EU Updates - December
An Exceptional European Semester Focused on Recovery and SDG Performance
Give Your feedback to the First EU Taxonomy Criteria on Climate
Sustainable Corporate Governance Initiative for a climate neutral and inclusive Europe by 2050
Funding Opportunity: Business Partnership Facility - Enterprises for SDGs
An Exceptional European Semester Focused on Recovery and SDG Performance
This edition of the European Semester is innovative and different compared to the previous ones. Unlike previous years, the Semester will be temporarily adapted to coordinate it with the Recovery and Resilience Facility (the Facility), the instrument that mitigates the economic and social impact of the coronavirus pandemic and supports reforms and investments undertaken by Member States.
As part of the Semester, the European Commission has recently published the 2020 autumn economic policy package. This is the second step in the 2021 European Semester cycle, which started in September with the publication of the Annual Sustainable Growth Strategy (ASGS). The recommendation on the economic policy of the euro area encourages Member States to implement reforms and investments that should create the right conditions for the economic recovery consistent with the green and digital transitions.
At the same time, the Commission published the Staff Working Document “Delivering on the UN’s Sustainable Development Goals – A comprehensive approach”. In this document, the Commission takes forward its commitment to sustainable development, the 2030 Agenda for Sustainable Development and the SDGs in its policymaking. President von der Leyen will have the role of coordinator of a new 'whole of government' approach and will be responsible of overseeing the implementation of the SDGs. Building on the work of the high-level SDG multi-stakeholder Platform, the Commission will continue the dialogue and collaboration with civil society and stakeholders under the European Climate Pact. The Pact, which will be launched on December 16, is a new non-legislative initiative to enhance coordination in the implementation of the Paris Agreement and the SDGs. Stakeholders interested in attending the virtual launch event, can register here.
Stakeholders will also have a crucial role in the forthcoming 2021 edition of Eurostat’s “Monitoring report on progress towards the SDGs in an EU context”. The statistical office of the European Union is currently reviewing the set of EU SDG indicators.
Give Your feedback to the First EU Taxonomy Criteria on Climate
The European Commission published the draft delegated act governing what can be called sustainable under the taxonomy regulation. The act covers the technical screening criteria for determining the conditions under which an economic activity qualifies as contributing substantially to climate change mitigation or adaptation, as well as determining whether that economic activity causes no significant harm to any of the other environmental objectives (water and marine resources, circular economy, pollution, biodiversity).
The technical screening criteria for climate change mitigation and climate change adaptation are open for feedback until 18 December.
You can consult the draft report of the Delegated Act that includes a general background and objectives, and the two annexes that dive deeper in the technicalities and numbers of specific provisions and requirements for economic activities to be considered sustainable under the Taxonomy Regulation.
The publication of the delegated act is part of the set of regulations to push corporations and investors to align with the EU Taxonomy for Sustainable Finance as part of the European Green Deal. This will contribute to reach the 2050 climate neutrality objective of the European Commission.
The EU Taxonomy lays out a classification system for sustainable economic activities with the aim of creating a common language that investors can use when investing in projects and economic activities that have a substantial positive impact on the climate and the environment.
For more information:
Project Manager
Sustainable Corporate Governance Initiative to achieve a climate neutral and inclusive Europe by 2050
On 26 October, as announced by Commissioner for Justice, Didier Reynders, during the opening plenary of the European SDG Summit 2020, the European Commission opened a Public Consultation on the Sustainable Corporate Governance initiative.
The Initiative, announced for Q2 2021, is aimed at encouraging companies to take into account the environmental (including climate, biodiversity), social, human, and economic impact of their business decisions, and to focus on long-term sustainable value creation rather than short-term financial value.
With the public consultation, the Commission wants to collect the views of a broad range of stakeholders, especially businesses and their directors (including in all sectors, of all sizes, and also non-EU companies active in the EU market) on how to best embed sustainability into the corporate governance framework.
Respondents are presented with 5 different sections and 25 questions aimed at:
Gathering data on the need and objectives for EU intervention as well as different policy options
Better assessing the costs and benefits of different policy options
Gather additional knowledge about national frameworks, enforcement mechanisms and current jurisprudence.
To participate, click here.
The deadline for submission is February 8 at midnight (Brussels time).
The questionnaire builds on two key studies conducted by the European Commission: the study on due diligence requirements through the supply chain and the study on directors’ duties and sustainable corporate governance.
Funding Opportunity: Business Partnership Facility - Enterprises for SDGs
The Business Partnership Facility (BPF) is initiated and financed by the Belgian Directorate-General for Development Cooperation (DGD) to stimulate private sector involvement in achieving the SDGs in developing countries.
The BPF provides a non-refundable grant between €50,000 and €200,000 for viable, entrepreneurial business initiatives with a strong social impact, that contribute to SDGs by the:
Creation and maintenance of decent jobs
Improvement in average income for low income families
Accessibility to affordable goods and services
Inclusion and economic development of women and young people
Positive impact on the environment through saving resources, reducing emissions and/or preserving biodiversity
Applicants are preferably a partnership that brings together actors from the private sector, civil society, academia and/or the public sector.
For more information on the funding opportunity and how to submit your application, click here.