On 14 October 2024, the European Securities and Markets Authority (ESMA) published an updated sustainable finance implementation timeline. The timeline covers the following Regulations:

• Sustainability-related disclosures in the financial services sector (SFDR);
• EU Taxonomy Regulation;
• Corporate Sustainability Reporting Directive (CSRD);
• Benchmarks Regulation; and
• The European Green Bonds Regulation.

Some of the key dates and milestones appearing on the timeline are as follows:

• 21 November 2024- Guidelines on funds’ names apply to all newly created funds.
• 1 January 2025- Non-financial undertakings disclose KPIs on taxonomy-alignment under TR Disclosures RTS (additional activities & environmental objectives).
• Q1 2025- Undertakings previously subject to Non-Financial Reporting Directive (NFRD) report under ESRS.
• 21 May 2025- End of transition period for funds existing prior to ESG Fund Names Guidelines application date.
• Mid-2025- Tentative date for the European Commission's review of SFDR Level 1.
• March- June 2025- EU Green Bond Regulation Consultation on remaining technical standards.
• 1 Jan 2026- Financial undertakings disclose KPIs on taxonomy-alignment under TR Disclosures RTS (additional activities and environmental objectives).
• Q1 2026- Large undertakings not previously subject to NFRD report under ESRS.
• 2027- Listed SMEs and small & non-complex FIs report under ESRS (optional).
• 2029- Listed SMEs and small & non-complex FIs report under ESRS for LSMEs (mandatory) and Certain third country undertakings report under ESRS.

The updated timeline can be accessed here.