Companies involved in fossil fuels will no longer be able to claim the 'sustainable' label

Companies involved in fossil fuels will no longer be able to claim the 'sustainable' label

 LOIC VENANCE

The European Commission said Thursday it wants to exclude companies involved in fossil fuels from financial products marketed as "sustainable" in the EU, a step long demanded by environmental groups and experts.

The move is part of EU proposals to revise the bloc's Sustainable Finance Disclosure Regulation (SFDR), introduced in 2021 to steer savers toward greener investments through a classification system for funds.

Originally published on doc.afp.com, part of the BLOX Digital Content Exchange.