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EU Green Bond Regulation

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The EU Green Bond Standard will finally be available for issuers to use from 21 December 2024.

The EU Green Bond Regulation provides a common framework of rules for issuers electing to use the “European Green Bond” or “EuGB” label for green use of proceeds bonds that pursue environmentally sustainable objectives as defined by the EU Taxonomy Regulation.

The Regulation also establishes a system to register and supervise external reviewers of European Green Bonds and provides optional disclosure templates for bonds marketed as environmentally sustainable and for sustainability-linked bonds.

Requirements for issuers to apply the label are intentionally demanding with respect to taxonomy alignment and pre- and post-issuance transparency. Issuers will also bring themselves in scope of the supervisory competence of the relevant national competent authority.

Key dates for the EU Green Bond Regulation

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30 November 2023

Publication of the EU Green Bond Regulation* in the Official Journal of the EU

*Regulation (EU) 2023/2631 of the European Parliament and the Council of 22 November 2023 on European Green Bonds and optional disclosures for bonds marketed as environmentally sustainable and for sustainability-linked bonds.

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21 December 2023

EU Green Bond Regulation enters into force

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March to June 2024

ESMA consultation on certain technical standards (1st main package) (external reviewer regime)

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14 November 2024

Publication of EU Listing Act (amending among others EU Prospectus Regulation) in the Official Journal of the EU

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by 21 December 2024

  • ESMA to submit draft technical standards to Commission (external reviewer regime)
  • Commission to publish guidelines establishing templates for voluntary pre-issuance disclosures for bonds marketed as environmentally sustainable and of sustainability-linked bonds (optional disclosure regime)
  • Commission to adopt a delegated act to establish the content, methodologies and presentation of the information to be disclosed in the issuer periodic post-issuance information (optional disclosure regime)

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21 December 2024

Entry into application of EU GB Regulation. Issuers can issue a European green bond from this date.

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March to June 2025

ESMA consultation on remaining technical standards (2nd main package) (external reviewer regime)

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by 21 December 2025

ESMA to submit draft technical standards to Commission (external reviewer regime)

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5 June 2026

Commission to adopt prospectus schedules under the Listing Act amendments to the EU Prospectus Regulation including in relation to non-equity securities advertised as taking into account ESG factors or pursuing ESG objectives by 5 June 2026

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21 June 2026

End of transitional period for external reviewers (external reviewer regime)

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by 21 December 2026

Commission to publish report on the need to regulate sustainability-linked bonds (including a legislative proposal where appropriate)

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by 21 December 2028 (and every three years thereafter)

Commission to conduct review and report on the application of the Regulation by 21 December 2028 (and every three years thereafter) including, where appropriate accompanied by a legislative proposal including as regards disclosures for issuers of bonds marketed as environmentally sustainable and of sustainability-linked bonds

Insights and resources

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EU Green Bond Regulation podcast series

In this podcast series, we explore different aspects of the EU’s Green Bond Regulation.

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Checklist for EU Green Bond issuers

A brief overview of the key documentary points to consider for issuers looking to issue green bonds which meet the EU Green Bond Standard.

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Debt Capital Markets Legal Outlook 2024

An overview of the topics we expect to be on the agenda for debt capital markets from January 2024.

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Sustainable Futures

Expert views and insights from our ESG team across practice areas on the latest developments in the industry.

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ESG Legal Outlook 2024

The general direction of travel for ESG in 2024 in many jurisdictions across the globe seems to be one of increased regulation, scrutiny and litigation, which will have a significant impact on how businesses plan, operate and report.

Read our Legal Outlook guide
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ESG

ESG for Debt Capital Markets at a Glance

A snapshot of the main EU and UK ESG regulatory and policy initiatives relevant to issuers and underwriters of wholesale debt securities.

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Here at last – the EU’s gold standard in green bonds

The consolidated text of the political agreement on the European Green Bond Regulation (including annexes), reached on 28 February.

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Your key contacts

For more information on the EU Green Bond Standard, please speak to one of our capital markets lawyers below.

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