The aim of this book is to collect the views of expert academics and practitioners on the latest regulatory developments in sustainable finance in the EU. The volume deliberately includes a wide range of cutting-edge issues. Although it focuses on the green transition, it also addresses social and governance issues. The individual contributions deploy different methods of analysis, including theoretical contributions on the status quo of macrofinancial research as well as law and economics approaches, encouraging interdisciplinary readership. The book chapters are grouped in a thematic way, covering the following areas: (i) general aspects (Part I); (ii) sustainable finance and corporate governance (Part II); (iii) sustainable finance and systemic risk (Part III); and (iv) sustainable finance and financial markets (Part IV). This chapter provides a summary and overview of the chapters. But before doing so the authors discuss the impact of the COVID-19 crisis on the sustainability agenda.
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See the Green Deal presented by the European Commission on 10 December 2019 (COM (2019) 640 final) and the proposal dated 4 March 2020 for a ‘European Climate Law’ (COM(2020) 80 final), amended on 17 September 2020 to include a revised EU emission reduction target of at least 55% by 2030 (COM(2020) 563 final). The Sustainable Finance Action Plan was launched by the previous European Commission on 8 March 2018 (COM (2018) 97 final); for the present position, see https://ec.europa.eu/info/business-economy-euro/banking-and-finance/sustainable-finance_nl.
Always subject to state aid restrictions of course. To ensure that national governments can act swiftly and know what is allowed during the COVID-19 crisis, the European Commission published a specific temporary state aid framework. The Commission is currently handling applications under state aid rules with unprecedented speed and applying the rules in a generous spirit. See: https://ec.europa.eu/competition/state_aid/what_is_new/covid_19.html.