSF na nove teme in okrepitev njenega upravljanja ter |
| c)support low- and middle-income countries in scaling up their access to sustainable finance by developing a comprehensive strategy and by promoting sustainability-related financial instruments. | c)podprla države z nizkimi in srednje visokimi dohodki pri povečanju njihovega dostopa do trajnostnega financiranja, in sicer z razvojem celovite strategije in spodbujanjem finančnih instrumentov, povezanih s trajnostnostjo. |
| Conclusion – Implementation and way forward | Sklepna ugotovitev – Izvajanje in pot naprej |
| Based on the 2018 action plan on sustainable finance, the Commission has taken unprecedented steps to lay the foundations for sustainable finance. This ambitious framework needs to be finalised and consolidated so that we can meet the massive investment needs of the transition, to ensure the transition is fair and to adjust to the global context. This strategy addresses these challenges and makes the framework workable and coherent. | Komisija je na podlagi akcijskega načrta za financiranje trajnostne rasti iz leta 2018 sprejela ukrepe brez primere, da bi postavila temelje za trajnostno financiranje. Ta ambiciozni okvir je treba dokončati in utrditi, da bomo lahko zadovoljili obsežne potrebe prehoda po naložbah, zagotovili pravičnost prehoda in se prilagodili globalnemu kontekstu. Ta strategija obravnava te izzive ter zagotavlja izvedljivost in skladnost okvira. |
| This strategy sets out how the objectives of the European Green Deal are translated throughout the financial system and ensures actors across all sectors of the economy are able to finance their transition regardless of their starting point. These policies complement the critical changes in climate and environmental policies set out in the European Green Deal. It builds on the Commission’s collaboration and partnerships with external private and public initiatives to foster financial sector leadership towards achieving EU sustainability goals. The Commission will report on this strategy’s implementation by the end of 2023 and will actively support Member States in their efforts. | Ta strategija določa, kako se cilji evropskega zelenega dogovora kažejo v celotnem finančnem sistemu, in zagotavlja, da lahko akterji v vseh gospodarskih sektorjih financirajo svoj prehod ne glede na svoj izhodiščni položaj. Te politike dopolnjujejo ključne spremembe podnebnih in okoljskih politik, določenih v evropskem zelenem dogovoru. Strategija temelji na sodelovanju in partnerstvih Komisije z zunanjimi zasebnimi in javnimi pobudami, da se spodbudi vodilna vloga v finančnem sektorju pri doseganju ciljev trajnostnega razvoja EU. Komisija bo poročala o izvajanju te strategije do konca leta 2023 in bo aktivno podpirala države članice pri njihovih prizadevanjih. |
| The Commission calls on all relevant stakeholders, from central banks and supervisors to Member States, citizens, local authorities and financial and non-financial companies, to take action in their respective areas and maximise the impact of this strategy. | Komisija poziva vse ustrezne deležnike, od centralnih bank in nadzornikov do držav članic, državljanov, lokalnih organov ter finančnih in nefinančnih podjetij, naj ukrepajo na svojih področjih in čim bolj povečajo učinek te strategije. |
| (1) | (1) |
| The EU sustainable finance agenda also contributes to achieve the Sustainable Development Goals (SDGs), in particular to the Target 10.5: ‘Improve the regulation and monitoring of global financial markets and institutions and strengthen the implementation of such regulations’. | Agenda EU za trajnostno financiranje prispeva tudi k doseganju ciljev trajnostnega razvoja, zlasti k cilju 10.5: „Izboljšati ureditev in nadzor svetovnih finančnih trgov in ustanov ter okrepiti izvajanje ustreznih predpisov“. |
| (2) | (2) |
| Communication from the Commission ‘The European Green Deal’, COM/2019/640 final, 11.12.2019. | Sporočilo Komisije z naslovom „Evropski zeleni dogovor“ (COM(2019) 640 final z dne 11. decembra 2019). |
| (3) | (3) |
| See the Communication ‘Stepping up Europe’s 2030 climate ambition Investing in a climate-neutral future for the benefit of our people’, SWD/2020/176 final, 17.9.2020. In addition, there is a significant need for investments to ensure the reskilling and upskilling and support labour market transitions to achieve the energy and climate targets. See e.g. the analysis in the 2020 Employment and Social Developments in Europe (ESDE) review. | Glej sporočilo z naslovom „Krepitev evropskih podnebnih ambicij do leta 2030 – Vlaganje v podnebno nevtralno prihodnost v korist naših državljanov“ (SWD(2020) 176 final z dne 17. septembra 2020). Poleg tega so nujne naložbe za zagotovitev preusposabljanja in strokovnega izpopolnjevanja ter podporo prehajanju na trgu dela, da se dosežejo energetski in podnebni cilji. Glej npr. analizo v pregledu razvoja na področju zaposlovanja in socialnih zadev v Evropi (ESDE) za leto 2020 . |
| (4) | (4) |
| ‘Sustainable finance’ generally refers to the process of taking due account of climate, environmental and social considerations in investment decision-making, leading to increased investments in longer-term and sustainable activities. | „Trajnostno financiranje“ se na splošno nanaša na postopek upoštevanja podnebnih, okoljskih in socialnih vidikov pri odločanju o naložbah, kar vodi do povečanja naložb v dolgoročne in trajnostne dejavnosti. |
| (5) | (5) |
| See dedicated Next-Generation-EU webpage . | Glej namensko spletišče instrumenta NextGenerationEU. |
| (6) | (6) |
| European Investment Bank Group, Climate Bank Roadmap 2021-2025, November 2020, available here . | Skupina Evropske investicijske banke, Časovni načrt podnebne banke za obdobje 2021–2025, november 2020, na voljo tukaj . |
| (7) | (7) |
| Evidence shows that capital markets, such as green bond or equity markets, are effective in accelerating the financing of the transition. See for instance Ralph De Haas and Alexander Popov, ‘Finance and decarbonisation: why equity markets do it better’, Research Bulletin No. 64, 27.11.2019, available here . | Dokazi kažejo, da kapitalski trgi, kot so trgi zelenih obveznic ali trgi lastniških vrednostnih papirjev, učinkovito pospešujejo financiranje prehoda. Glej na primer Ralph De Haas in Alexander Popov, „Finance and decarbonisation: why equity markets do it better“ (Finance in razogljičenje: zakaj so kapitalski trgi uspešnejši) Research Bulletin, št. 64, 27. 11. 2019, na voljo tukaj . |
| (8) | (8) |
| Communication from the Commission ‘Action Plan: Financing Sustainable Growth’, COM(2018) 97 final, 8.3.2018. | Glej sporočilo Komisije z naslovom „Akcijski načrt: financiranje trajnostne rasti“ (COM(2018) 97 final z dne 8. marca 2018). |
| (9) | (9) |
| See Commission staff working document accompanying the strategy for the details of implementation of the 2018 action plan on financing sustainable growth, SWD(180) final, 6.7.2021. | Za podrobnosti o izvajanju akcijskega načrta za financiranje trajnostne rasti iz leta 2018 glej delovni dokument služb Komisije, priložen strategiji, SWD(180) final z dne 6. julija 2021. |
| (10) | (10) |
| Regulation 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation 2019/2088, OJ L 198, 22.6.2020. | Uredba (EU) 2020/852 Evropskega parlamenta in Sveta z dne 18. junija 2020 o vzpostavitvi okvira za spodbujanje trajnostnih naložb ter spremembi Uredbe (EU) 2019/2088 (UL L 198, 22.6.2020). |
| (11) | (11) |
| The use of marketing to portray an organisation's products, activities or policies as environmentally friendly when they are not. | Uporaba trženja za prikazovanje, da so proizvodi, dejavnosti ali usmeritve organizacije okolju prijazni, kadar to niso. |
| (12) | (12) |
| Commission Delegated Regulation supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and presentation of information to be disclosed by undertakings subject to Article 19a or 29a of Directive 2013/34/EU concerning environmentally sustainable economic activities, and specifying the methodology to comply with that disclosure obligation, adopted on 6 July 2021 and to be published in the Official Journal. | Delegirana uredba Komisije o dopolnitvi Uredbe (EU) 2020/852 Evropskega parlamenta in Sveta z določitvijo vsebine in prikaza informacij, ki jih morajo razkriti podjetja, za katera se uporablja člen 19a ali 29a Direktive 2013/34/EU, o okoljsko trajnostnih gospodarskih dejavnostih, ter metodologije za izpolnjevanje te obveznosti razkritja, ki je bila sprejeta 6. julija 2021 in bo objavljena v Uradnem listu Evropske unije. |
| (13) | (13) |
| Proposal for a directive amending Directive 2013/34/EU, Directive 2004/109/EC, Directive 2006/43/EC and Regulation (EU) No 537/2014, as regards sustainable corporate reporting by certain undertakings, COM (2021) 189 final, 21.4.2021. | Predlog direktive o spremembi Direktive 2013/34/EU, Direktive 2004/109/ES, Direktive 2006/43/ES ter Uredbe (EU) št. 537/2014 glede poročanja podjetij o trajnostnosti (COM(2021) 189 final z dne 21. aprila 2021). |
| (14) | (14) |
| Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector, OJ L 317, 9.12.2019, p. 1. | Uredba (EU) 2019/2088 Evropskega parlamenta in Sveta z dne 27. novembra 2019 o razkritjih, povezanih s trajnostnostjo, v sektorju finančnih storitev (UL L 317, 9.12.2019, str. 1). |
| (15) | (15) |
| See note 10. | Glej opombo 10. |
| (16) | (16) |
| Until there is an agreement on the CSRD, this obligation concerns the undertakings subject to Art 19a or 29a of the Non-Financial Reporting Directive (Directive 2014/95 of 22 October 2014 amending Directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups). | Dokler se ne doseže dogovor o direktivi o poročanju podjetij glede trajnostnosti, se ta obveznost nanaša na podjetja, za katera se uporablja člen 19a ali 29a direktive o nefinančnem poročanju (Direktiva 2014/95 z dne 22. oktobra 2014 o spremembi Direktive 2013/34/EU glede razkritja nefinančnih informacij in informacij o raznolikosti nekaterih velikih podjetij in skupin). |
| (17) | (17) |
| Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive (OJ L 87, 31.3.2017, p. 1); Commission Delegated Regulation (EU) 2017/2359 of 21 September 2017 supplementing Directive (EU) 2016/97 of the European Parliament and of the Council with regard to information requirements and conduct of business rules applicable to the distribution of insurance-based investment products (OJ L 341, 20.12.2017, p. 8). | Delegirana uredba Komisije (EU) 2017/565 z dne 25. aprila 2016 o dopolnitvi Direktive 2014/65/EU Evropskega parlamenta in Sveta v zvezi z organizacijskimi zahtevami in pogoji poslovanja investicijskih podjetij ter opredeljenimi izrazi za namene navedene direktive (UL L 87, 31.3.2017, str. 1); Delegirana uredba Komisije (EU) 2017/2359 z dne 21. septembra 2017 o dopolnitvi Direktive (EU) 2016/97 Evropskega parlamenta in Sveta v zvezi z zahtevami po informacijah in pravil poslovanja, ki veljajo za distribucijo zavarovalnih naložbenih produktov (UL L 341, 20.12.2017, str. 8). |
| (18) | (18) |
| Regulation (EU) 2019/2089 of the European Parliament and of the Council of 27 November 2019 amending Regulation (EU) 2016/1011 as regards EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks, OJ L 317, 9.12.2019, p. 17. Further information is available here . | Uredba (EU) 2019/2089 Evropskega parlamenta in Sveta z dne 27. novembra 2019 o spremembi Uredbe (EU) 2016/1011 glede referenčnih vrednosti EU za podnebni prehod, referenčnih vrednosti EU, usklajenih s Pariškim sporazumom, in s trajnostnostjo povezanih razkritij za referenčne vrednosti (UL L 317, 9.12.2019, str. 17). Več informacij je na voljo tukaj . |
| (19) | (19) |
| Proposal for a Regulation of the European Parliament and of the Council on European green bonds, COM/2021/391 final, 6.7.2021. | Predlog uredbe Evropskega parlamenta in Sveta o evropskih zelenih obveznicah, COM(2021) 391 final z dne 6. julija 2021. |
| (20) | (20) |
| More details on the questionnaire and the summary of the responses of this stakeholder consultation are available here . | Več podrobnosti o vprašalniku in povzetek odgovorov v okviru tega posvetovanja z deležniki so na voljo tukaj . |
| (21) | (21) |
| More information is available here . | Več informacij je na voljo tukaj . |
| (22) | (22) |
| The Commission will soon present a 'Fit for 55 package' whose purpose is to update the EU’s 2030 climate and energy laws to reflect the 55% net emissions reduction target that the EU set for 2030. | Komisija bo kmalu predstavila sveženj „Pripravljeni na 55“, katerega namen je posodobiti podnebno in energetsko zakonodajo EU do leta 2030, da bo odražala cilj 55-odstotnega zmanjšanja neto emisij, ki ga je EU določila do leta 2030. |
| (23) | (23) |
| See Platform on Sustainable Finance, Transition Finance Report, March 2021, available here . In its Transition Finance Report, the Platform experts provided first recommendations on how to encourage transition finance across the whole economy. | Glej poročilo platforme za trajnostno financiranje z naslovom „Transition Finance Report“ (Poročilo o financiranju prehoda) iz marca 2021, na voljo tukaj . Strokovnjaki platforme so v svojem poročilu o financiranju prehoda podali prva priporočila, kako spodbuditi financiranje prehoda po vsem gospodarstvu. |
| (24) | (24) |
| This proposal would aim at defining timeframes and intermediary steps for those economic activities, including for existing investments, which contribute to the transition process in a manner consistent with the European Green Deal, and as a follow-up on the European Council conclusions of 11-12 December 2020, which acknowledge the role of transition technologies such as natural gas. | Cilj tega predloga bi bil opredeliti časovne okvire in vmesne korake za navedene gospodarske dejavnosti, med drugim za obstoječe naložbe, ki prispevajo k procesu prehoda na način, ki je skladen z evropskim zelenim dogovorom, in na podlagi sklepnih ugotovitev Evropskega sveta z 11. in 12. decembra 2020, ki priznavajo vlogo prehodnih tehnologij, kot je zemeljski plin. |
| (25) | (25) |
| Report required under Article 26(2) of the Taxonomy Regulation. | Poročilo se zahteva v skladu s členom 26(2) uredbe o taksonomiji. |
| (26) | (26) |
| This process is based on the independent and scientific technical report published in March 2021 by the Joint Research Centre, the European Commission’s science and knowledge service, as well as the reports by the Euratom Article 31 experts group and the Scientific Committee on Health, Environmental and Emerging Risks (SCHEER), see more information on the Commission’s website . | Ta postopek temelji na neodvisnem in znanstvenem tehničnem poročilu, ki ga je marca 2021 objavilo Skupno raziskovalno središče, služba Evropske komisije za znanost in znanje, ter poročilih skupine strokovnjakov iz člena 31 Pogodbe Euratom in Znanstvenega odbora za zdravstvena, okoljska in nastajajoča tveganja; več informacij je na voljo na spletnem mestu Komisije. |
| (27) | (27) |
| Article 9 of the EU Taxonomy Regulation specifies the following six environmental objectives: (a) climate change mitigation, (b) climate change adaptation, (c) the sustainable use and protection of water and marine resources, (d) the transition to a circular economy, (e) pollution prevention and control, and (f) the protection and restoration of biodiversity and ecosystems. | V členu 9 uredbe o taksonomiji EU je navedenih naslednjih šest okoljskih ciljev: (a) blažitev podnebnih sprememb, (b) prilagajanje podnebnim spremembam, (c) trajnostna raba ter varstvo vodnih in morskih virov, (d) prehod na krožno gospodarstvo, (e) preprečevanje in nadzorovanje onesnaževanja ter (f) varstvo in ohranjanje biotske raznovrstnosti in ekosistemov. |
| (28) | (28) |
| The International Capital Market Association defines the Sustainability-Linked Bonds as ‘any type of bond instrument for which the financial and/or structural characteristics can vary depending on whether the issuer achieves predefined Sustainability/ ESG objectives’. This approach contrasts with the 'use of proceeds' approach. | Združenje mednarodnih kapitalskih trgov (ICMA) opredeljuje obveznice, povezane s trajnostnostjo, kot „katero koli vrsto obvezniškega instrumenta, katerega finančne in/ali strukturne značilnosti se lahko razlikujejo glede na to, ali izdajatelj doseže vnaprej določene cilje trajnostnega razvoja / okoljske, socialne in upravljavske cilje (ESG)“. Ta pristop je v nasprotju s pristopom „uporabe prihodka“. |
| (29) | (29) |
| Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC, OJ L 168, 30.6.2017, p. 12. | Uredba (EU) 2017/1129 Evropskega parlamenta in Sveta z dne 14. junija 2017 o prospektu, ki se objavi ob ponudbi vrednostnih papirjev javnosti ali njihovi uvrstitvi v trgovanje na reguliranem trgu, in razveljavitvi Direktive 2003/71/ES (UL L 168, 30.6.2017, str. 12). |
| (30) | (30) |
| Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property and amending Directives 2008/48/EC and 2013/36/EU and Regulation (EU) No 1093/2010, OJ L 60, 28.2.2014, p. 34. | Direktiva 2014/17/ЕU Evropskega parlamenta in Sveta z dne 4. februarja 2014 o potrošniških kreditnih pogodbah za stanovanjske nepremičnine in spremembi direktiv 2008/48/ES in 2013/36/EU ter Uredbe (EU) št. 1093/2010 (UL L 60, 28.2.2014, str. 34). |
| (31) | (31) |
| The Commission Technical Expert Stakeholder Group on SMEs (TESG) emphasises the need to work with small companies, support them in complying with sustainability reporting requirements and increase their visibility towards investors while safeguarding proportionality in their disclosure efforts. | Strokovna skupina deležnikov Komisije za MSP poudarja, da je treba sodelovati z malimi podjetji, jih podpirati pri izpolnjevanju zahtev glede poročanja o trajnostnosti in povečati njihovo prepoznavnost pri vlagateljih, hkrati pa zagotoviti sorazmernost pri njihovih prizadevanjih v zvezi z razkritjem. |
| (32) | (32) |
| The Commission will provide this support through its Technical Support Instrument under Regulation (EU) 2021/240 of the European Parliament and of the Council of 10 February 2021 establishing a Technical Support Instrument, (OJ L 57, 18.2.2021). | Komisija bo to podporo zagotovila z Instrumentom za tehnično podporo iz Uredbe (EU) 2021/240 Evropskega parlamenta in Sveta z dne 10. februarja 2021 o vzpostavitvi Instrumenta za tehnično podporo (UL L 57, 18.2.2021). |
| (33) | (33) |
| See dedicated webpages of InvestEU and the Enterprise Europe Network . The Commission has also launched several initiatives aimed to de-risk specific investments, e.g. the de-risking project carried out together with the Energy Efficiency Financial Institutions Group for energy efficiency projects. | Glej namenski spletni mesti programa InvestEU in Evropske podjetniške mreže (Enterprise Europe Network) . Komisija je začela izvajati tudi več pobud, namenjenih zmanjšanju tveganja specifičnih naložb, npr. projekt zmanjševanja tveganj, ki se izvaja skupaj s skupino finančnih institucij za energijsko učinkovitost za projekte energijske učinkovitosti. |
| (34) | (34) |
| IT development and procurement choices will be subject to pre-approval by the European Commission Information Technology and Cybersecurity Board. | Odločitve v zvezi z razvojem informacijske tehnologije in oddajo javnih naročil bo moral predhodno odobriti Odbor Evropske komisije za informacijsko tehnologijo in kibernetsko varnost. |
| (35) | (35) |
| The EU Blockchain Observatory and Forum plans to publish a study on energy consumption of different blockchain mechanisms by mid- 2021. | Opazovalnica in forum EU za blokovne verige namerava do sredine leta 2021 objaviti študijo o porabi energije različnih mehanizmov veriženja blokov. |
| (36) | (36) |
| Communication from the Commission, ‘2030 Digital Compass: the European way for the Digital Decade’, COM(2021) 118 final, 9.3.2021. | Sporočilo Komisije z naslovom „Digitalni kompas do leta 2030: evropska pot v digitalno desetletje“ (COM(2021) 118 final z dne 9. marca 2021). |
| (37) | (37) |
| Communication from the Commission, ‘Forging a climate-resilient Europe - the new EU Strategy on Adaptation to Climate Change’, COM(2021) 82 final, 24.2.2021. | Sporočilo Komisije z naslovom „Oblikovanje Evrope, odporne proti podnebnim spremembam – nova strategija EU za prilagajanje podnebnim spremembam“ (COM(2021) 82 final z dne 24. februarja 2021). |
| (38) | (38) |
| European Insurance and Occupational Pensions Authority, The pilot dashboard on insurance protection gap for natural catastrophes, December 2020, for more information, see here . | Evropski organ za zavarovanja in poklicne pokojnine, Pilotna preglednica o vrzeli v zavarovalnih kritjih za naravne katastrofe, december 2020; več informacij je na voljo tukaj . |
| (39) | (39) |
| See the Final Report , including the draft Regulatory Technical Standards (RTS), on the content, methodologies and presentation of disclosures under the EU Regulation on sustainability-related disclosures in the financial services sector (SFDR). | Glej končno poročilo , vključno z osnutkom regulativnih tehničnih standardov, o vsebini, metodologijah in predstavitvi razkritij v skladu z uredbo EU o razkritjih, povezanih s trajnostnostjo, v sektorju finančnih storitev. |
| (40) | (40) |
| The Platform on Sustainable Finance will provide advice on extending the EU Taxonomy framework to include a social taxonomy in October 2021, considering both social objectives and governance aspects. | Platforma za trajnostno financiranje bo zagotovila nasvete o razširitvi okvira taksonomije EU na socialno taksonomijo oktobra 2021, pri čemer bo upoštevala socialne cilje in vidike upravljanja. |
| (41) | (41) |
| ‘Green Budgeting Practices in the EU: A First Review’, ECFIN Discussion Paper 140, 21 May 2021, available here . | „Green Budgeting Practices in the EU: A First Review“ (Prakse zelenega oblikovanja proračuna v EU: prvi pregled), dokument za razpravo ECFIN št. 140 z dne 21. maja 2021, na voljo tukaj . |
| (42) | (42) |
| See the publications of the Network of central banks and supervisors for Greening the Financial System (NGFS). | Glej publikacije mreže centralnih bank in finančnih nadzornikov za ozelenitev finančnega sistema (NGFS). |
| (43) | (43) |
| Climate change and biodiversity losses are also interlinked, see ‘Workshop Report on Biodiversity and Climate Change’, published by the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) and the Intergovernmental Panel on Climate Change (IPCC), 10.6.2021, available here . | Podnebne spremembe in izgube biotske raznovrstnosti so tudi medsebojno povezane, glej „Workshop Report on Biodiversity and Climate Change“ (Poročilo z delavnice o biotski raznovrstnosti in podnebnih spremembah), ki sta ga Medvladna platforma o biološki raznovrstnosti in ekosistemskih storitvah (IPBES) in Medvladni panel za podnebne spremembe (IPCC) objavila 10. junija 2021, na voljo tukaj . |
| (44) | (44) |
| Credit rating agencies include in their opinions and methodologies ESG factors that they consider of importance for the creditworthiness of financial instruments or companies. Credit ratings or rating outlooks are opinions on the likely direction of a credit rating over the short term, the medium term or both, and they do not aim to provide a holistic assessment of ESG impacts. | Bonitetne agencije v svoja mnenja in metodologije vključujejo okoljske, socialne in upravljavske dejavnike, za katere menijo, da so pomembni za boniteto finančnih instrumentov ali podjetij. Bonitetne ocene ali obeti glede bonitetnih ocen so mnenja o verjetnem kratkoročnem ali srednjeročnem gibanju bonitetne ocene ali obeh, pri čemer njihov cilj ni celovita ocena okoljskih, socialnih in upravljavskih učinkov. |
| (45) | (45) |
| BlackRock and Financial Markets Advisory (FMA), Interim Study on ‘Development of tools and mechanisms for the integration of environmental, social and governance (ESG) factors into the EU banking prudential framework and into banks' business strategies and investment policies’, December 2020, available here . In addition, ‘90% of reported practices are deemed by the banks themselves only partially or not at all aligned with the ECB’s supervisory expectations on climate-related and environmental risk’; Keynote speech by Frank Elderson, Member of the Executive Board of the ECB at the ECB-EBRD joint conference on “Emerging climate-related risk supervision and implications for financial institutions”, 16 June 2021. | BlackRock in Financial Markets Advisory (FMA), vmesna študija z naslovom „Development of tools and mechanisms for the integration of environmental, social and governance (ESG) factors into the EU banking prudential framework and into banks' business strategies and investment policies“ (Razvoj orodij in mehanizmov za vključevanje okoljskih, socialnih in upravljavskih dejavnikov (ESG) v bančni bonitetni okvir EU ter poslovne strategije in naložbene politike bank), december 2020, na voljo tukaj . Poleg tega „banke menijo, da je kar 90 % prijavljenih praks le delno usklajenih s pričakovanji nadzornih organov ECB glede podnebnih in okoljskih tveganj ali pa z njimi sploh niso usklajene“; Osrednji govor Franka Eldersona, člana izvršnega odbora ECB, na skupni konferenci ECB–EBRD o nadzoru nastajajočih podnebnih tveganj in posledicah za finančne institucije z dne 16. junija 2021. |
| (46) | (46) |
| Capital Requirements Regulation (CRR) and Capital Requirements Directive (CRD), respectively Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 and Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC, OJ L 176, 27.6.2013. | Uredba o kapitalskih zahtevah (CRR) in direktiva o kapitalskih zahtevah (CRD), in sicer Uredba (EU) št. 575/2013 Evropskega parlamenta in Sveta z dne 26. junija 2013 o bonitetnih zahtevah za kreditne institucije in investicijska podjetja ter o spremembi Uredbe (EU) št. 648/2012 in Direktiva 2013/36/EU Evropskega parlamenta in Sveta z dne 26. junija 2013 o dostopu do dejavnosti kreditnih institucij in bonitetnem nadzoru kreditnih institucij in investicijskih podjetij, spremembi Direktive 2002/87/ES in razveljavitvi direktiv 2006/48/ES in 2006/49/ES (UL L 176, 27.6.2013). |
| (47) | (47) |
| Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II). | Direktiva 2009/138/ES Evropskega Parlamenta in Sveta z dne 25. novembra 2009 o začetku opravljanja in opravljanju dejavnosti zavarovanja in pozavarovanja (Solventnost II). |
| (48) | (48) |
| See ECB/ESRB Project Team on climate risk monitoring, Report on ‘Climate-related risk and financial stability’ , 2021. | Glej poročilo z naslovom „Climate-related risk and financial stability“ (Poročilo o podnebnih tveganjih in finančni stabilnosti) projektne skupine ECB/ESRB za spremljanje podnebnih tveganj, 2021. |
| (49) | (49) |
| Supervisors have started to develop frameworks for climate stress testing. For instance, the ECB is conducting an economy-wide climate stress test to assess the exposure of euro area banks to future climate risks by analysing the resilience of their counterparties under various climate scenarios. | Nadzorniki so začeli razvijati okvire za stresne teste podnebja. ECB na primer izvaja stresni test podnebja za celotno gospodarstvo, da bi ocenila izpostavljenost bank euroobmočja prihodnjim podnebnim tveganjem z analizo odpornosti njihovih nasprotnih strank v različnih podnebnih scenarijih. |
| (50) | (50) |
| See the list of the amending Delegated Acts here . | Glej seznam delegiranih aktov o spremembah tukaj . |
| (51) | (51) |
| Fiduciary duties ensure that those who manage other people’s money act in their beneficiaries’ interests, rather than serving their own interests. Decisions made by fiduciaries cascade down the investment chain, affecting decision-making processes, ownership practices and, ultimately, the way in which companies are managed. | Fiduciarne obveznosti zagotavljajo, da tisti, ki upravljajo z denarjem drugih ljudi, ravnajo v interesu svojih upravičencev in ne služijo svojim interesom. Odločitve upraviteljev se prenašajo naprej po naložbeni verigi, kar vpliva na postopke odločanja, lastniške prakse in navsezadnje na način upravljanja podjetij. |
| (52) | (52) |
| Directive (EU) 2017/828 of the European Parliament and of the Council of 17 May 2017 amending Directive 2007/36/EC as regards the encouragement of long-term shareholder engagement, OJ L 132, 20.5.2017. | Direktiva (EU) 2017/828 Evropskega parlamenta in Sveta z dne 17. maja 2017 o spremembi Direktive 2007/36/ES glede spodbujanja dolgoročnega sodelovanja delničarjev (UL L 132, 20.5.2017). |
| (53) | (53) |
| All large companies, and all companies listed on EU regulated markets except listed micro-enterprises, would be subject to these reporting requirements. | Te zahteve glede poročanja bi veljale za vsa velika podjetja in vsa podjetja, ki kotirajo na reguliranih trgih EU, razen za mikropodjetja. |
| (54) | (54) |
| European Commission and Environmental Resources Management (ERM), ‘Study on sustainability-related ratings, data and research’, 6.1.2021, available here . | Evropska komisija in Environmental Resources Management (ERM), „Study on sustainability-related ratings, data and research“ (Študija o ocenah, podatkih in raziskavah, povezanih s trajnostnostjo), 6. januar 2021, na voljo tukaj . |
| (55) | (55) |
| Disclosure requirements under the Sustainable Finance Disclosure Regulation (SFDR), the EU Taxonomy Regulation and sustainability reporting requirements under the Non-Financial Reporting Directive (NFRD), prospectively complemented by the proposed Corporate Sustainability Reporting Directive currently under consideration by the EU co-legislators. | Zahteve po razkritju informacij v skladu z uredbo o razkritjih, povezanih s trajnostnostjo, v sektorju finančnih storitev (SFDR), uredba o taksonomiji EU in zahteve za poročanje o trajnostnosti v skladu z direktivo o nefinančnem poročanju (NFRD), ki bodo dopolnjene s predlagano direktivo o poročanju podjetij glede trajnostnosti, ki jo trenutno obravnavata sozakonodajalca EU. |
| (56) | (56) |
| See for example the ‘Dashboard on scaling up green finance’ published by the Network for Greening the Financial System (NGFS) in March 2021, that developed a set of indicators that make it possible to track the degree of progress towards greening the financial system. | Glej na primer „Preglednico za povečanje zelenega financiranja“, ki jo je Mreža za ozelenitev finančnega sistema (NGFS) objavila marca 2021 in s katero je bil vzpostavljen sklop kazalnikov, ki omogočajo spremljanje stopnje napredka pri ozelenitvi finančnega sistema. |
| (57) | (57) |
| Such as the G20 and the G7, the Financial Stability Board (FSB), the Basel Committee on Banking Supervision (BCBS), the Network for Greening the Financial System (NGFS), the Coalition of Finance Ministers for Climate Action. | Na primer G20 in G7, odbor za finančno stabilnost, Baselski odbor za bančni nadzor, mreža za ozelenitev finančnega sistema, koalicija finančnih ministrov za podnebne ukrepe. |
| (58) | (58) |
| EU-US Summit Statement, ‘Towards a renewed Transatlantic partnership’, 15.6.2021, par. 10. | Izjava z vrha EU–ZDA, „Towards a renewed Transatlantic partnership“ (Obnovljenemu čezatlantskemu partnerstvu naproti), 15. junij 2021, odst. 10. |
| (59) | (59) |
| The members of the Alliance of global sustainability reporting initiatives, including the Global Reporting Initiative and the Value Reporting Foundation. | Članice zavezništva na področju pobud za globalno poročanje o trajnostnosti, vključno z organizacijo Global Reporting Initiative in fundacijo Value Reporting. |
| (60) | (60) |
| See all the details about the IPSF, its objectives, membership and work plan in SWD (2021)180 final, 6.7.2021. | Podrobnosti o IPSF, njenih ciljih, članstvu in delovnem načrtu so na voljo v dokumentu SWD(2021) 180 final z dne 6. julija 2021. |
| (61) | (61) |
| In autumn 2021, the IPSF will provide (i) a report on a common ground Taxonomy, setting out the commonalities between existing taxonomies developed by public authorities, (ii) a report on sustainability-related disclosures, which should provide a comprehensive and holistic comparison of disclosure requirements for companies, asset managers and institutional investors, and (iii) its annual report. | IPSF bo jeseni 2021 predložila (i) poročilo o skupni taksonomiji z navedbo skupnih značilnosti obstoječih taksonomij, ki so jih razvili javni organi, (ii) poročilo o razkritjih, povezanih s trajnostnostjo, ki naj bi zagotovilo celovito in celostno primerjavo zahtev po razkritju za podjetja, upravitelje premoženja in institucionalne vlagatelje, ter (iii) svoje letno poročilo. |
| (62) | (62) |
| Members represent 55% of greenhouse gas emissions, 50% of the world population and 55% of global GDP, see more information about the IPSF membership here . | Člani predstavljajo 55 % emisij toplogrednih plinov, 50 % svetovnega prebivalstva in 55 % svetovnega BDP; več informacij o članstvu v IPSF je na voljo tukaj . |
| (63) | (63) |
| According to OECD estimates, in 2020, the annual EUR 2.1 trillion SDG financing gap in developing countries has increased tremendously due to COVID-19, reaching EUR 3.6 trillion (Organisation for Economic Cooperation and Development, ‘Global Outlook on Financing for Sustainable Development 2021’, 2020, available here ). | Po ocenah OECD se je letna finančna vrzel za cilje trajnostnega razvoja v državah v razvoju leta 2020 izjemno povečala zaradi COVID-19, in sicer je z 2,1 bilijona EUR narasla na 3,6 bilijona EUR (Organizacija za gospodarsko sodelovanje in razvoj, „Global Outlook on Financing for Sustainable Development 2021“ (Svetovni pogled na financiranje trajnostnega razvoja v letu 2021), 2020, na voljo tukaj ). |
| |
| EUROPEAN COMMISSION | EVROPSKA KOMISIJA |
| Strasbourg, 6.7.2021 | Strasbourg, 6.7.2021 |
| COM(2021) 390 final | COM(2021) 390 final |
| ANNEX | PRILOGA |
| to the | k |
| COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE OF THE REGIONS | SPOROČILU KOMISIJE EVROPSKEMU PARLAMENTU, SVETU, EVROPSKEMU EKONOMSKO-SOCIALNEMU ODBORU IN ODBORU REGIJ |
| Strategy for Financing the Transition to a Sustainable Economy | Strategija za financiranje prehoda na trajnostno gospodarstvo |
| {SWD(2021) 180 final} | {SWD(2021) 180 final} |
| Detailed actions and glossary | Podrobni ukrepi in glosar |
| Financing the transition of the real economy towards sustainability | Financiranje prehoda realnega sektorja na trajnostnost |
| Action 1: The Commission will develop a more comprehensive framework and help the financing of intermediary steps towards sustainability. | Ukrep 1: Komisija bo razvila celovitejši okvir in pomagala financirati vmesne korake pri prehodu na trajnostnost. |
| 1 (a): The Commission will consider proposing legislation to support financing certain economic activities contributing to reducing greenhouse gas emissions. | 1(a): Komisija bo razmislila o zakonodajnem predlogu za podporo financiranju nekaterih gospodarskih dejavnosti, ki prispevajo k zmanjšanju emisij toplogrednih plinov. |
| ·The Commission will consider proposing legislation to support the financing of certain economic activities, primarily in the energy sector, including gas, that contribute to reducing greenhouse gas emissions in a way that supports the transition towards climate neutrality throughout the current decade 1 . | ·Komisija bo razmislila o zakonodajnem predlogu za podporo financiranju nekaterih gospodarskih dejavnosti, predvsem v energetskem sektorju, vključno s plinom, ki prispevajo k zmanjševanju emisij toplogrednih plinov na način, ki podpira prehod na podnebno nevtralnost tekom tega desetletja 1 . |
| 1 (b): The Commission will consider options for an extension of the EU Taxonomy framework to recognise transition efforts. | 1(b): Komisija bo proučila možnosti za razširitev okvira taksonomije EU, da se priznajo prizadevanja za prehod. |
| ·The Commission will consider options for an extension of the EU Taxonomy framework to possibly recognise economic activities performing at an intermediate level, with the aim to boost transparency and mobilise finance for activities that are on a credible pathway towards sustainability. | ·By the end of 2021, the Commission will publish a report describing the provisions that would be required to cover economic activities that do not have a significant impact on environmental sustainability and economic activities that significantly harm environmental sustainability. | ·Komisija bo proučila možnosti za razširitev okvira taksonomije EU, da bi lahko opredelili gospodarske dejavnosti, ki se izvajajo na vmesni ravni, z namenom povečati preglednost in mobilizirati financiranje za dejavnosti, ki so na zanesljivi poti k trajnostnosti. | ·Komisija bo do konca leta 2021 objavila poročilo, v katerem bo opisala določbe, ki bi bile potrebne za pokrivanje gospodarskih dejavnosti, ki nimajo pomembnega učinka na okoljsko trajnostnost, in gospodarskih dejavnosti, ki bistveno škodijo okoljski trajnostnosti. |
| 1 (c): The Commission will add technical screening criteria for sustainable activities not yet covered in the first EU Taxonomy Climate Delegated Act. | 1(c): Komisija bo dodala tehnična merila za pregled za trajnostne dejavnosti, ki še niso zajete v prvem delegiranem aktu o taksonomiji EU na področju podnebja. |
| ·The Commission will adopt a complementary Climate Taxonomy Delegated Act covering activities not yet covered in the first EU Taxonomy Climate Delegated Act, such as agriculture and certain energy sectors, in line with the requirements of the Taxonomy Regulation. The Delegated Act will also cover nuclear energy activities, subject to and consistent with the specific expert review process that the Commission set out for this purpose. The Commission will adopt this complementary Delegated Act as soon as possible after the end of the specific review process in summer 2021. This complementary Delegated Act will also cover natural gas and related technologies as transitional activity in as far as they fall within the limits of Article 10(2) of the EU Taxonomy Regulation. The merits of a sunset clause for transitional activities will be considered in this context. | ·Komisija bo v skladu z zahtevami iz uredbe o taksonomiji sprejela dopolnilni delegirani akt o taksonomiji na področju podnebja, ki bo zajemal dejavnosti, ki jih prvi delegirani akt o taksonomiji EU na področju podnebja še ne zajema, kot so kmetijstvo in nekateri energetski sektorji. Delegirani akt bo zajemal tudi dejavnosti na področju jedrske energije, ob upoštevanju in v skladu s posebnim postopkom strokovnega pregleda, ki ga je Komisija določila v ta namen. Komisija bo ta dopolnilni delegirani akt sprejela čim prej po koncu posebnega postopka pregleda poleti 2021. Ta dopolnilni delegirani akt bo zajemal tudi zemeljski plin in povezane tehnologije kot prehodne dejavnosti, če bodo v mejah člena 10(2) uredbe o taksonomiji EU. V tem okviru bo obravnavana utemeljenost samoderogacijske klavzule za prehodne dejavnosti. |
| 1 (d): The Commission will adopt another Taxonomy Delegated Act covering the remaining four environmental objectives. | 1(d): Komisija bo sprejela še en delegirani akt o taksonomiji, ki bo vključeval preostale štiri okoljske cilje. |
| ·As required by the Taxonomy Regulation, the Commission will adopt another Taxonomy Delegated Act covering the remaining four environmental objectives (i.e. water, biodiversity, pollution prevention and circular economy) in the first half of 2022. | ·At the same time, the Commission will adopt technical screening criteria for further activities contributing to climate objectives (e.g. further manufacturing and transportation activities). | ·Komisija bo v prvi polovici leta 2020 v skladu z uredbo o taksonomiji sprejela še en delegirani akt o taksonomiji, ki bo vključeval preostale štiri okoljske cilje (tj. vodo, biotsko raznovrstnost, preprečevanje onesnaževanja in krožno gospodarstvo). | ·Komisija bo hkrati sprejela tehnična merila za pregled za nadaljnje dejavnosti, ki prispevajo k podnebnim ciljem (npr. nadaljnje proizvodne in prevozne dejavnosti). |
| 1 (e) The Commission will extend sustainable finance standards and labels that support financing the transition to sustainability and phased transition efforts. | 1(e): Komisija bo razširila standarde in oznake za trajnostno financiranje, s katerimi se podpirajo financiranje prehoda na trajnostnost in postopna prizadevanja za prehod. |
| Standards and labels for financial instruments | Standardi in oznake za finančne instrumente |
| ·In cooperation with the ESAs and the Platform on Sustainable Finance: | oThe Commission will work on further bond labels such as transition or sustainability-linked bonds by 2022. | oThe Commission will assess the needs and merits of a general framework for labels for financial instruments financing the transition of the economy, by 2023. | ·V sodelovanju z evropskimi nadzornimi organi in platformo za trajnostno financiranje: | osi bo Komisija prizadevala za vzpostavitev nadaljnjih oznak za obveznice, kot so obveznice, povezane s prehodom ali trajnostnostjo, do leta 2022; | obo Komisija do leta 2023 ocenila potrebe in prednosti splošnega okvira za oznake za finančne instrumente, s katerimi se financira prehod gospodarstva. |
| Labels for financial products and benchmarks | Oznake za finančne produkte in referenčne vrednosti |
| ·As required by the Benchmark Regulation, the Commission will assess the possibility to create an ESG Benchmark, taking into account the evolving nature of sustainability indicators and the methods used to measure them. The Commission’s assessment will be supported by a study that looks at existing ESG-related benchmarks, best practices and shortcomings, as well as minimum standards for an EU ESG Benchmark. | ·In addition, by 31 December 2022, the Commission will review the minimum standards for both EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks to ensure that the selection of the underlying assets is coherent with the EU Taxonomy. | ·The Commission will propose minimum sustainability criteria, or a combination of criteria for financial products that fall under Art. 8 of the SFDR, in order to guarantee minimum sustainability performance of such products to further strengthen a harmonised application of the Regulation and incentivise transitional efforts. | ·Kot se zahteva v uredbi o referenčnih vrednostih, bo Komisija ocenila možnost priprave referenčne vrednosti ESG, pri čemer bo upoštevala spreminjajočo se naravo kazalnikov trajnostnosti in metode, uporabljene za njihovo merjenje. Ocena Komisije bo podprta s študijo, v kateri se bodo preučile obstoječe referenčne vrednosti, dobre prakse in pomanjkljivosti, povezane z ESG, ter minimalni standardi za referenčno vrednost EU ESG. | ·Poleg tega bo Komisija do 31. decembra 2022 pregledala minimalne standarde v zvezi z referenčnimi vrednostmi EU za podnebni prehod in referenčnimi vrednostmi, usklajenimi s Pariškim sporazumom, za zagotovitev, da je izbor osnovnih sredstev v skladu s taksonomijo EU. | ·Komisija bo predlagala minimalna merila trajnostnosti ali kombinacijo meril za finančne produkte, zajete s členom 8 uredbe o razkritjih, povezanih s trajnostnostjo, v sektorju finančnih storitev, da bi se zagotovila minimalna trajnostnost takih produktov za nadaljnjo krepitev usklajene uporabe Uredbe in spodbujanje prizadevanj za prehod. |
| Prospectus disclosures | Razkritja prospekta |
| ·Within the framework of the Prospectus Regulation and over the course of 2022, the Commission will introduce targeted prospectus disclosures for green, social and sustainable securities to enhance the comparability, transparency and harmonization of information provided for such instruments and to help fight greenwashing. | ·Komisija bo tekom leta 2022 v okviru uredbe o prospektu uvedla ciljno usmerjena razkritja prospekta za zelene, socialne in trajnostne vrednostne papirje, da bi povečala primerljivost, preglednost in usklajenost informacij, predloženih za take instrumente, ter pomagala v boju proti lažnemu zelenemu oglaševanju. |
| Towards a more inclusive sustainable finance framework | Prehod na bolj vključujoč okvir za trajnostno financiranje |
| Action 2: The Commission will work toward an inclusive sustainable finance framework for all. | Ukrep 2: Komisija si bo prizadevala za vključujoč okvir za trajnostno financiranje za vse. |
| 2 (a): The Commission will aim to empower retail investors and SMEs to access sustainable finance opportunities. | 2(a): Komisija si bo prizadevala, da bi male vlagatelje in MSP opolnomočila za dostop do možnosti trajnostnega financiranja. |
| Green loans and mortgages | Zelena posojila in hipotekarni krediti |
| ·The Commission will ask the EBA for an opinion on the definition and possible supporting tools for green retail loans and green mortgage by Q2 2022. | ·As part of the review of the Mortgage Credit Directive, the Commission will explore ways to support the uptake of energy efficient mortgages by end 2022. | ·The Commission will launch an EU-wide information campaign addressed to businesses and households on the features and benefits of such loans. | ·The Commission will support Member States through its Technical Support Instrument 2 to develop capacity building and technical advice to support the generation of projects, for instance to advice on technical and financing solutions, including through green loan products. | ·Komisija bo Evropski bančni organ (EBA) zaprosila, naj do drugega četrtletja leta 2022 izda mnenje o opredelitvi in morebitnih podpornih orodjih za zelena posojila prebivalstvu in zelene hipotekarne kredite. | ·V okviru pregleda direktive o stanovanjskih kreditih bo Komisija preučila načine, kako podpreti uvajanje hipotekarnega financiranja energijske učinkovitosti do konca leta 2022. | ·Komisija bo začela vseevropsko informacijsko kampanjo, namenjeno podjetjem in gospodinjstvom, o značilnostih in koristih takih posojil. | ·Komisija bo s svojim Instrumentom za tehnično podporo 2 pomagala državam članicam razviti krepitev zmogljivosti in tehnično svetovanje za podporo pri pripravi projektov, na primer svetovanje o tehničnih rešitvah in rešitvah financiranja, tudi z zelenimi posojilnimi produkti. |
| Financial literacy and investment advisors | Finančna pismenost in svetovalci za naložbe |
| ·Subject to further assessment, the Commission will consider taking steps to strengthen the sustainability expertise and qualification of financial advisors, in line with the Capital Market Union action plan. | ·The Commission will integrate sustainable finance aspects in the development of the upcoming joint EU/OECD-INFE financial competence framework for individuals, starting with adults as of the end of 2021. | ·Komisija bo v skladu z akcijskim načrtom za unijo kapitalskih trgov razmislila o sprejetju ukrepov za okrepitev strokovnega znanja in usposobljenosti finančnih svetovalcev na področju trajnostnosti, kar bo predmet nadaljnje ocene. | ·Komisija bo od konca leta 2021 vključevala vidike trajnostnega financiranja v razvoj prihodnjega skupnega okvira finančnih kompetenc EU/OECD-INFE za posameznike, začenši z odraslimi. |
| Tools and advisory services for companies, especially SMEs and exporters | Orodja in svetovalne storitve za podjetja, zlasti MSP in izvoznike |
| ·The Commission will offer technical support to Member States to provide SMEs with access to sustainability advisory services across the EU and gain access to sustainable financing with low administrative burden as of 2023 3 . This support will help improve sustainability capacity-building tailored to the specific needs of SMEs in their remit, including for EU Taxonomy reporting purposes. | ·To facilitate the usability and application of sustainability disclosure frameworks, including for smaller companies, the Commission recently published an EU Taxonomy Compass 4 . This digital tool enables users to understand and assess potential coverage and alignment and facilitates the integration of EU Taxonomy criteria into business databases and reporting systems. | ·With regard to public export credit, in addition to ending support for the coal-fired power sector, 5 the Commission will propose to review the OECD Arrangement with an aim to increase the positive impact of the incentives granted to climate-friendly projects (this includes assessing the usability of the principles of the EU Taxonomy for sustainable activities for this purpose). | ·Komisija bo državam članicam ponujala tehnično podporo, da bodo MSP zagotovile dostop do svetovalnih storitev na področju trajnostnosti po vsej EU in do trajnostnega financiranja z nizkim upravnim bremenom od leta 2023 3 . Ta podpora bo pripomogla k izboljšanju krepitve zmogljivosti za trajnostnost, prilagojene posebnim potrebam MSP v okviru njihovih pristojnosti, med drugim za namene poročanja o taksonomiji EU. | ·Da bi Komisija olajšala uporabnost in izvajanje okvirov za razkritja, povezana s trajnostnostjo, med drugim za manjša podjetja, je pred kratkim objavila kompas za taksonomijo EU 4 . To digitalno orodje pomaga uporabnikom razumeti in oceniti potencialno kritje in usklajenost ter lajša vključevanje meril taksonomije EU v poslovne podatkovne zbirke in sisteme poročanja. | ·Kar zadeva javne izvozne kredite, bo Komisija poleg ukinitve podpore za sektor elektrarn na premog 5 predlagala pregled Sporazuma OECD, da bi se povečal pozitiven učinek spodbud, dodeljenih podnebju prijaznim projektom (to vključuje oceno uporabnosti načel taksonomije EU za trajnostne dejavnosti v ta namen). |
| 2 (b): The Commission will explore how to leverage the opportunities digital technologies offer for sustainable finance. | 2(b): Komisija bo proučila, kako izkoristiti priložnosti, ki jih digitalne tehnologije ponujajo za trajnostno financiranje. |
| ·The Commission will integrate sustainable finance-related data in the data spaces under the European Data Strategy and reflect, together with the Digital finance platform, on possible additional actions to enable and encourage innovative solutions using digital technologies to support SMEs and retail investors. | ·The Commission encourages the development of and investments in low or zero emission data centres and distributed ledger technologies, including for crypto-assets, and it will explore whether the EU Taxonomy should be expanded to include further supporting activities by 2023. | ·Komisija bo podatke, povezane s trajnostnim financiranjem, vključila v podatkovne prostore v okviru evropske strategije za podatke in skupaj s platformo EU za digitalne finance razmislila o morebitnih dodatnih ukrepih za omogočanje in spodbujanje inovativnih rešitev z uporabo digitalnih tehnologij za podpiranje MSP in malih vlagateljev. | ·Komisija spodbuja razvoj podatkovnih centrov z nizkimi ali ničelnimi emisijami in tehnologij razpršene evidence, vključno s kriptosredstvi, in naložbe vanje ter bo do leta 2023 proučila, ali bi bilo treba taksonomijo EU razširiti na nadaljnje podporne dejavnosti. |
| 2 (c): The Commission will work towards greater protection from climate and environmental risks through increasing insurance coverage, beyond reducing these risks. | 2(c): Komisija si bo poleg zmanjšanja podnebnih in okoljskih tveganj prizadevala za večjo zaščito pred njimi s povečanjem zavarovalnega kritja. |
| ·The Commission will ask EIOPA to continue the development of the natural disaster dashboard by mid-2022 and it will explore the use of the dashboard for diagnostic assessment per Member States. | ·The Commission will launch a Climate Resilience Dialogue by 2022, with the support of the insurance industry, national, local-level authorities and other stakeholders, to exchange best practices and identify ways to address the climate protection gap and increase climate resilience either through recommendations or through voluntary commitments. | ·The Commission will invite EIOPA to continue its work on the identification of good practices by the insurance sector in the broader context of supplying products (including pricing and underwriting) or services for the management of climate-change-related risks by customers. EIOPA should pay particular attention to innovative solutions and their potential risks or their opportunities for wider use. | ·Based on EIOPA’s work, the Commission will consider whether legislative or non-legislative actions on prudential or other rules could facilitate the uptake of the identified good practices. | ·Komisija bo EIOPA zaprosila, naj nadaljuje razvoj preglednice naravnih nesreč do sredine leta 2022, in bo proučila uporabo preglednice za diagnostično oceno po državah članicah. | ·Komisija bo ob podpori zavarovalne industrije, nacionalnih in lokalnih organov ter drugih deležnikov do leta 2022 začela dialog o odpornosti proti podnebnim spremembam, da bi se izmenjale dobre prakse ter opredelili načini za odpravo vrzeli na področju varstva podnebja in povečanje odpornosti proti podnebnim spremembam bodisi s priporočili bodisi s prostovoljnimi zavezami. | ·Komisija bo EIOPA pozvala, naj nadaljuje z opredeljevanjem dobrih praks zavarovalnega sektorja v širšem kontekstu zagotavljanja produktov (vključno z oblikovanjem cen in prevzemi v zavarovanje) ali storitev za obvladovanje tveganj, povezanih s podnebnimi spremembami, s strani strank. EIOPA bi moral nameniti posebno pozornost inovativnim rešitvam in njihovim potencialnim tveganjem ali njihovim možnostim za širšo uporabo. | ·Komisija bo na podlagi prizadevanj EIOPA proučila, ali bi bilo mogoče z zakonodajnimi ali nezakonodajnimi ukrepi v zvezi z bonitetnimi ali drugimi pravili olajšati uvajanje opredeljenih dobrih praks. |
| 2 (d): The Commission will support credible social investments. | 2(d): Komisija bo podprla verodostojne socialne naložbe. |
| ·Before December 2022, the Commission will engage with the ESAs to review the regulatory technical standards under the SFDR, to clarify indicators for both climate and environment-related principal adverse impacts and principal adverse impacts in the field of social and employee matters, respect for human rights, anti-corruption and anti-bribery matters. | ·The Commission will publish a report on a social taxonomy, as required by the Taxonomy Regulation, by the end of 2021. | ·The Commission will propose a Sustainable Corporate Governance Initiative in 2021. | ·Komisija bo pred decembrom 2022 z evropskimi nadzornimi organi sodelovala pri pregledu regulativnih tehničnih standardov v okviru uredbe o razkritju trajnostnega financiranja v sektorju finančnih storitev, da bi pojasnila kazalnike za glavne škodljive učinke, povezane s podnebjem in okoljem, ter glavne škodljive učinke na področju socialnih in kadrovskih zadev, spoštovanja človekovih pravic, boja proti korupciji in boja proti podkupovanju. | ·Komisija bo do konca leta 2021 objavila poročilo o socialni taksonomiji, kot se zahteva z uredbo o taksonomiji. | ·Komisija bo v letu 2021 predlagala pobudo za trajnostno upravljanje podjetij. |
| 2 (e): The Commission will work on green budgeting and risk-sharing mechanisms. | 2(e): Komisija si bo prizadevala za mehanizme zelenega oblikovanja proračuna in delitve tveganja. |
| ·The Commission will strengthen tracking methodologies for climate and biodiversity spending and support Member States who want to redirect their national budget to green priorities. | ·The Commission will organise an inaugural annual Sustainable Investment Summit ahead of COP 26. | ·Komisija bo okrepila metodologije spremljanja porabe za podnebje in biotsko raznovrstnost ter podprla države članice, ki želijo nacionalni proračun preusmeriti v zelene prednostne naloge. | ·Komisija bo pred konferenco COP26 organizirala prvo letno zasedanje o trajnostnih naložbah. |
| Improving financial sector’s resilience and contribution to sustainability: the double materiality perspective | Izboljšanje odpornosti finančnega sektorja in njegovega prispevka k trajnostnosti: vidik dvojne pomembnosti |
| Action 3: To enhance economic and financial resilience to sustainability risks, the Commission will take further steps with regard to accounting, credit ratings, micro-prudential and macro-prudential regulation. | Ukrep 3: Komisija bo za povečanje ekonomske in finančne odpornosti na tveganja glede trajnostnosti sprejela nadaljnje ukrepe v zvezi z računovodenjem, bonitetnimi ocenami ter mikrobonitetno in makrobonitetno regulacijo. |
| 3 (a): The Commission will work towards financial reporting standards that adequately reflect sustainability risks standards and will encourage natural capital accounting. | 3(a): Komisija si bo prizadevala za standarde računovodskega poročanja, ki ustrezno odražajo standarde za tveganja glede trajnostnosti, in spodbujala računovodenje naravnega kapitala. |
| ·The Commission will work with EFRAG, ESMA and the IASB, on how financial reporting standards can best capture relevant sustainability risks. | ·To encourage the development of standards for assessing natural capital in the EU and globally, the Commission is also intensifying its engagement with industry on biodiversity and natural capital accounting. | ·Komisija bo v sodelovanju z EFRAG, ESMA in IASB proučila, kako lahko standardi računovodskega poročanja najbolje zajamejo ustrezna tveganja glede trajnostnosti. | ·Da bi Komisija spodbudila razvoj standardov za ocenjevanje naravnega kapitala v EU in po svetu, tudi krepi sodelovanje z industrijo na področju računovodenja biotske raznovrstnosti in naravnega kapitala. |
| 3 (b): The Commission will take action to ensure that relevant ESG risks are systematically captured in credit ratings and rating outlooks in a transparent manner. | 3(b): Komisija bo sprejela ukrepe za zagotovitev, da so ustrezna tveganja ESG sistematično in pregledno vključena v bonitetne ocene in obete bonitetnih ocen. |
| ·The Commission invites ESMA to share: | oby Q3 2021, its assessment on the implementation of the updated guidelines aimed at improving disclosure of information on how ESG factors are taken into account in credit ratings and outlooks; | oby Q2 2022, at the latest, its findings on how ESG factors are incorporated by CRAs in their methodologies. | ·Subject to ESMA’s findings and the outcome of an impact assessment, by Q1 2023 the Commission will take action to ensure that relevant ESG risks are systematically captured in credit ratings and to improve transparency on the inclusion of ESG risks by credit rating agencies in credit ratings and outlooks. | ·Komisija poziva ESMA, naj posreduje: | odo tretjega četrtletja leta 2021 oceno o izvajanju posodobljenih smernic za izboljšanje razkritja informacij o tem, kako se dejavniki ESG upoštevajo v bonitetnih ocenah in obetih bonitetnih ocen; | onajpozneje do drugega četrtletja leta 2022 ugotovitve o tem, kako bonitetne agencije vključujejo dejavnike ESG v svoje metodologije. | ·Komisija bo na podlagi ugotovitev ESMA in rezultatov ocene učinka do prvega četrtletja leta 2023 sprejela ukrepe za zagotovitev sistematičnega vključevanja ustreznih tveganj ESG v bonitetne ocene ter izboljšanje preglednosti vključevanja tveganj ESG s strani bonitetnih agencij v bonitetne ocene in obete glede bonitetnih ocen. |
| 3 (c): The Commission will propose amendments to the CRR/CRD to ensure ESG factors are consistently included in risk management systems of banks. | 3(c): Komisija bo predlagala spremembe CRR/CRD za zagotovitev, da so dejavniki ESG dosledno vključeni v sisteme bank za obvladovanje tveganja. |
| Risk management and supervisory powers | Obvladovanje tveganja in nadzorna pooblastila |
| ·In the upcoming review of the CRR/CRD, the Commission will propose binding requirements and mandates for the European Banking Authority, for the integration of ESG risks in the risk management rules for banks and require supervisors to ensure that banks manage ESG risks adequately, reflecting the different types of sustainability risks (environment, social and governance). This will cover improvements and introducing a new mandate for the EBA to issue guidelines as regards the identification, measurement, management and monitoring of ESG risks by banks. | ·The Commission will propose to explicitly empower supervisory authorities to incorporate ESG risks in the Supervisory Review and Evaluation Process (SREP). | ·Banks themselves will also be required to conduct internal stress tests to test their resilience to climate change risks and long-term negative impacts. The Commission will mandate the EBA to issue guidelines on this. | ·Komisija bo v prihodnjem pregledu CRR/CRD predlagala zavezujoče zahteve in pooblastila za Evropski bančni organ za vključitev tveganj ESG v pravila o obvladovanju tveganja za banke ter od nadzornikov zahtevala, naj zagotovijo, da banke ustrezno obvladujejo tveganja ESG, tako da se upoštevajo različne vrste tveganj glede trajnostnosti (okoljska, socialna in upravljavska). To bo zajemalo izboljšave in uvedbo novega pooblastila za EBA, v okviru katerega bo izdajal smernice glede opredelitve, merjenja, obvladovanja in spremljanja tveganj ESG s strani bank. | ·Komisija bo predlagala, da se nadzorne organe izrecno pooblasti za vključitev tveganj ESG v proces nadzorniškega pregledovanja in ovrednotenja (SREP). | ·Banke bodo morale opraviti tudi notranje stresne teste, da bi preverile svojo odpornost na tveganja zaradi podnebnih sprememb in njihove dolgoročne negativne učinke. Komisija bo pooblastila EBA za izdajo smernic v zvezi s tem. |
| Risk differentials and capital requirements | Razlikovanje tveganj in kapitalske zahteve |
| ·The Commission will propose to recognise that measures to enhance energy efficiency of a mortgage collateral can be considered as unequivocally increasing property values. | ·The Commission will propose to bring forward to 2023 the EBA’s mandate to assess whether a dedicated prudential treatment of exposures related to assets and activities associated substantially with environmental and/or social objectives would be justified. | ·Komisija bo predlagala, naj se prizna, da se z ukrepi za povečanje energijske učinkovitosti hipotekarnega zavarovanja nedvoumno povečuje vrednost nepremičnin. | ·Komisija bo predlagala, naj se pooblastilo EBA za oceno, ali bi bila upravičena posebna bonitetna obravnava izpostavljenosti v zvezi s sredstvi in dejavnostmi, ki so bistveno povezane z okoljskimi in/ali socialnimi cilji, prenese v leto 2023. |
| Disclosure and reporting | Razkritje in poročanje |
| ·The Commission will assess if information about the sustainable activities of financial institutions and their exposures to ESG risks should be integrated into prudential reporting. | ·The Commission will extend disclosure requirements related to environmental risks to a larger universe of banks, following a proportionate approach to avoid an undue burden for small banks. | ·Komisija bo ocenila, ali bi morale biti informacije o trajnostnih dejavnostih finančnih institucij in njihovi izpostavljenosti tveganjem ESG vključene v bonitetno poročanje. | ·Komisija bo zahteve po razkritju v zvezi z okoljskimi tveganji razširila na širši nabor bank v skladu s sorazmernim pristopom, da bi se preprečilo neupravičeno breme za majhne banke. |
| 3 (d): The Commission will propose amendments in the upcoming review of the Solvency II Directive (2021) to consistently integrate sustainability risks in the prudential framework for insurers. | 3(d): Komisija bo v prihodnjem pregledu direktive Solventnost II (2021) predlagala spremembe, da bi se tveganja glede trajnostnosti dosledno vključila v bonitetni okvir za zavarovatelje. |
| Risk management | Obvladovanje tveganja |
| ·In order to improve the management of sustainability risks in the insurance sector, insurers will be required to conduct “climate change scenario” analysis for prudential purposes. | ·Da bi se izboljšalo obvladovanje tveganj glede trajnostnosti v zavarovalnem sektorju, bodo morali zavarovatelji izvesti analizo „scenarijev podnebnih sprememb“ za bonitetne namene. |
| Risk differentials and capital requirements | Razlikovanje tveganj in kapitalske zahteve |
| ·In the upcoming Solvency II review, the Commission will propose to mandate EIOPA to investigate whether a dedicated prudential treatment of exposures related to assets and activities associated substantially with environmental and/or social objectives would be justified by 2023. | ·Moreover, the Commission will propose to mandate EIOPA to assess the effectiveness of the current prudential regime, especially in terms of asset allocation and the resulting impact on cost of capital of firms operating in sectors with different carbon intensity. | ·Based on EIOPA’s work, the Commission will consider whether Solvency II delegated acts need to be amended. | ·Komisija bo v prihodnjem pregledu direktive Solventnost II predlagala, naj se na EBA prenese pooblastilo, da do leta 2023 prouči, ali bi bila upravičena posebna bonitetna obravnava izpostavljenosti v zvezi s sredstvi in dejavnostmi, ki so bistveno povezane z okoljskimi in/ali socialnimi cilji. | ·Poleg tega bo Komisija predlagala, da se EIOPA pooblasti za oceno učinkovitosti trenutnega bonitetnega režima, zlasti v zvezi z naložbenimi strukturami in posledičnim vplivom na stroške kapitala podjetij, ki delujejo v sektorjih z različno ogljično intenzivnostjo. | ·Komisija bo na podlagi prizadevanj EIOPA proučila, ali je treba spremeniti delegirane akte direktive Solventnost II. |
| 3 (e): The Commission will strengthen its efforts to monitor and address potential systemic risks stemming from sustainability challenges, with an aim to maintain long-term financial stability and limit systemic risk. | 3(e): Komisija bo okrepila prizadevanja za spremljanje in obravnavo morebitnih sistemskih tveganj, ki izhajajo iz izzivov na področju trajnostnosti, da bi se ohranila dolgoročna finančna stabilnost in omejilo sistemsko tveganje. |
| Monitoring financial stability risks | Spremljanje tveganj za finančno stabilnost |
| ·In close cooperation with the ESRB, ECB, ESAs, EEA and relevant national authorities, the Commission will systematically monitor climate-related financial stability risks, subject to the availability of data and methodologies, and expand the scope of this monitoring to include other environmental risks. | ·By the end of 2023, the Commission will deliver a report on these risks to financial stability and their likely evolution, with proposals for further policy actions, if appropriate. | ·By 2022, the Commission will develop a report to present a methodological framework and assess the potential financial risks associated with biodiversity loss and ecosystem degradation at both micro- and macro-level and explore the possible sustainable finance policy changes needed. | ·Komisija bo v tesnem sodelovanju z ESRB, ECB, ESA, EEA in ustreznimi nacionalnimi organi sistematično spremljala tveganja za finančno stabilnost, povezana s podnebjem, ob upoštevanju razpoložljivosti podatkov in metodologij, ter razširila to spremljanje še na druga okoljska tveganja. | ·Komisija bo do konca leta 2023 predložila poročilo o teh tveganjih za finančno stabilnost in njihovem verjetnem razvoju, po potrebi s predlogi za nadaljnje strateške ukrepe. | ·Komisija bo do leta 2022 pripravila poročilo, v katerem bo predstavila metodološki okvir in ocenila morebitna finančna tveganja, povezana z izgubo biotske raznovrstnosti in degradacijo ekosistema na mikro- in makroravni, ter preučila spremembe politike trajnostnega financiranja, ki bi bile morebiti potrebne. |
| Supervisory stress testing | Nadzorniški stresni testi |
| ·The Commission will mandate the ESAs and ask the ECB to perform regular climate change stress tests or scenario analyses, using a bottom-up and top-down approach respectively. | ·In addition, as a one-off exercise, the Commission will mandate the ESAs, and ask the ECB, to conduct a coordinated, bottom-up and top-down EU-level climate change stress test across the financial sector to assess the resilience of the financial sector in line with the Fit-for-55 package. The year, scope and sector-specific aspects of this exercise will be determined by the ESAs and the ECB. | ·The Commission will mandate the ESAs to further develop the methods, parameters and scenarios for bottom-up climate stress testing to be used by supervisors and supervised entities in their specific sectors, and will ask the ECB to further develop the methods, parameters and scenarios for top-down climate stress tests, with the support of the ESRB, while leveraging on the ongoing work of the NGFS. This includes sharing this practice broadly to ensure a rapid cross-learning exercise among supervisors and financial institutions. | ·The Commission will analyse how risks identified by stress tests or scenario analysis can be integrated into micro- and macro-prudential regulation and supervision. | ·Komisija bo pooblastila evropske nadzorne organe in pozvala ECB, naj opravlja redne stresne teste podnebnih sprememb ali analize scenarijev z uporabo pristopa od spodaj navzgor oziroma od zgoraj navzdol. | ·Poleg tega bo Komisija v okviru enkratne naloge pooblastila evropske nadzorne organe in pozvala ECB, da v celotnem finančnem sektorju od spodaj navzgor in od zgoraj navzdol opravi usklajen stresni test podnebnih sprememb na ravni EU, da bi se ocenila odpornost finančnega sektorja v skladu s svežnjem Pripravljeni na 55. Leto, obseg in sektorsko specifične vidike te naloge bodo določili evropski nadzorni organi in ECB. | ·Komisija bo evropske nadzorne organe pooblastila za nadaljnji razvoj metod, parametrov in scenarijev za stresni test podnebja od spodaj navzgor, ki jih bodo nadzorniki in nadzorovani subjekti uporabljali v svojih specifičnih sektorjih, in pozvala ECB, naj nadalje razvije metode, parametre in scenarije za stresne teste podnebja od zgoraj navzdol, ob podpori ESRB, hkrati pa se opre na tekoče delo NGFS. To vključuje širšo souporabo te prakse, da se zagotovi hitro medsebojno učenje med nadzorniki in finančnimi institucijami. | ·Komisija bo analizirala, kako se lahko tveganja, ugotovljena s stresnimi testi ali analizo scenarijev, vključijo v mikro- in makrobonitetno ureditev in nadzor. |
| Macro-prudential tools | Makrobonitetna orodja |
| ·With the input from the ESRB, ECB and the EBA, the Commission will assess whether the current macro-prudential toolkit is suitable to address climate-change-related financial stability risks and it will consider a legislative proposal as part of an upcoming review of the banking macro-prudential framework. | ·In the medium term, the Commission intends to broaden systemic risk considerations to environment-related financial risks, cover non-bank financial intermediaries and assess the treatment of assets where environmental exposures are unknown. | ·Komisija bo s prispevki ESRB, ECB in EBA ocenila, ali je trenutni nabor makrobonitetnih orodij primeren za obvladovanje tveganj za finančno stabilnost, povezanih s podnebnimi spremembami, in proučila zakonodajni predlog v okviru prihodnjega pregleda bančnega makrobonitetnega okvira. | ·Srednjeročno namerava Komisija razširiti vidike sistemskega tveganja na finančna tveganja, povezana z okoljem, vključiti nebančne finančne posrednike in oceniti obravnavo sredstev, kadar okoljske izpostavljenosti niso znane. |
| Action 4: The Commission will work to improve the contribution of the financial sector to sustainability goals. | Ukrep 4: Komisija si bo prizadevala za izboljšanje prispevka finančnega sektorja k ciljem trajnostnega razvoja. |
| 4 (a): The Commission will reinforce science-based target setting, disclosure and monitoring of financial sector’s commitments. | 4(a): Komisija bo okrepila na znanosti temelječe določanje ciljev, razkritje in spremljanje zavez finančnega sektorja. |
| Disclosure and reporting | Razkritje in poročanje |
| ·The CSRD proposal and the accompanying standard to be developed by EFRAG would require financial institutions including banks, investors and insurers to disclose their transition and decarbonisation plans and how they plan on reducing their environmental footprint. | ·Building on the regulatory technical standard under the SFDR, the Commission will aim to strengthen the disclosure and effectiveness of decarbonisation action by financial market participants for all financial products. | ·S predlogom direktive o poročanju podjetij glede trajnostnosti in priloženim standardom, ki ga bo razvila Evropska svetovalna skupina za računovodsko poročanje (EFRAG), bi se od finančnih institucij, vključno z bankami, vlagatelji in zavarovatelji, zahtevalo, da razkrijejo svoje načrte za prehod in razogljičenje ter navedejo, kako nameravajo zmanjšati svoj okoljski odtis. | ·Komisija si bo na podlagi regulativnega tehničnega standarda iz uredbe o razkritjih, povezanih s trajnostnostjo, v sektorju finančnih storitev prizadevala okrepiti razkritje in učinkovitost ukrepov razogljičenja, ki jih sprejmejo udeleženci na finančnem trgu, za vse finančne produkte. |
| Sustainability pledges | ·In this regard, voluntary pledges by financial institutions globally to adopt strategic science-based climate and sustainability targets are also commendable as the first step. Pending possible further policy action in this area, the Commission will examine to what extent more guidance could ensure that such voluntary pledges are credible and will monitor progress over time across the EU. At this stage, financial institutions could use the EU Taxonomy and other sustainable finance tools to progress towards achieving their plans at entity and portfolio level. | Zaveze za trajnostnost | ·V zvezi s tem so kot prvi korak pohvalne tudi prostovoljne zaveze finančnih institucij po vsem svetu, da bodo sprejele znanstveno utemeljene strateške cilje na področju podnebja in trajnostnosti. Pred sprejetjem morebitnih nadaljnjih strateških ukrepov na tem področju bo Komisija proučila, v kolikšni meri bi se lahko z več smernicami zagotovila verodostojnost takih prostovoljnih zavez, in spremljala napredek v EU skozi čas. Na tej stopnji bi lahko finančne institucije uporabljale taksonomijo EU in druga orodja za trajnostno financiranje, da bi napredovale pri doseganju svojih načrtov na ravni subjekta in portfelja. |
| 4 (b): The Commission will clarify the fiduciary duties and stewardship rules of investors to reflect the financial sector’s contribution to Green Deal targets. | 4(b): Komisija bo pojasnila fiduciarne obveznosti in pravila upravljanja za vlagatelje, da bi se upošteval prispevek finančnega sektorja k ciljem zelenega dogovora. |
| Fiduciary duties | Fiduciarne obveznosti |
| ·Ahead of the review of the IORP II Directive, the Commission will ask EIOPA to analyse the pension framework, notably to: | oassess the potential need to broaden the concept of the “long-term best interests of members and beneficiaries” and introduce the notion of double materiality, taking into account members and beneficiaries’ sustainability preferences and broader societal and environmental goals; and | oassess whether the prudent person rule should be clarified and/or explore possible avenues to require the integration of sustainability impacts in investment decision. | ·In collaboration with the ESAs and building on the changes in fiduciary duty rules introduced by the package from April 2021, the Commission will consider merits of further changes to enable financial market participants and advisers to systematically consider positive and negative sustainability impacts of the products they advise on and of their investment decisions, including for UCITS, MIFID II, AIFMD and IDD entities. Such review would develop in continuity with the potential review of fiduciary duties through IORP II. | ·Komisija bo pred pregledom direktive IORP II EIOPA zaprosila za analizo pokojninskega okvira, zlasti naj: | ooceni morebitno potrebo po razširitvi koncepta „dolgoročne največje koristi članov in upravičencev“ in uvede koncept dvojne pomembnosti, pri tem pa upošteva preference članov in upravičencev glede trajnostnosti ter širše socialne in okoljske cilje, ter | ooceni, ali bi bilo treba razjasniti preudarnostno pravilo in/ali proučiti morebitne načine, da se zahteva vključitev vplivov na trajnostnost v odločanje o naložbah. | ·Komisija bo v sodelovanju z evropskimi nadzornimi organi in na podlagi sprememb pravil o fiduciarnih dajatvah, uvedenih s svežnjem iz aprila 2021, proučila prednosti nadaljnjih sprememb, da bi se udeležencem na finančnem trgu in svetovalcem omogočilo sistematično proučevanje pozitivnih in negativnih vplivov produktov, o katerih svetujejo, ter njihovih naložbenih odločitev na trajnostnost, med drugim za subjekte KNPVP, MiFID II, UAIS in IDD. Tak pregled bi se razvijal skladno s potencialnim pregledom fiduciarnih obveznosti z IORP II. |
| Stewardship and engagement | Upravljanje in sodelovanje |
| ·The Shareholder Rights Directive (SRD II) provides a minimum baseline for stewardship activities, effective stewardship and long-term investment decision-making. Considering the review of the SRD II by 2023, the Commission will explore how the SRD II may better reflect impact considerations and global best practices in stewardship guidelines. | ·The Commission will ask the ESAs and national regulator to develop further guidance to ensure acting in concert does not impede collaborative engagement by investors around common sustainability goals 6 . | ·Direktiva o pravicah delničarjev (SRD II) zagotavlja minimalno izhodišče za dejavnosti upravljanja, učinkovito upravljanje in dolgoročno odločanje o naložbah. Komisija bo ob upoštevanju pregleda SRD II do leta 2023 proučila, kako se lahko v SRD II bolje upoštevajo preudarki o vplivih in dobre prakse v svetovnem merilu na področju smernic o upravljanju. | ·Komisija bo evropske nadzorne organe in nacionalni regulativni organ pozvala, naj pripravijo nadaljnje smernice za zagotovitev, da usklajeno delovanje ne bo oviralo sodelovanja vlagateljev pri skupnih ciljih trajnostnega razvoja 6 . |
| 4 (c): The Commission will take action to improve the availability, integrity and transparency of ESG market research and ratings. | 4(c): Komisija bo sprejela ukrepe za izboljšanje razpoložljivosti, celovitosti in preglednosti tržnih raziskav in ocen ESG. |
| ·By Q4 of 2021 at the latest, the Commission will organise a targeted public consultation on the functioning of the market for ESG ratings. | ·Subject to an impact assessment, the Commission will take action to strengthen the reliability and comparability of ESG ratings by Q1 2023. | ·The Commission may assess certain aspects of ESG research, to decide on whether an intervention is necessary and on the possible appropriate measures. | ·Komisija bo najpozneje do četrtega četrtletja leta 2021 organizirala ciljno usmerjeno javno posvetovanje o delovanju trga za ocene ESG. | ·Na podlagi ocene učinka bo Komisija do prvega četrtletja leta 2023 sprejela ukrepe za okrepitev zanesljivosti in primerljivosti ocen ESG. | ·Komisija lahko oceni nekatere vidike raziskav ESG, da bi se odločila, ali je ukrepanje potrebno in kateri ukrepi bi lahko bili ustrezni. |
| Action 5: The Commission will work to monitor an orderly transition and ensure the integrity of the EU financial system. | Ukrep 5: Komisija si bo prizadevala za spremljanje urejenega prehoda in zagotovitev celovitosti finančnega sistema EU. |
| 5 (a): The Commission will enable supervisors to address greenwashing. | 5(a): Poleg tega bo Komisija nadzornikom omogočila, da odpravijo lažno zeleno oglaševanje. |
| ·In cooperation with the ESAs, the Commission will assess whether supervisory powers, capabilities and obligations of Competent Authorities as well as the enforcement measures taken by competent authorities are fit for purpose to effectively fight greenwashing. This includes the monitoring of greenwashing risks by the ESAs and competent authorities. | ·As part of this assessment, the ESAs will be asked to assess and report to the Commission whether the current supervisory and enforcement toolkit available to competent authorities for monitoring, investigating and sanctioning greenwashing is sufficiently efficient, consistent and deterrent across the EU and whether it is fit for purpose in identifying possible greenwashing risks throughout the product lifecycle. | ·Subsequently, the Commission will consider whether further steps are necessary to enable supervisors to ensure a sufficient and consistent level of supervision and enforcement across the EU. The Commission will consider the need for a stronger coordination and convergence role by the ESAs or other amendments to EU legislation. | ·Komisija bo v sodelovanju z evropskimi nadzornimi organi ocenila, ali so nadzorna pooblastila, zmogljivosti in obveznosti pristojnih organov ter izvršilni ukrepi, ki jih ti organi sprejmejo, primerni za učinkovit boj proti lažnemu zelenemu oglaševanju. To vključuje spremljanje tveganj za lažno zeleno oglaševanje, ki ga izvajajo evropski nadzorni organi in pristojni organi. | ·V okviru te ocene bodo evropski nadzorni organi pozvani, naj ocenijo, ali je trenutni nabor orodij za nadzor in izvrševanje, ki je pristojnim organom na voljo za spremljanje, preiskovanje in sankcioniranje lažnega zelenega oglaševanja, dovolj učinkovit, dosleden in odvračilen po vsej EU ter ali je primeren za ugotavljanje morebitnih tveganj za lažno zeleno oglaševanje v celotnem življenjskem ciklu produkta, ter o tem poročajo Komisiji. | ·Nato bo Komisija proučila, ali so potrebni nadaljnji koraki, da se nadzornikom omogoči zadostna in dosledna raven nadzora in izvrševanja po vsej EU. Komisija bo proučila potrebo po močnejši usklajevalni in zbliževalni vlogi evropskih nadzornih organov ali drugih spremembah zakonodaje EU. |
| 5 (b): The Commission will develop a robust monitoring framework to measure progress made by the EU financial system. | 5(b): Komisija bo razvila zanesljiv okvir spremljanja, s katerim bo merila napredek finančnega sistema EU. |
| ·In order to assess the alignment of EU’s financial sector, the Commission, in collaboration with the Platform on Sustainable Finance, will develop a robust monitoring framework and a set of indicators to measure capital flows to sustainable investments. | ·The Commission will assist Member States in assessing the investment gap and measuring the progress made by their financial sectors to align with our climate and environmental goals. To this end, by June 2023, the Commission will invite Member States to prepare an assessment of their financial markets’ alignment with the climate and environmental goals that will cover banks, asset managers, pension funds and insurance companies. | ·In order to improve the assessment of the investment gap to meet our climate and environmental objectives, by Q1 2023 the Commission will conduct a detailed long-term investment needs and investment gap analysis taking into account evolving legislative proposals and future investment needs studies. | ·Based on the above, by the end of 2023 the Commission will present a consolidated report on the state of play of EU financial markets’ transition. In addition, the Commission will assess the impact of the EU sustainable finance agenda by the end of 2023. | ·Da bi Komisija ocenila usklajenost finančnega sektorja EU, bo v sodelovanju s platformo za trajnostno financiranje vzpostavila zanesljiv okvir spremljanja in sklop kazalnikov za merjenje kapitalskih tokov v trajnostne naložbe. | ·Komisija bo državam članicam pomagala pri oceni naložbene vrzeli in merjenju napredka njihovih finančnih sektorjev pri usklajevanju z našimi podnebnimi in okoljskimi cilji. V ta namen bo Komisija do junija 2023 države članice pozvala, naj pripravijo oceno usklajenosti svojih finančnih trgov s podnebnimi in okoljskimi cilji, ki bo zajemala banke, upravitelje premoženja, pokojninske sklade in zavarovalnice. | ·Da bi Komisija izboljšala oceno naložbene vrzeli za izpolnitev naših podnebnih in okoljskih ciljev, bo do prvega četrtletja leta 2023 izvedla podrobno analizo dolgoročnih naložbenih potreb in analizo naložbene vrzeli, pri čemer bo upoštevala nastajajoče zakonodajne predloge in študije prihodnjih naložbenih potreb. | ·Na podlagi navedenega bo Komisija do konca leta 2023 predstavila konsolidirano poročilo o stanju prehoda finančnih trgov EU. Poleg tega bo Komisija do konca leta 2023 ocenila učinek agende EU za trajnostno financiranje. |
| 5 (c): The Commission will improve the cooperation between authorities to work towards a common approach to monitor an orderly transition and monitor the alignment of the EU financial system with Green Deal targets. | 5(c): Komisija bo izboljšala sodelovanje med organi, da bi si prizadevali za skupni pristop k spremljanju urejenega prehoda in usklajenosti finančnega sistema EU s cilji zelenega dogovora. |
| ·By 2022, the Commission will strengthen its cooperation with the ECB, the ESRB, the ESAs and the EEA, with the objective to develop a common methodological base and consistently and coherently integrate the double materiality perspective across the EU financial system. | ·This cooperation should help define intermediate targets for the financial sector, understand better whether ongoing and prospective progress is sufficient, and thus facilitate taking a more collaborative policy action by all relevant public authorities where necessary. This could lead to recommending policy measures, tools and methodologies to implement forward-looking alignment strategies and to address financial stability risks for use by supervisors, regulators and financial sector entities in the EU. | ·Komisija bo do leta 2022 okrepila sodelovanje z ECB, ESRB, evropskimi nadzornimi organi in EEA, da bi se razvila skupna metodološka podlaga ter dosledno in skladno vključeval vidik dvojne pomembnosti v finančni sistem EU. | ·To sodelovanje bi moralo pomagati pri opredelitvi vmesnih ciljev za finančni sektor in boljšem razumevanju, ali je tekoči in predvideni napredek zadosten, ter tako vsem ustreznim javnim organom omogočiti sprejemanje bolj sodelovalnih strateških ukrepov, kjer je to potrebno. To bi lahko privedlo do priporočil strateških ukrepov, orodij in metodologij za izvajanje v prihodnost usmerjenih strategij usklajevanja in obravnavo tveganj za finančno stabilnost, ki bi jih uporabili nadzorniki, regulativni organi in subjekti finančnega sektorja v EU. |
| 5 (d): The Commission will strengthen sustainable finance research and knowledge transfer. | 5(d): Komisija bo okrepila raziskave in prenos znanja na področju trajnostnega financiranja. |
| ·The Commission will establish a Sustainable Finance Research Forum to strengthen the role of science and knowledge sharing between the financial sector and the research community. | ·The Sustainable Finance Research Forum will be tasked with increasing awareness of the use of sustainability-related science, research and innovation data from EU R&I funding programmes, increasing investor appetite for research on sustainability and increasing knowledge exchange between researchers and the financial community. | ·Komisija bo ustanovila forum za raziskave na področju trajnostnega financiranja, da bi okrepila vlogo znanosti in izmenjavo znanja med finančnim sektorjem in raziskovalno skupnostjo. | ·Forum za raziskave na področju trajnostnega financiranja bo zadolžen za ozaveščanje o uporabi podatkov o znanosti, raziskavah in inovacijah, povezanih s trajnostnostjo, iz programov EU za financiranje raziskav in inovacij, povečanje zanimanja vlagateljev za raziskave o trajnostnosti ter povečanje izmenjave znanja med raziskovalci in finančno skupnostjo. |
| Fostering global ambition | Spodbujanje globalnih ambicij |
| Action 6: The Commission will commit to setting a high level of ambition in developing international sustainable finance initiatives and standards, embracing the concept of double materiality and supporting EU partner countries. | Ukrep 6: Komisija se bo zavezala k visoki ravni ambicij pri razvoju mednarodnih pobud in standardov za trajnostno financiranje, pri čemer bo sprejela koncept dvojne pomembnosti in podpirala partnerske države EU. |
| 6 (a): The Commission will promote an ambitious consensus in international forums. | 6(a): Komisija bo spodbujala ambiciozno soglasje na mednarodnih forumih. |
| ·Building upon this Strategy, the Commission will set a high level of ambition in the development of international sustainable finance initiatives and standards, in particular advocating for mainstreaming the concept of double materiality and agreeing on common objectives and principles for sustainable taxonomies. | ·The Commission will advocate for the development of a solid international governance on sustainable finance and suggest expanding the mandate of the Financial Stability Board to integrate the double materiality perspective. | ·The Commission invites all international partners to deepen cooperation on sustainable finance, in particular to provide the private sector with usable tools and metrics, such as taxonomies. | ·Na podlagi te strategije bo Komisija določila visoko raven ambicij pri razvoju mednarodnih pobud in standardov za trajnostno financiranje, pri čemer se bo zlasti zavzela za vključitev koncepta dvojne pomembnosti ter sklenitev dogovora o skupnih ciljih in načelih za trajnostne taksonomije. | ·Komisija se bo zavzemala za razvoj zanesljivega mednarodnega upravljanja na področju trajnostnega financiranja in predlagala razširitev pooblastil Odbora za finančno stabilnost, da bi se vključil vidik dvojne pomembnosti. | ·Komisija poziva vse mednarodne partnerje, naj poglobijo sodelovanje na področju trajnostnega financiranja, zlasti naj zasebnemu sektorju zagotovijo uporabna orodja in metrike, kot so taksonomije. |
| 6 (b): The Commission will propose to advance and deepen the work of the IPSF. | 6(b): Komisija bo predlagala nadgradnjo in poglobitev prizadevanj mednarodne platforme za trajnostno financiranje (IPSF). |
| ·In autumn 2021, the IPSF will publish: | oa Report on a Common Ground Taxonomy, setting out the common features in existing taxonomies developed by public authorities; | oa Report on Sustainability-related Disclosures to provide a comprehensive comparison of requirements for companies, asset managers and institutional investors; | oits Annual Report. | ·In addition, the IPSF will report on its work on a ‘common ground Taxonomy’ by including ‘new’ taxonomies, as they are developed by its member jurisdictions, and on sustainability disclosures. | ·The Commission will propose to the IPSF to expand its work to new issues, such as biodiversity and transition finance. | ·The Commission will propose a stronger governance structure for the IPSF. | ·To ensure impact on the ground, the Commission will propose the development of closer cooperation and interaction for the IPSF with the private sector. | ·IPSF bo jeseni 2021 objavila: | oporočilo o skupni taksonomiji, v katerem bodo navedene skupne značilnosti obstoječih taksonomij, ki so jih razvili javni organi; | oporočilo o razkritjih, povezanih s trajnostnostjo, da bi se zagotovila celovita primerjava zahtev za podjetja, upravitelje premoženja in institucionalne vlagatelje; | osvoje letno poročilo. | ·Poleg tega bo IPSF poročala o svojih prizadevanjih za „skupno taksonomijo“ z vključitvijo „novih“ taksonomij, kot jih razvijajo jurisdikcije njenih članic, in o razkritjih, povezanih s trajnostnostjo. | ·Komisija bo IPSF predlagala, naj svoja prizadevanja razširi na nova vprašanja, kot sta biotska raznovrstnost in financiranje prehoda. | ·Komisija bo predlagala močnejšo strukturo upravljanja za IPSF. | ·Da bi Komisija zagotovila učinek v praksi, bo predlagala vzpostavitev tesnejšega sodelovanja in vzajemnega delovanja med IPSF in zasebnim sektorjem. |
| 6 (c): The Commission will support low- and middle-income countries in scaling up their access to sustainable finance. | 6(c): Komisija bo podpirala države z nizkimi in srednje visokimi dohodki pri povečanju njihovega dostopa do trajnostnega financiranja. |
| ·The Commission will develop a comprehensive strategy to help scale up sustainable finance in our partner countries. To this end, a dedicated high-level expert group (HLEG) will be created to identify the challenges and opportunities that sustainable finance presents in our partner countries; and to provide recommendations to the Commission, so as to accelerate private financial flows for the implementation of the external dimension of the Green Deal and a green, just and resilient recovery in our partner countries. | ·The Commission will also support efforts to scale up sustainability-related financial instruments, and help build back better globally, notably via the Neighbourhood, Development and International Cooperation Instrument (NDICI) ‘Global Europe’ and its new European Fund for Sustainable Development (EFSD+), and the Instrument for Pre-Accession Assistance (IPA). | ·Komisija bo razvila celovito strategijo, da bi prispevala k povečanju trajnostnega financiranja v naših partnerskih državah. V ta namen bo ustanovljena posebna strokovna skupina na visoki ravni (HLEG), da bi opredelila izzive in priložnosti, ki jih trajnostno financiranje pomeni v naših partnerskih državah, ter da bi se Komisiji zagotovila priporočila za pospešitev zasebnih kapitalskih tokov za izvajanje zunanje razsežnosti zelenega dogovora ter zeleno, pravično in odporno okrevanje v naših partnerskih državah. | ·Komisija bo podprla tudi prizadevanja za nadgradnjo finančnih instrumentov, povezanih s trajnostnostjo, in pomagala pri boljši obnovi na svetovni ravni, zlasti z Instrumentom za sosedstvo ter razvojno in mednarodno sodelovanje (NDICI) – Globalna Evropa in njegovim novim Evropskim skladom za trajnostni razvoj (EFSD+) ter instrumentom za predpristopno pomoč (IPA). |
| Glossary | Glosar |
| AIFMD | Alternative Investment Fund Managers Directive | KPI | Key Performance Indicator | UAIS | Direktiva o upraviteljih alternativnih investicijskih skladov | KPI | Ključni kazalnik uspešnosti |
| CRA | Credit Rating Agencies | MCD | Mortgage Credit Directive | CRA | Bonitetne agencije | MCD | Direktiva o stanovanjskih kreditih |
| CRD/CRR | Capital Requirements Directive/Regulation | MIFID | Markets in Financial Instruments Directive | CRD/CRR | Direktiva/Uredba o kapitalskih zahtevah | MiFID | Direktiva o trgih finančnih instrumentov |
| CSRD | Corporate Sustainability Reporting Directive | NCAs | National Competent Authorities | CSRD | Direktiva o poročanju podjetij glede trajnostnosti | PNO | Pristojni nacionalni organi |
| DLT | Distributed ledger technologies | NECP | National Energy and Climate Plans | DLT | Tehnologija razpršene evidence | NEPN | Nacionalni energetski in podnebni načrti |
| EBA | European Banking Authority | NFRD | Non-Financial Reporting Directive | EBA | Evropski bančni organ | NFRD | Direktiva o nefinančnem poročanju |
| ECB | European Central Bank | NGFS | Network of central banks and supervisors for Greening the Financial System | ECB | Evropska centralna banka | NGFS | Mreža centralnih bank in nadzornikov za ozelenitev finančnega sistema |
| EEA | European Environment Agency | OECD | Organisation for Economic Co-operation and Development | EEA | Evropska agencija za okolje | OECD | Organizacija za gospodarsko sodelovanje in razvoj |
| EFRAG | European Financial Reporting Advisory Group | PSF | Platform on Sustainable Finance | EFRAG | Evropska svetovalna skupina za računovodsko poročanje | PSF | Platforma za trajnostno financiranje |
| EGD | European Green Deal | R&I | Research and Innovation | EZD | Evropski zeleni dogovor | R&I | Raziskave in inovacije |
| EIOPA | European Insurance and Occupational Pensions Authority | RSFS | Renewed Sustainable Finance Strategy | EIOPA | Evropski organ za zavarovanja in poklicne pokojnine | RSFS | Prenovljena strategija za trajnostno financiranje |
| ESAs | European Supervisory Authorities | SFDR | Sustainable Finance Disclosure Regulation | ESA | Evropski nadzorni organi | SFDR | Uredba o razkritjih, povezanih s trajnostnostjo, v sektorju finančnih storitev |
| ESAP | European single access point for financial and non-financial information | SFSG | Sustainable Finance Study Group | ESAP | Evropska enotna vstopna točka za finančne in nefinančne informacije | SFSG | Študijska skupina za trajnostno financiranje |
| ESG | Environmental, Social and Governance criteria | SDG's | Sustainable Development Goals | ESG | Okoljska in socialna merila ter merila v zvezi z upravljanjem | SDG | Cilji trajnostnega razvoja |
| ESMA | European Securities and Markets Authority | SMEs | Small and Medium-sized Enterprises | ESMA | Evropski organ za vrednostne papirje in trge | MSP | Mala in srednja podjetja |
| ESRB | European Systemic Risk Board | SREP | Supervisory Review and Evaluation Process | ESRB | Evropski odbor za sistemska tveganja | SREP | Proces nadzorniškega pregledovanja in ovrednotenja |
| Eu GB | European green bond | TCFD | Task Force on Climate-related Financial Disclosures | EuGB | Evropska zelena obveznica | TCFD | Projektna skupina za finančna razkritja v zvezi s podnebjem |
| IDD | Insurance Distribution Directive | UCITS | Undertakings for Collective Investments in Transferable Securities Directive | IDD | Direktiva o distribuciji zavarovalnih produktov | KNPVP | Kolektivni naložbeni podjem za vlaganja v prenosljive vrednostne papirje |
| IFRS | International Financial Reporting Standard | TEG | Technical Expert Group on Sustainable Finance | MSRP | Mednarodni standard računovodskega poročanja | TEG | Tehnična strokovna skupina za trajnostno financiranje |
| IORP | Institutions for Occupational and Retirement Provision | IORP | Institucija za poklicno pokojninsko zavarovanje |
| IPSF | International Platform on Sustainable Finance | IPSF | Mednarodna platforma za trajnostno financiranje |
| (1) | (1) |
| Following the way forward described in the Communication on EU Taxonomy, Corporate Sustainability Reporting, Sustainability Preferences and Fiduciary Duties: Directing finance towards the European Green Deal, COM(2021) 188 final, 21.4.2021. | Na podlagi nadaljnjih ukrepov, opisanih v sporočilu z naslovom „Taksonomija EU, poročanje podjetij glede trajnostnosti, preference glede trajnostnosti in fiduciarne obveznosti: usmerjanje financiranja v evropski zeleni dogovor, COM(2021) 188 final z dne 21. aprila 2021. |
| (2) | (2) |
| The Commission will provide this support through its Technical Support Instrument under Regulation (EU) 2021/240 of the European Parliament and of the Council of 10 February 2021 establishing a Technical Support Instrument, (OJ L 57, 18.2.2021). | Komisija bo to podporo zagotovila z Instrumentom za tehnično podporo iz Uredbe (EU) 2021/240 Evropskega parlamenta in Sveta z dne 10. februarja 2021 o vzpostavitvi Instrumenta za tehnično podporo (UL L 57, 18.2.2021). |
| (3) | (3) |
| The Commission will provide this support through its Technical Support Instrument under Regulation (EU) 2021/240 of the European Parliament and of the Council of 10 February 2021 establishing a Technical Support Instrument, (OJ L 57, 18.2.2021). | Komisija bo to podporo zagotovila z Instrumentom za tehnično podporo iz Uredbe (EU) 2021/240 Evropskega parlamenta in Sveta z dne 10. februarja 2021 o vzpostavitvi Instrumenta za tehnično podporo (UL L 57, 18.2.2021). |
| (4) | (4) |
| See here . | Glej tukaj . |
| (5) | (5) |
| Export credits are government-backed financial instruments provided by national export credit agencies (ECAs). See Trade Policy Review . | Izvozni krediti so finančni instrumenti z državnim jamstvom, ki jih zagotavljajo nacionalne izvozne agencije. Glej Pregled trgovinske politike . |
| (6) | (6) |
| European Securities and Markets Authority, public statement on ‘Information on shareholder cooperation and acting in concert under the Takeover Bids Directive’, ESMA/2014/677-REV, 8.1.2019, available here . | Evropski organ za vrednostne papirje in trge, javna izjava z naslovom „Information on shareholder cooperation and acting in concert under the Takeover Bids Directive“ (Informacije o sodelovanju delničarjev in usklajenem delovanju v okviru direktive o ponudbah za prevzem), ESMA/2014/677-REV, 8. januar 2019, na voljo tukaj . |
