Regulation 2024/3005 - Transparency and integrity of Environmental, Social and Governance (ESG) rating activities - Main contents
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Regulation (EU) 2024/3005 of the European Parliament and of the Council of 27 November 2024 on the transparency and integrity of Environmental, Social and Governance (ESG) rating activities, and amending Regulations (EU) 2019/2088 and (EU) 2023/2859| Legal instrument | Regulation |
|---|---|
| Number legal act | Regulation 2024/3005 |
| Regdoc number | PE(2024)43 |
| Original proposal | COM(2023)314  |
| CELEX number i | 32024R3005 |
| Document | 27-11-2024; Date of signature |
|---|---|
| Signature | 27-11-2024 |
| Effect | 01-01-2025; Entry into force Date pub. +20 See Art 53 02-07-2026; Application See Art 53 |
| Deadline | 02-01-2026; See Art 42.2 02-04-2026; See Art 30.1 02-07-2026; See Art 51.1 02-08-2026; See Art 51.1 02-11-2026; See Art 51.3 01-01-2029; See Art 47.2 02-01-2029; Review See Art 52.1 |
| End of validity | 31-12-9999 |
Official Journal of the European Union |
EN L series |
2024/3005 |
12.12.2024 |
REGULATION (EU) 2024/3005 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 27 November 2024
on the transparency and integrity of Environmental, Social and Governance (ESG) rating activities, and amending Regulations (EU) 2019/2088 and (EU) 2023/2859
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114 thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinion of the European Economic and Social Committee (1),
Acting in accordance with the ordinary legislative procedure (2),
Whereas:
(1) |
On 25 September 2015, the UN General Assembly adopted a new global sustainable development framework, the 2030 Agenda for Sustainable Development (the ‘2030 Agenda’), having at its core the Sustainable Development Goals (SDGs). The Commission’s Communication of 22 November 2016 entitled ‘Next steps for a sustainable European future: European action for sustainability’ links the SDGs to the Union policy framework to ensure that all Union actions and policy initiatives, both within the Union and globally, take the SDGs on board at the outset. The European Council conclusions of 22 and 23 June 2017 confirmed the commitment of the Union and the Member States to the implementation of the 2030 Agenda in a full, coherent, comprehensive, integrated and effective manner and in close cooperation with partners and other stakeholders. In addition, the UN-supported Principles for Responsible Investment has, at the time of adoption of this Regulation, more than 5 300 signatories representing over EUR 120 trillion of assets under management. On 11 December 2019, the Commission published its communication entitled ‘The European Green Deal’ (the ‘European Green Deal’). On 30 June 2021, the European Climate Law was adopted as Regulation (EU) 2021/1119 of the European Parliament and of the Council (3), which enshrines in Union law the goal set out in the European Green Deal of Union economy and society becoming climate-neutral by 2050. |
(2) |
The transition to a sustainable economy is key to ensuring the long-term competitiveness and sustainability of the Union economy and the quality of life of citizens in the Union, and to keeping global warming well below the 1,5 degree Celsius threshold. Sustainability has long been at the heart of Union policies and both the Treaty on European Union and the Treaty on the Functioning of the European Union (TFEU) recognise its social and environmental dimensions. |
(3) |
Achieving the objectives of the SDGs in the Union requires the channelling of capital flows towards sustainable investments. It is necessary to fully exploit the potential of the internal market for the achievement of those objectives. In that context, it is crucial to remove obstacles to the efficient movement of capital towards sustainable investments in the internal market, to prevent such obstacles from emerging, and to set rules and standards to, on the one hand, promote sustainable finance and, on the other, disincentivise investments that can adversely impact the achievement of the objectives of the SDGs. |
(4) |
The Union’s approach to sustainable and inclusive growth is anchored in the 20 principles of the European Pillar of Social Rights, as laid down in the Commission’s Communication of 26 April 2017 entitled ‘Establishing a European Pillar of Social Rights’, which aim to ensure a fair transition towards such growth and to ensure policies which leave no one behind. Furthermore, the Union social acquis, including the Union of Equality Strategies, provides standards in the areas of... |
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