Sustainable finance policy: Roadmap for the next European Commission  

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About this poll

Since the European Commission’s adoption of its Action Plan on Financing Sustainable Growth in 2018, EU policymakers have shown greater understanding of the urgent need for sustainability legislation in the financial sector.


Over the last five years, great progress has been made through a series of new legislative measures forming the building blocks of a sustainable finance policy framework. Yet, further policy action is needed to ensure that the EU sustainable finance framework is efficient and effective in enabling investors to address sustainability risks and positively influence sustainability outcomes.

With the appointment of the new Commission in 2024, the PRI intends to publish a report by end 2023 to influence this new Commission’s policy priorities on sustainable finance. This poll is designed to gather your feedback on the improvements, changes and potential additional policy reforms needed to consolidate the EU sustainable finance framework. 

The poll includes 7 pages of questions focusing on sustainable finance policy reform in the EU, with an opportunity to also provide thoughts on real economy policy at the end. It should take no more than 10min to complete. Please note that: 

  • No questions are mandatory. 
  • There is no word limit for open text questions. 
  • You can save your progress at any moment and resume the form later. 
  • We would like to receive one submission only per PRI signatory.

Please share your response by 22nd September 2023.

We thank you very much in advance for your contribution.


The PRI EU Policy Team

Your information


In case useful, please find below a glossary of terms used in this poll: 

Alternative Investment Fund Managers Directive (AIFMD)The AIFMD covers requirements relating to the management, marketing, and administration of alternative investment funds.

Corporate Sustainability Due Diligence Directive (CSDD): The CSDD is still under development. It will likely introduce an environmental and human rights due diligence duty for financial and non-financial companies of a certain size, operating in the EU. It also proposes transition plan requirements, linked executive remuneration requirements, and duties for the directors of the EU companies covered.

Corporate Sustainability Reporting Directive (CSRD): 
The CSRD revises the Non-Financial Reporting Directive (NFRD) and the Accounting Directive. It requires companies of a certain size operating in the EU to report sustainability information which, for the first time, will be specified through the ESRS. The CSRD determines which companies must report, on what topics, where and when.

European Sustainability Reporting Standards (ESRS): These standards aim to illustrate companies’ impacts on sustainability matters (impact materiality), and how sustainability matters affect companies’ development, performance and position (financial materiality). The ESRS will clarify the information to be disclosed for each sustainability issue and how this should be reported.

EU Taxonomy: A classification system aimed at developing a list of environmentally sustainable economic activities. Sustainable investments with an environmental objective may or may not be aligned with the taxonomy. For the time being, the taxonomy does not cover socially sustainable economic activities.

Global interoperability: This refers to an ambition to maximise coherence and alignment between similar policies across different jurisdictions across the globe to minimise administrative burden across borders while also enabling each jurisdiction to implement policies which match their sustainability goals.

Institutions for Occupational Retirement Provision Directive (IORP II): The IORP II aims to improve the way occupational pension funds are governed, to enhance information transparency to pension savers and to clarify the procedures for carrying out cross-border transfers and activities. IORP II introduces new requirements on governance, occupational pensions' own risk assessment, and to use a depositary as well as enhanced powers for supervisors.

InvestEU: The InvestEU Programme supports sustainable investment, innovation and job creation in Europe. It aims to trigger more than €372 billion in additional investment over the period 2021-27.

MFF: The Multiannual Financial Framework is the EU’s long-term budget.

Markets in financial instruments directive (MiFID II): The MiFID II creates a new legal framework that better regulates investment and trading activities on financial markets and enhances investor protection. 

Prudent Person Principle: The Prudent Person Principle is the investment rule covered in IORP II and Solvency II.

Sectoral roadmaps: Sectoral roadmaps at the EU and national level lay out pathways for different economic sectors to reach net zero emissions, including indicative timelines, policy changes, necessary industrial decarbonization paths, innovation and development needs, and financing requirements.

Shareholder Rights Directive (SRD II): This establishes rules promoting the exercise of shareholder rights at general meetings of companies with registered offices in the EU and the shares of which are admitted to trading on a regulated market in the EU. The 2017 revision aims to encourage long-term shareholder engagement to ensure that decisions are made for the long-term stability of a company and take into account environmental and social issues.

Stewardship: The use of influence by institutional investors to maximise overall long-term value including the value of common economic, social and environmental assets, on which returns, and clients’ and beneficiaries’ interests depend.

Sustainable Finance Disclosure Regulation (SFDR): SFDR lays down sustainability disclosure obligations for manufacturers of financial products and financial advisers toward end-investors, covering the integration of sustainability risks into investment decisions, but also the adverse impacts of those decisions on the environment and society.

Sustainability impacts: These are the positive and negative effects of investment activities on people and/or the planet. They are understood in the context of global sustainability goals and thresholds.

Systemic risks: These are system-wide risks created by the declining sustainability of various aspects of the natural or social environment. This type of risks cannot be mitigated simply by diversifying the investments in a portfolio and threaten the functioning of the economic, financial and wider systems on which investment performance relies. If risks of this sort materialised, they would therefore damage the performance of a portfolio as a whole and all portfolios exposed to those systems.

Transition planning: In light of the economy-wide changes required to address climate change, organisations are now being explicitly asked to disclose climate transition plans. These plans should be clearly disclosed as part of climate strategy, guided by the metrics and targets the organisation has chosen, and overseen and approved by the board.

Undertakings for collective investment in transferable securities (UCITS): The Undertakings for the Collective Investment in Transferable Securities is the EU Commission's regulatory framework for managing and selling mutual funds.

1. General questions

Q1. What areas of sustainable finance legislation do you think should be prioritised by the next European Commission? Please rank the following areas of policy revision by priority:
N/A Very low Low Medium High Very high

2. Stewardship

3. Financing the transition

4. Investors' duties

5. SFDR and corporate reporting

6. Investment practices

7. Climate, social and economic policy

What areas of sustainability issues-specific legislation do you see as a priority for the next European Commission? Please rank the following areas of policy revision by priority:
N/A Very low Low Medium High Very high

Thank you!

Thank you for completing the poll. Your input will support the development of key recommendations on sustainable finance for the next European Commission.

For any questions about this project, please contact: [email protected]