On 11 December 2019, the European Commission announced the European Green deal. The European Green deal is a growth strategy to cut carbon emissions in a way which benefits the European Union's economy. In relation to the corporate aspects of the deal, the commission will review the NFRD to require companies and financial institutions to disclosure more climate and environmental data. A reason for this is to allow investors to choose to invest in financial institutions and companies which have a positive impact on the environment.

More generally, the "European Climate Law" which sets a statutory target of the EU being carbon neutral by 2050, will be accompanied by proposed legislation in March 2020. The Commission will also review existing environmental legislation such as the EU Emissions Trading System (EU ETS) and Energy Efficiency Directive (2012/27/EU). One of the material changes that is being considered by the Commission is to extend the EU ETS to the maritime sector to reduce maritime emissions of greenhouse gases.

View the European Commission's Green Deal overview here.

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