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By Bill Thornhill
06 May 2021
Green covered bonds no longer have to be reinvented in the face of rising sustainability-linked issuance because banks are now safe in the knowledge that they comply with the EU’s Taxonomy of Sustainable Activities.
In early April, the draft wording of the Taxonomy had suggested that eligible mortgage collateral should have an Energy Performance Certificate of ‘A’ or ‘B’. These are the highest tiers and are largely out of reach for many issuers in several jurisdictions.
The Taxonomy’s heavy reliance on EPC labelling drew howls of protest from the market as this would have effectively shut out green covered bonds. In those bleak days it seemed issuers would be obliged to adapt and develop other strategies.
Climate and Environment: Commission welcomes the final approval of the new LIFE Programme with €5 4 billion budget eureporter.co - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from eureporter.co Daily Mail and Mail on Sunday newspapers.
Bank Of England: Minutes Of The Productive Finance Working Group - March 2021 - The Second Technical Expert Group (TEG) Meeting Date
Agenda
1. Competition law reminder by Simmons & Simmons LLP
2. Updates on and discussion of progress since the previous TEG meeting on solutions to the barriers to investment in less liquid assets
3. Agreeing next steps for delivering draft solutions for the second meeting of the Steering Committee (SC2) on 4 May
Minutes
Item 1 – Competition law reminder by Simmons & Simmons LLP
Simmons & Simmons LLP set out the legal obligations of all members of the Working Group relating to competition law. They reminded members that it is their responsibility to meet their legal obligations and to take their own legal advice.
transition to a circular economy;
pollution prevention and control; and
protection and restoration of biodiversity and ecosystems.
An economic activity will be considered to be environmentally sustainable if it complies with all four of the following criteria:
substantially contributes to one or more environmental objectives;
does not significantly harm (DNSH) any environmental objective;
complies with minimum safeguards based on certain human rights standards; and
complies with the Technical Screening Criteria (TSC), which are the detailed conditions for the first two limbs above.
The EU Taxonomy is due to apply in relation to the climate-related objectives from 1 January 2022. The TSC for these objectives were originally due to be adopted by the Commission on 31 December 2020, however these were delayed.