Sustainability Flash Note: SFDR 2.0: EC reaches final negotiating position

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Sustainability Flash Note: SFDR 2.0: EC reaches final negotiating position

J P M O R G A N Europe Equity Research

01 July 2026

Sustainability Flash Note

SFDR 2.0: EC reaches final negotiating position

• On June 24th, the Council of the European Union has announced that EU

Member States have agreed the Council’s negotiating position on the SFDR

2.0, clearing the way for trilogue with the European Parliament. The mandate

builds on the European Commission's November 2025 legislative proposal

(our view here). In the Parliament, rapporteur Gerben-Jan Gerbrandy

presented his draft report in ECON on 3 June, with an ECON vote on EMEA Sustainable Investing

amendments scheduled for mid-July (our view here). Research

• The Council supports the three proposed financial product categories: Jean-Xavier Hecker AC

Sustainable, Transition and ESG Basics, and further clarifies that the (33-1) 4015 4472

jean-xavier.hecker@jpmorgan.com

categorisation provisions would not apply to alternative investment funds J.P. Morgan Securities plc

offered exclusively to professional investors. For products classified as Hugo Dubourg

Sustainable or Transition, the Council also supports mandatory (33-1) 4015 4471

disclosure of at least three principal adverse impacts, selected from a list to hugo.dubourg@jpmchase.com

be provided by the European Commission. J.P. Morgan Securities plc

• Fossil Fuel Exclusions Removed for Transition Category: As flagged in our Noemie(44-20) 7134-4229de la Gorce, CFA

previous note, SFDR 2.0: Look Before You Leap. Key Debate Points and noemie.delagorce@jpmorgan.com

Investor Concerns ahead of Trilogue Negotiations - Takeaways from our J.P. Morgan Securities plc

Roadshow & Latest Developments, the scope of fossil fuel exclusions has been Ojasvee Shah