Tobacco Europe has adopted a position paper on the review of the Sustainable Finance Disclosure Regulation (SFDR). Tobacco Europe raises concerns that the European Commission’s proposal could fundamentally change the regulation’s purpose from a transparency framework into a system that effectively excludes certain sectors from sustainable investment categories . In particular, it criticises the proposed blanket exclusion of tobacco-related activities, arguing that it disregards transition efforts and treats a legal industry similarly to prohibited activities without sufficient justification.
The paper calls on the European Parliament and Council to ensure the revised SFDR remains proportionate and focused on disclosure, not exclusion, by prioritising performance-based assessment, maintaining incentives for transition, and safeguarding legal certainty across the EU.
Link: SFDR-position-paper_28.04.2026.pdf
