Article 12 Exclusions for EU Paris-aligned Benchmarks ... Climate transition benchmarks - Sustainable investing By Tom Eckett. Introduction Climate transition benchmarks have become a focal point for investors looking to integrate climate risks into their portfolios and align them with the climate goals of the Paris Agreement (or "Paris-aligned" benchmarks). Benchmark holdings The benchmark regulation seeks, among other things, a 7% year-on-year decarbonisation goal of its holdings. The final report on climate benchmarks and the benchmarks' ESG disclosures prepared by the EU Technical Expert Group (EU TEG) was published in September 2019, and the resulting EU Regulation 2019/2089 entered into force on 10 December, 2019. Two types of Climate benchmarks have been included in the Benchmark Regulation: "Climate-Transition Benchmark" (CTB) and "Paris-Aligned Benchmark" (PAB). PDF Investor Briefing EU climate benchmarks 2019 Accordingly, EU Benchmark Regulation has introduced two sets of minimum benchmark requirements that attempt to address the risk of greenwashing, and create a definition for investment products that seek to demonstrate alignment with the Paris Agreement objectives. European Commission adopts climate benchmark rules Climate benchmarks will address the risk of 'greenwashing' and contribute to an increased level of transparency and comparability The European Commission has adopted technical regulations for climate benchmarks, which will help investors align their investments with the Paris climate goals REGULATION (EU) 2016/1011 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL. EU Climate Benchmarks Factsheet. The impact of the EU's climate benchmarks will also depend on how well they will be able to balance the twin goals of performance and decarbonisation, while attracting investments. PDF Insights Environmental, Social EU Sustainable Finance ... Europe's Going Green May Require Fine-Tuning of Stock Indexes The new rules supplement obligations that have technically applied under the EU BMR since 30 April 2020. Once the Delegated Acts are adopted, the benchmark administrators must start complying with this Regulation. CLIMATE-RELATED BENCHMARKS - Europa Index provider reiterates warnings against use of enterprise-value based carbon intensity and regards integration of implied temperature rise metrics into portfolio construction as premature 1 EU CTB and EU PAB were originally introduced in February 2019, when co-legislators agreed to amend the European Benchmark Regulation. On 8 November 2019, the Regulation amending the EU Benchmark Regulation (BMR) as regards EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosure for benchmarks (the Amending Regulation) was adopted by the European Union.In addition to changes to introduce new climate benchmarks and mandated sustainability-related disclosures, the Amending . Once the Delegated Acts are adopted, the benchmark administrators must start complying with this Regulation. The European Commission has adopted technical regulations for climate benchmarks, which will help investors align their investments with the Paris climate goals. 2 The EU Technical Expert Group on Sustainable Finance Final Report on Climate Benchmarks and Benchmarks' ESG Disclosure, September 2019. European Union: One More Step Towards Sustainable Finance In The European Union. ETF issuers flooded the market with climate change ETFs last year following the release of the European Union's climate benchmarks in November 2019, however, there are some corners of the industry warning about the potential risks of these strategies and the greenwashing they are encouraging. Benchmark Regulation. 3 Taxonomy Regulation is the cornerstone of the EU's approach to sustainable finance, The Low Carbon Benchmarks Regulation entered into force on 10 December 2019. Two new types of climate benchmarks issued by the European Union have inspired a raft of new climate-aware funds. The Taxonomy Regulation EU/2020/852 was published in June 2020. one or more EU Climate Transition Benchmarks 1 Jan, In Force: Transparency It amends the Benchmark Regulation to create two EU climate benchmarks, and as at 30 April 2020 requires all benchmark administrators to . Benchmark holdings. A tilt based exposure targeting framework is a suitable option for constructing a portfolio that meets the PAB or CTB requirements. On 3 December 2020, three delegated acts supplementing Regulation (EU) 2019/2089 of 27 November 2019 amending Regulation (EU) 2016/1011 ("Benchmark regulation") as regards EU climate transition benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks were published in the EU Official Journal. In late 2019, the EU adopted new regulations that introduced two climate . On 9 December 2019, there was published in the Official Journal of the European Union ( OJ ): 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 . Our goal is to leverage on transitional opportunities, avoiding risks, and . category of benchmarks, so-called EU Climate Benchmarks (the EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks), and sustainability-related disclosures for all benchmarks. 1) Article 1 Definitions To learn more, visit our EU Action Plan solutions page. the proposed delegated act setting out the requirements for EU Climate Benchmarks has recently mandated the . Benchmark regulation became a hot topic following the LIBOR scandal, after which the EU Benchmarks Regulation was brought in to regulate the provision and use of, as well as contribution of input data to, certain benchmarks. the climate benchmark regulation is part of the european commission's action plan on financing sustainable growth that was launched in 2018. Following the legislative process, Regulation (EU) 2019/2089 of November 27, 2019 amending Regulation (EU) 2016/1011 as regards EU climate transition benchmarks, EU Paris-aligned Benchmarks, and . In that context, a Technical Expert Group (TEG) received a mandate to suggest minimum technical requirements for the methodology of both climate benchmarks and recommendations on ESG disclosures, including . The final report on climate benchmarks and the benchmarks' ESG disclosures prepared by the EU Technical Expert Group (EU TEG) was published in September 2019, and the resulting EU Regulation 2019/2089 entered into force on 10 December, 2019. Commenting on the news, the Commission said that it will address the risk of 'greenwashing' and contribute to an increased level of transparency and comparability. At the date of publication of this article the European Commission has not clarified this point. The Climate Benchmark Regulation is part of the European Commission's Action Plan on financing sustainable growth. Index providers who wish to offer one must meet the standards of the EU Benchmarks Regulation, which was updated in 2020 to provide a framework for climate-specific indices against which the performance of investment funds could be judged. Complying with the minimum requirements set by the EU, our strategy goes much further. It is applicable as of 1 January 2018. Index providers who wish to offer one must meet the standards of the EU Benchmarks Regulation, which was updated in 2020 to provide a framework for climate-specific indices against which the performance of investment funds could be judged. Benchmarks regulation on Climate Benchmarks and Benchmarks ESG Disclosures Q4, Official Text: . The delegated regulations ((EU) 2020/1816 and (EU) 2020/1817) for ESG disclosure ("Delegated Regulations") are effective as of . EU climate benchmarks 'de facto mandatory' for Article 9 funds. These disclosures are summarised in Appendix C. In December 2019, the European Commission amended the EU Benchmarks Regulation to introduce the new categories of climate benchmarks. It introduces two new climate-related benchmark classifications, EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks, as two distinct categories of low carbon benchmarks. The new EU Climate Benchmarks Regulation (regulation (EU) 2019/2089 - CBR), imposes strict methodology and disclosure obligations on benchmark administrators for climate-benchmarks, which must be classified as either Paris-Aligned Benchmarks (PABs) or the less-ambitious "Climate Transition Benchmarks"(CTBs). New climate benchmarks As noted in the TEG's final report , a climate benchmark is an investment benchmark that incorporates specific objectives related to greenhouse gas (GHG) emission reductions and the . , 1 February 2021. What is the EU Paris-Aligned Benchmark (PAB)? More information on Climate benchmarks is available on ESMA's website here. Recitals; Chapter I Definitions (art. As such, Europe should set clear benchmarks for what constitutes credible climate action and adherence to the principles of the current global climate governance regime. Among other solutions for improving . 2 Benchmark Regulation -Regulation (EU) 2016/1011 3 Action plan on sustainable finance 4 Final compromise text on the regulation on EU Climate Transition Benchmarks and EU Paris-Aligned Benchmarks 5 TEG Interim Report on climate benchmarks and benchmarks' ESG disclosures, June 2019. The Benchmark Regulation establishes uniform rules for benchmarks in the EU. Background The EU is committed to the objectives of the 'Paris Agreement' on climate change. Smart beta index provider Scientific Beta has highlighted "significant flaws" in the European Union's climate benchmarks. ESMA relief for benchmark administrators' disclosures expired on 23 Dec 2020; administrators must endeavour to develop at least one climate benchmark by 2022. The indices were constructed in collaboration with ISS ESG and Sustainalytics, two of the leading providers of sustainability data."The launch of the CTB and PAB Climate Benchmarks reflects Qontigo's commitment to being at . Following the legislative process, Regulation (EU) 2019/2089 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 was published in the Official Journal on 9 December 2019, and entered into application on 30 April 2020. An 'EU Climate Transition Benchmark' means a benchmark that is labelled as an EU Climate Transition Benchmark where the underlying assets are . It will enter into force on 1 January 2022. Of which exposures towards companies exluded from EU Paris-aligned Benchmarks in accordance with points (b) to (g) of Article 12.1 and in accordance with Article 12.2 of Climate Benchmark Standards Regulation of which exposures towards other carbon-related sectors* Total GHG financed emissions of the portfolio (in TCo2) The EU Benchmark Regulation (BMR), as amended by the EU Regulation on Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks (the Low-Carbon Regulation) (covered in our briefing here) entered into force in December 2019 and created two new categories of benchmark under the BMR . In a letter to the European Commission, the index provider, which was acquired by the Singapore Exchange in January, said there was a lack of "serious" study in the EU's draft regulation which are designed to introduce new standards on climate change. The EU Paris-aligned and Climate Transition (PACT) benchmarks have been effectively made mandatory for investment funds to be judged among the most sustainable under the EU Sustainable Finance Disclosure Regulation (SFDR). 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 (Benchmarks Regulation). The long-awaited delegated acts (Delegated Acts) required by Regulation (EU) 2019/2089 (the Low Carbon Benchmarks Regulation), which amends the EU Benchmarks Regulation (BMR), have been published . Regulation (EU) 2019/2089, known as the " Low Carbon Benchmark Regulation ", was published in the Official Journal on 9 December 2019 and entered into force on 10 December 2019 in order to amend Regulation (EU) 2016/1011 known as the " Benchmark Regulation ". This led to the creation of the EU Climate Transition Benchmark and the EU Paris-Aligned Benchmark. EU minimum requirements on Paris-aligned and Climate Transition Benchmarks are achievable and can be specified as feasible benchmark and portfolio construction objectives. Finally, the Low-Carbon Benchmark Regulation that came into force on 10 December 2019 is intended to provide investors with a user-friendly tool for comparative analysis of low-carbon benchmark methodologies. With its " benchmarks regulation " the European Union wishes to create a common basis of minimum criteria to meet for "green" financial indices, and thus contribute to making finance compatible with the goals of the Paris Agreement. The European Union should consider updating regulation on market benchmarks to facilitate investment in green projects and help meet the objectives of the climate-protection Paris Agreement, according to a report commissioned by the bloc's regulator. Commission Delegated Regulation (EU) 2020/1818 of 17 July 2020 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council as regards minimum standards for EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks. FTSE Russell Study on EU Paris-aligned Benchmarks 2020 4 2. This led to the creation of the EU Climate Transition Benchmark and the EU Paris-Aligned Benchmark. The delegated regulations were published in the Official Journal of the European Union on 3 December 2020 and will enter into force on 23 December 2020. Scientific Beta welcomes updated TCFD guidance and renews criticism of EU Climate Transition and Paris-Aligned Benchmark Regulation. This note provides an overview of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR or Disclosure Regulation), Regulation (EU) 2019/2089 amending Regulation (EU) 2016/1011 (BMR) as regards EU climate transition benchmarks, EU Paris-aligned benchmarks and sustainability-related disclosures for benchmarks (Low Carbon Benchmark Regulation) and . These updates in the regulation will be key to the success and consistency of both climate benchmarks over time, In light of the legislative text as agreed between co-legislators, the Sustainalytics is committed to helping investors comply with EU Action Plan regulations. The Low Carbon Benchmarks Regulation amended the Benchmarks Regulation (Regulation (EU) 2016/1011) (BMR) to introduce a new category of benchmarks and to provide for sustainability-related disclosures for all benchmarks. The FTSE Paris-aligned Benchmark (PAB) Indexes and FTSE Climate Transition . 2 Regulation (EU) 2019/2089 of the European Parliament and of the Council of November 27, 2019 amending Regulation (EU) 2016/1011 as regards EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks. This regulation consists of the creation of two climate index benchmarks that provide a blueprint to be followed for any green financial index. European Benchmark Regulation's switch from a robust market standard to alternative indicators is unhelpful in the pursuit of climate change mitigation If global warming is to be curtailed to 1.5°C, then there is an urgent need for net greenhouse gas Technical analysis of key elements of the climate benchmark standards & potential solutions. The delegated act sets out the technical requirements that a benchmark needs to include if it is to be labeled as an EU Climate Benchmark. It sets out categories of economic activities that are considered environmentally sustainable. Paris Climate Agreement. We currently offer a Benchmark mapping service for the Benchmark Regulation and a Taxonomy data service for the Taxonomy Regulation. The Regulation on the EU Climate Transition Benchmarks creates two new categories, or labels, of climate-related benchmarks: the EU climate transition benchmark which brings the resulting benchmark portfolio on a decarbonisation trajectory; and The regulation, which amends EU Regulation 2016/2011, is part of the European Commission's Action Plan for Financing Sustainable Growth. 5 measures in the plan include the creation of a taxonomy of sustainable finance practices, mechanisms to enhance investor responsibilities and portfolio disclosure, and improved transparency in corporate … The Disclosures Regulation (EU) 2019/2088, most provisions of which will apply from March 2021, and amended Benchmark Regulation (EU) 2016/1011 (Low Carbon Benchmarks Regulation), which applied from April 2020, have been introduced. EU Climate Transition Benchmark EU Paris-aligned This document forms part of 2° Investing Initiative's response to the European Commission's consultation on the draft delegated regulation for minimum climate benchmark standards. Scientific Beta criticises use of Enterprise Value in European Benchmark Regulation. 2. In 2020, the European Commission laid down the minimum criteria that indexes must meet to be labeled CTB and PAB 1.PAB indexes approximate a pathway for the index to achieve alignment with the 1.5°C goal of the Paris Agreement, measured against an initial base level for the index. Summary. 1 Regulation (EU) 2019/2089 has created two new categories of benchmark; Regulation (EU) 2019/2089 has created two new categories of benchmark; and the EU Climate-Transition Benchmark. They aim at detailing the implementation of the amendments of the EU Benchmark Regulation (BMR) that were adopted at the end of 2019 by the European Union on EU Climate . New climate benchmarks As noted in the TEG's final report , a climate benchmark is an investment benchmark that incorporates specific objectives related to greenhouse gas (GHG) emission reductions and the . These include the Climate Transition Benchmarks (CTB) and Paris-Aligned Benchmarks (PAB). The impact of the EU's climate benchmarks will also depend on how well they will be able to balance the twin goals of performance and decarbonisation, while attracting investments. The Benchmark Regulation introduces a common framework to ensure the accuracy and integrity of benchmarks referenced in financial instruments, financial contracts, or investment funds in EU. This has fueled Commission Delegated Regulation (EU) 2020/1818 Background. . The regulation, which amends EU Regulation 2016/2011, is part of the European Commission's Action Plan for Financing Sustainable Growth. Examine indexes and benchmarks that may apply to their own securities, such as EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks under EU Regulation 2019/2089 and other . 2019/2089 amends Regulation (EU) 2016/1011 as regards EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks. As outlined in Article 9 of Regulation (EU) 2020/852 of the European Parliament and the Council 1.2. All benchmark administrators should also "endeavour" to market one or more climate benchmarks from this date. of 8 June 2016. on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 The regulation on the EU climate benchmarks requires that the carbon intensity measure used in portfolio construction be based on enterprise value, including cash (EVIC). Objectives of the Delegated Regulation The objective of this Delegated Regulation is to set out the minimum standards that EU This note provides an overview of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR or Disclosure Regulation), Regulation (EU) 2019/2089 amending Regulation (EU) 2016/1011 (BMR) as regards EU climate transition benchmarks, EU Paris-aligned benchmarks and sustainability-related disclosures for benchmarks (Low Carbon Benchmark Regulation) and . It is a cornerstone of the European Commission's Sustainable Finance Action Plan and will be used in different areas such as regulation, disclosure obligations, The EU Low Carbon Benchmark Regulation amends the EU Benchmark Regulation in two ways: first, it introduces two new benchmark classifications—EU Climate Transition Benchmarks (EU CTB) and EU Paris-Aligned Benchmarks (EU PAB)—and second, it requires administrators of ESG benchmarks to publish certain information. Commission Delegated Regulation (EU) 2020/1818 of 17 July 2020 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council as regards minimum standards for EU Climate Transition Benchmarks and EU Paris Aligned Benchmarks. Benchmarks Regulation The regulation was created by an amendment to the existing EU Benchmark Regulation. On 9 December 2021, the European Commission's ("Commission") EU Taxonomy Climate Change Delegated Act ("DA") was published in the Official Journal of the EU after being approved by the European Council. Where states meet these benchmarks, cooperation can be mutually beneficial, and the joint development of standards can leverage the enormous global market power of the EU and . Solactive BBVA Climate Action CTB Europe Index is a Climate Transition Benchmark (CTB) to accompany the transition to a low-carbon economy, based on the EU Climate Benchmarks. EU Climate Benchmark and Sustainability Disclosures regulation * Climate Benchmark standards encourage greenwashing and cannot be considered an informative label on the sustainability of the indices that refer to them With the publication of the delegated acts laying out the minimum contents of explanations about The ESA's have written a letter to the European Commission to clarify whether this requirement to track the benchmarks on a passive basis will be required. The benchmark regulation seeks, among other things, a 7% year-on-year decarbonisation goal of its holdings. Benchmarks Regulation, setting out sustainability criteria in order for a benchmark to qualify as an EU Climate Transition Benchmark (EU CTB) or EU Paris-aligned Benchmark (EU PAB) and setting out the environmental, social, and governance (ESG) disclosure requirements for benchmarks provided in accordance with the European Benchmarks Regulation . Following the publication of the EU TEG Report on Benchmarks in September 2019, the European Commission (EC) has published three consultations on draft delegated regulations for ESG Disclosure and EU climate benchmarks.. On 27 November 2019, the Benchmarks Regulation was amended as regards EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks. The EU Low Carbon Benchmark Regulation requires administrators of benchmarks (other than interest rate and FX) to comply with new requirements to disclose environmental, social, and governance (ESG) factors in their methodology documents and benchmark statements. EU Climate benchmarks are investment benchmarks that incorporate specific objectives related to carbon emission reductions and the transition to a low-carbon economy. This regime has been maintained in the UK post-Brexit, with some adjustments. Moreover, Delegated Regulation (EU) 2020/1818 describes the minimum standards for the EU Climate Transition Benchmark and the EU Paris-Aligned Benchmark. The Regulations specify new sustainability-driven disclosure rules for benchmark statements and benchmark methodologies, and prescribe minimum standards for EU climate transition benchmarks and EU Paris-aligned benchmarks . to an EU Climate Transition Benchmark or an EU Paris-aligned Benchmark (once available). Another way of normalising emissions is by revenues, which is a feature of the weighted average carbon intensity metric recommended by the Task Force on Climate-related . U ndertakings for collective investment ("UCIs") promoting environmental and/or social characteristics, having a sustainable investment objective or more specifically a CO 2 emissions reduction objective will make extensive use of benchmarks to measure and disclose their environmental, climate and social performance. 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