Sustainable Finance

Poland Adopts Act Amending Financial and Corporate Laws for ESAP Reporting

Poland has adopted a cross-sectoral ESAP implementation act that amends its accounting, banking, capital markets, insurance and auditing laws to govern how financial, sustainability and supervisory information will be transmitted into the EU’s European Single Access Point from 2026 onwards. Financial institutions, listed companies and auditors will face new machine-readable reporting, metadata and data-sharing obligations via national authorities, with phased start dates through 2030 that will require IT changes, mapping of legal-entity identifiers and closer coordination with regulators on ESAP content.

25 May 2026, 15:48dziennikustaw.gov.plPoland

EU EESC Opinion On Commission Roadmap Towards Nature Credits

In February 2026, the European Economic and Social Committee adopted a non-binding opinion on the Commission’s Roadmap towards Nature Credits, setting out conditions for a high-integrity, science-based and voluntary EU framework. If followed, these recommendations could shape how future EU nature-credit markets are designed, interact with CAP, CRCF, CSRD and CSDDD, and define safeguards against greenwashing, speculation and social or environmental harms for companies and investors engaging in biodiversity finance.

25 May 2026, 15:35eur-lex.europa.euEuropean Union

EU Council Presidency Discussion Paper on SFDR Review for 18 May 2026 Working Party

The Council Presidency has tabled a confidential discussion paper on the review of the EU Sustainable Finance Disclosure Regulation for consideration at the 18 May 2026 Council Working Party meeting. This signals that detailed Member State negotiations on SFDR reform are underway, foreshadowing potential future changes to ESG disclosure obligations for EU financial market participants even though no new rules are adopted yet.

21 May 2026, 06:38consilium.europa.euEuropean Union

Council of the EU Working Party Draft Agenda for SFDR Review Meeting on 18 May 2026

The Council of the EU has registered a draft agenda for a working party meeting on 18 May 2026 to discuss the review of the Sustainable Finance Disclosure Regulation. This signals ongoing political negotiation on SFDR reform but, with the agenda text still non-public, it brings no immediate compliance obligations while indicating that substantive changes may emerge from forthcoming Council and co-legislator documents.

21 May 2026, 06:38consilium.europa.euEuropean Union

EU Council Working Document WK-6945/2026: Sustainable Finance Disclosure Regulation Questionnaire After 18 May 2026 Working Party Meeting — Responses Due 22 May 2026 COB

The Council of the EU has issued working document WK-6945/2026 with a questionnaire on the Sustainable Finance Disclosure Regulation for national delegations, following an 18 May 2026 working party meeting and requiring replies by 22 May 2026 close of business. This rapid internal consultation signals intensifying Council work on SFDR and suggests that member-state input over the coming days could influence the direction and pace of any future amendments.

21 May 2026, 06:38eur-lex.europa.euEuropean Union

Hong Kong Plans Hydrogen Safety Subsidiary Legislation Under Gas Safety (Amendment) Ordinance 2025

Hong Kong has confirmed that hydrogen used as fuel will be brought under the Gas Safety Ordinance via the Gas Safety (Amendment) Ordinance 2025, with hydrogen-specific subsidiary legislation to be introduced into the Legislative Council for negative vetting within 2026. This sets a clear timeline for a dedicated hydrogen safety regime and related certification standards, signalling upcoming compliance requirements for hydrogen production, transport, storage, refuelling infrastructure and vehicles in Hong Kong and influencing cross-boundary hydrogen projects and green finance.

20 May 2026, 19:18info.gov.hkHong Kong SAR ChinaChinaSouth Korea

EU Commission Publishes Consultation Summary on Future Climate Resilience and Risk Management Framework

The European Commission has summarised stakeholder input on a planned EU framework for climate resilience and climate risk management that will underpin a future proposal amending the Governance of the Energy Union and Climate Action Regulation. The consultation feedback points to strong momentum for harmonised climate risk assessments, resilience-by-design in infrastructure and public finance, and tighter expectations on governments and financial actors, signalling more structured climate risk management duties ahead even before specific legal obligations are fixed.

20 May 2026, 07:14eur-lex.europa.euEuropean Union

EU Commission Adopts Decision on Policy Check of InvestEU Programme Under Article 23 of Regulation (EU) 2021/523

In May 2026 the European Commission adopted Decision C(2026)3455 to initiate a policy check of the InvestEU Programme under Article 23 of Regulation (EU) 2021/523. This marks a governance review step for a major EU investment instrument; any concrete impact on funding conditions, sustainability criteria, or sectoral priorities will depend on the outcome of the check and subsequent measures.

20 May 2026, 07:13ec.europa.euEuropean Union

OECD To Release 2013–2024 Climate Finance Assessment For Developed Countries On 21 May 2026

OECD has announced a 21 May 2026 release of its latest climate finance assessment for 2013–2024, analysing developed countries’ progress toward the UNFCCC goal of providing and mobilising USD 100 billion a year in climate finance for developing countries. The report will update aggregate and sectoral climate finance figures, offering an important evidence base for policymakers and sustainability teams tracking international climate finance trends and potential future policy commitments.

15 May 2026, 17:49oecd.orgGlobal

Sichuan Issues “Beautiful Sichuan” Green Finance Project Reserve Guide

Sichuan’s environmental and financial authorities have jointly launched a “Beautiful Sichuan” Green Finance Project Reserve Guide to standardise how green projects are identified, screened and queued for financing support across the province. This creates a standing pipeline of eligible investments in pollution control, low‑carbon transition and ecological restoration, potentially easing access to green capital while raising environmental performance and governance expectations for projects seeking financing.

14 May 2026, 13:07tanjiaoyi.comChina

France Proposes Core PAI Indicator Set and Materiality-Based Framework for SFDR 2.0

France has submitted an EU Council non-paper proposing a small core set of mandatory Principal Adverse Impact indicators and a more structured, materiality-based PAI framework for SFDR 2.0 ahead of Council Working Party discussions in May 2026. If these ideas shape the final SFDR review, financial market participants could face a refocused but more prescriptive PAI regime, with stronger reliance on standard indicators, tighter expectations even for “ESG basics” products, and closer alignment with ESRS data and SFDR RTS.

14 May 2026, 09:32data.consilium.europa.euEuropean UnionFrance

EU Council Draft Agenda for 4 May 2026 SFDR Review Meeting

The Council’s General Secretariat has issued the detailed agenda for the 4 May 2026 Working Party meeting on the SFDR review, highlighting national non-papers on sovereign debt, transition credibility, exclusions, principal adverse impacts, and alternative assets. This clarifies which aspects of the SFDR review member states are prioritising in negotiations, signalling potential future adjustments to ESG fund disclosures and product design rather than any immediate new obligations.

14 May 2026, 09:32data.consilium.europa.euEuropean Union

Council of the EU Compiles Member State Replies to SFDR Review Questionnaire (WK 6064/2026 INIT)

The Council of the EU has circulated a working paper compiling detailed replies from 21 Member States to the Commission’s SFDR review questionnaire, clarifying national positions on SFDR 2.0 categories, scope, disclosure simplification and the use of ESG data. For financial institutions this is an important early policy signal: it does not change SFDR obligations today but highlights areas where future legislative amendments, templates and marketing rules for sustainable products and non-categorised products are most likely to evolve.

14 May 2026, 09:32data.consilium.europa.euEuropean Union

Norway Proposes 2026 Budget Changes for Climate Quota Purchases, CBAM IT Systems and TFFF Loan Facility

Norway’s revised 2026 budget proposition increases funding for carbon quota purchases, proposes a conditional NOK 30 billion loan to the Tropical Forest Forever Facility, and allocates new money for CBAM/EEA IT systems and registries. These measures strengthen long-term climate finance and Norway’s role in global forest protection while resourcing domestic implementation of the EU CBAM regime, with implications for exporters, importers and public finances.

14 May 2026, 05:59regjeringen.noNorwayEuropean Union

China MEE Aims to Admit Financial Institutions to National Carbon Market This Year

China’s environment ministry has signalled that it aims to let financial institutions start trading in the national carbon emissions market within this year, based on Vice-Minister Li Gao’s remarks at a major climate investment and financing forum. If implemented, this would broaden the ETS participant base, deepen liquidity and enable new carbon-finance instruments, so emitters and banks should monitor forthcoming rules to understand impacts on pricing, hedging and climate-finance strategy.

8 May 2026, 18:12nbd.com.cnChina

European Securities and Markets Authority (ESMA) Issues Statement Promoting Proportionate Supervision of MiFID II Sustainability Requirements

ESMA has issued a supervisory statement summarising the results of an EU and EEA-wide review of how investment firms apply MiFID II sustainability requirements, highlighting uneven practices and setting high-level interim expectations for suitability assessments and product governance. The statement does not introduce new legal obligations or deadlines but urges a proportionate, dialogue-based supervisory approach while signalling that the findings will inform potential future amendments to MiFID II Delegated Acts and related ESMA guidelines.

8 May 2026, 17:53esma.europa.euEuropean Union

European Commission Seeks Feedback on Revised ESRS and Voluntary SME Sustainability Reporting Standard

In May 2026 the European Commission opened a one-month consultation on draft revised European Sustainability Reporting Standards and a new voluntary SME sustainability reporting standard under the CSRD. If adopted, these delegated standards will streamline sustainability reporting and introduce a value chain cap that limits ESG data demands on smaller suppliers, cutting compliance costs and reshaping disclosure expectations across EU value chains.

8 May 2026, 17:37finance.ec.europa.euEuropean Union

Commission Seeks Feedback on Revised ESRS and Voluntary SME Sustainability Reporting Standard

From 6 May 2026 the European Commission is consulting for one month on draft revised mandatory ESRS sustainability reporting standards and a voluntary standard for smaller companies under the CSRD. These proposals would significantly streamline required datapoints and introduce a value-chain cap on supplier information demands, so companies should quickly assess how the changes could reshape their reporting scope, data needs, and supplier engagement.

8 May 2026, 09:19finance.ec.europa.euEuropean Union

EU Council: Spanish Non-Paper on SFDR Articles 7–8 Exclusion Criteria (CWP 4 May 2026)

On 4 May 2026 Spain tabled a non-public non-paper in the EU Council’s SFDR review negotiations that focuses on revisiting the exclusion criteria under Articles 7 and 8. While it creates no immediate obligations, this intervention could shape how SFDR exclusion criteria are calibrated in the final legislation and should be monitored closely by asset managers and financial institutions.

8 May 2026, 06:59consilium.europa.euEuropean Union

German Non-Paper on SFDR Review Discussed by Council Working Party (WK 6083/2026 INIT)

Germany has submitted a non-binding non-paper to the Council Working Party outlining its views on the ongoing review of the EU Sustainable Finance Disclosure Regulation, discussed on 4 May 2026 as part of the SFDR review legislative file. Because the text is not publicly accessible, it serves mainly as a directional signal of member-state positions rather than a source of concrete new reporting obligations, so companies should track the SFDR review but cannot yet adjust specific disclosure processes based on this document alone.

8 May 2026, 06:59consilium.europa.euEuropean Union