Core Viewpoint - The evolving climate commitments of countries require investors to adjust their interpretations and strategies accordingly, as these commitments signal future economic directions and climate risks [1][2]. Group 1: Climate Commitment Progress - The progress towards achieving climate goals may be stagnating, with only 13 out of 195 countries submitting updated 2035 emission reduction targets by the deadline [2]. - The urgency and political attention surrounding climate commitments have diminished due to competing global issues such as war, inflation, and geopolitical tensions [2]. - Despite varying levels of government support for energy transition, the shift is reshaping global market dynamics driven by technology, regulation, and finance [2]. Group 2: Integration of Climate Commitments and Investment Analysis - LSEG provides data, models, and research to help investors interpret the intentions and feasibility behind national climate commitments [3]. - The latest "Net Zero Atlas" aligns emission reduction targets with sovereign decarbonization pathways, assessing the compatibility of these commitments with the goal of limiting global warming to well below 2°C [3][4]. - As of now, only 20 updated Nationally Determined Contributions (NDCs) have been submitted, with some countries' commitments still aligning with the 1.5°C target while others indicate a trajectory exceeding 2°C [4]. Group 3: Long-term Climate Goals - LSEG has developed a global dataset identifying over 100 countries with announced long-term climate goals, with 81 aiming for net-zero emissions by 2050 [6]. - Some countries have earlier targets (e.g., Germany by 2045), while others have later targets (e.g., China by 2060, India by 2070) [6]. - The dataset quantifies the scope and specifics of these goals, highlighting whether they are legally binding or merely public commitments, and which greenhouse gases are included [6]. Group 4: Investor Needs Beyond Targets - Investors require more than just targets; they need clear information on policy frameworks, industry implementation pathways, and funding requirements to make climate commitments actionable [8]. - LSEG's tools track not only overall targets but also critical aspects such as interim milestones, legal enforceability, gas coverage, and financing dependencies [9]. - Understanding the specifics of these commitments is crucial for investors assessing future emission risks and transition exposures [9].

Core Viewpoint - The European Commission has proposed a comprehensive reform plan for its sustainable finance agenda, aiming to simplify EU requirements and enhance competitiveness, which includes reducing the number of companies subject to disclosure rules and simplifying technical requirements related to those disclosures [1][3]. Summary by Sections Background of the Comprehensive Proposal - The EU's sustainable finance strategy has introduced several initiatives to direct capital towards environmental goals, including the EU Taxonomy, the Corporate Sustainability Reporting Directive (CSRD), and the Corporate Sustainability Due Diligence Directive (CSDDD) [2]. Proposal Highlights - The comprehensive proposal includes three main suggestions: 1. Amendments to the CSRD and CSDDD to reduce the number of companies required to disclose under CSRD by approximately 80% and exempt many small companies from CSDDD compliance [4]. 2. Delaying the reporting timeline for companies originally set to report in 2026 and 2027 by two years and extending the transposition deadline for CSDDD to 2028 [5]. 3. Revising the EU Taxonomy reporting requirements to reduce reporting templates by 70% and introducing a materiality assessment mechanism, making disclosures voluntary for companies with qualifying activities below 10% [6]. Impact on Investors - Investors have a strong demand for data to integrate sustainability considerations into their investment strategies, with over 80% of asset owners already implementing such practices [8]. - Despite the simplification of the European Sustainability Reporting Standards (ESRS), the EU's sustainable finance framework will still generate detailed reports on corporate sustainability issues, aiding investors in understanding sustainability factors and managing risks [8]. - The proposal maintains consistency between CSRD and other elements of the sustainable finance framework, ensuring that investors can meet reporting requirements for key performance indicators [8]. Data Coverage and Concerns - Some investors express concerns that the proposal may reduce the comprehensiveness of sustainability data available to them, potentially leading to investments in companies that continue to report [10]. - The demand for sustainability data has outpaced what companies can provide, leading data providers to use proxy and estimated data, which may increase costs and risks for investors [11]. LSEG's Solutions - LSEG is adapting its sustainable finance data and analytics solutions to align with the proposed changes, ensuring the quality of its datasets meets evolving regulatory requirements [11]. - The company is committed to helping clients interpret and apply sustainability data effectively, integrating necessary updates into their workflows [11]. Global Regulatory Framework - The EU regulatory framework is designed to be interoperable with emerging global frameworks, particularly those set by the International Sustainability Standards Board (ISSB), providing guidance for industry-specific reporting [12]. Conclusion - The proposal will be reviewed by the European Parliament and the EU Council, and adjustments may occur during negotiations. LSEG is closely monitoring these developments to assist clients in navigating changes in the EU sustainability information disclosure landscape [14].

Delphine Dirat LSEG 政府关系与监管战略高级经理 Elena Philipova LSEG 可持续发展金融总监 David Harris LSEG 可持续发展金融总监 欧洲委员会已公布针对其可持续发展金融议程关键要素的全面改革方案，以简化欧盟的各项要求并提升欧洲 的竞争力。委员会提出的综合方案提议大幅减少受披露规则约束的公司数量，并力求简化与该披露相关的技 术性要求。 尽管报告中的削减方案以及聚焦于更具实质性数据的提案已得到广泛支持，但综合方案中的豁免条款也使投 资者可获取的企业可持续性信息的数量和全面性有所降低。 我们一直密切关注相关进展，并与监管机构及其他利益相关方保持紧密合作，以确保金融专业人士能够获取 所需数据，从而更有效地管理风险并履行监管报告义务。我们最近提出了一系列改革建议，并正在组织讨 论。接下来， 我们将深入探讨这些提案对投资者和发行人的影响，以及LSEG是如何帮助他们应对这些变化 所带来的不确定性。 综合提案背景 近年来，欧盟的可持续发展金融战略已推出多项举措，旨在引导资本投向欧盟所设定的环境目标。这些举措 包括： 欧盟分类法（EU Taxonomy） 该分类法明确了哪些 ...