ESMA published two thematic notes on 12 October 2026, aimed at enhancing clarity in sustainability-related claims. The notes encourage market participants to provide clear explanations of their sustainability objectives and methodologies for measuring impacts.
The thematic notes do not impose new regulatory requirements but serve as guidance for firms. They focus on impact claims and climate transition claims, providing observations and examples to support understanding of existing expectations for clear, fair, and not misleading communication.
The guidance applies to investment firms and asset managers involved in sustainability-focused products. These entities must ensure their communications align with the expectations outlined in the thematic notes to mitigate reputational risks.
There is no stated deadline for compliance with the guidance. Firms are encouraged to review their current practices against the recommendations to avoid misleading communications and enhance investor trust.