SFDR 2 : vers un marché financier européen crédible et cohérent

The document argues that the original SFDR created confusion and enabled greenwashing due to a lack of clear minimum guarantees. It proposes that the revised 'SFDR 2' should exclude fossil fuel developers from all categories, establish stricter and clearer criteria for 'transition' assets, and resolve inconsistencies regarding reporting obligations for non-categorized funds to restore investor trust.

• The original SFDR, specifically Articles 8 and 9, led to market confusion and greenwashing because the framework was complex and lacked clear minimum guarantees, leading some retail investors to wrongly assume funds provided basic environmental guarantees.
• To ensure credibility and prevent greenwashing, the SFDR 2 should exclude developers of coal, oil, and gas from all categories, which would address the limitations of ESMA's fund naming guidelines that currently allow green claims while supporting polluting companies.
• The current proposal for the 'transition' category is too imprecise, allowing fund managers to use various criteria to meet a 70% threshold of assets linked to a transition objective; the author argues for clearer criteria based on market best practices to avoid greenwashing.
• The proposed SFDR 2 contains inconsistencies that need correction, including the ability to make claims on funds that do not meet the three category criteria, the exemption of non-categorized funds from reporting 'principal adverse impacts' (PAIs), and increased complexity for Member States to maintain existing transparency rules.

APA

Manickawasagar, A. (2025). SFDR 2 : vers un marché financier européen crédible et cohérent. Reclaim Finance. https://reclaimfinance.org/site/2025/12/02/sfdr-2-vers-un-marche-financier-europeen-credible-et-coherent/

Chicago

Manickawasagar, Aatiraï. SFDR 2 : vers un marché financier européen crédible et cohérent. Reclaim Finance, 2025. https://reclaimfinance.org/site/2025/12/02/sfdr-2-vers-un-marche-financier-europeen-credible-et-coherent/.

Wikipedia

{{cite report |last1=Manickawasagar |first1=Aatiraï |title=SFDR 2 : vers un marché financier européen crédible et cohérent |publisher=Reclaim Finance |date=2 December 2025 |url=https://reclaimfinance.org/site/2025/12/02/sfdr-2-vers-un-marche-financier-europeen-credible-et-coherent/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{manickawasagar2025sfdr, author = {Manickawasagar, Aatiraï}, title = {{SFDR 2 : vers un marché financier européen crédible et cohérent}}, institution = {Reclaim Finance}, year = {2025}, month = dec, url = {https://reclaimfinance.org/site/2025/12/02/sfdr-2-vers-un-marche-financier-europeen-credible-et-coherent/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }