1.   By 21 December 2028 and every three years thereafter, the Commission shall, after consulting ESMA and the Platform on Sustainable Finance established by Article 20 of Regulation (EU) 2020/852, submit a report to the European Parliament and to the Council on the application of this Regulation. That report shall evaluate, to the extent possible, at least the following:

(a)	the uptake of the European Green Bond standard and its market share, both in the Union and globally, in particular by small and medium-sized enterprises;

(b)

the impact of this Regulation on the transition to a sustainable economy, on the gap of investments needed to meet the Union climate targets as set out in Regulation (EU) 2021/1119 of the European Parliament and of the Council (24), and on redirecting private capital flows towards sustainable investments;

(c)	the functioning, and the supervision by ESMA, of the market for external reviewers;

(d)	the appropriateness, and the impact on external reviewers and on ESMA’s budget, of the delegated acts adopted pursuant to Article 66(3);

(e)	the credibility, and any cases of abuse, of environmental claims in the green bond market;

(f)	the functioning of the sustainability-linked bond market, including the credibility and quality of relevant claims;

(g)

the need to recognise a third country’s criteria for determining environmentally sustainable economic activities as equivalent to the taxonomy requirements, provided that there are specific safeguards in place in order to ensure equivalent objectives, for the purposes of authorising the allocation of the use of proceeds of a European Green Bond in accordance with such third-country criteria;

(h)	the practical impact of Article 5 on the use of European Green Bonds, the environmental quality of the use of their proceeds, and the reasons why the flexibility provided for in that Article does not prevent the transition towards the financing of environmentally sustainable activities;

(i)

the implementation of Title III of this Regulation, including the use of the templates referred to in that Title by issuers of bonds marketed as environmentally sustainable or of sustainability-linked bonds, whether or not such bonds are marketed in the European Economic Area, an analysis of the uptake of those templates, the evolution of the market and the consistency of those templates with relevant Union law, including Regulation (EU) 2019/2088.

2.   The reports referred to in paragraph 1 shall, where appropriate, be accompanied by a legislative proposal, including as regards disclosures for issuers of bonds marketed as environmentally sustainable and of sustainability-linked bonds.

3.   By 21 December 2026, the Commission shall publish a report on the need to regulate sustainability-linked bonds, accompanied by a legislative proposal, where appropriate.

4.   The Commission shall, by 31 December 2024 and every three years thereafter, publish a report to inform issuers of European Green Bonds about the review conducted pursuant to Article 19(5), third subparagraph, of Regulation (EU) 2020/852, including the consistency of the technical screening criteria with the criteria laid down in Article 10(2) of that Regulation, taking into account the grandfathering rules laid down in Article 8 of this Regulation.

5.   By 21 December 2028 EBA, in close cooperation with ESMA and the European Supervisory Authority (European Insurance and Occupational Pensions Authority) (EIOPA) established by Regulation (EU) No 1094/2010 of the European Parliament and of the Council (25) (known collectively as the ‘European Supervisory Authorities’ or the ‘ESAs’), shall publish a report on the feasibility of extending the eligibility to use the designation ‘European Green Bond’ or ‘EuGB’ for the purpose of synthetic securitisations.

6.   By 21 December 2029, the Commission may, based on the report referred to in paragraph 5, submit a report to the European Parliament and the Council. The Commission’s report may be accompanied, if appropriate, by a legislative proposal.

7.   By 21 December 2028 and, where appropriate, every three years thereafter, the ESAs shall, through the Joint Committee referred to in Article 54 of Regulations (EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010, publish a report on the evolution of the market for securitisation bonds. Those reports shall assess, among others, whether the volume of taxonomy-aligned assets has increased sufficiently for the purpose of reviewing the application of the use-of-proceeds rules for securitisation bonds whose issuers seek to use the designation ‘European Green Bond’ or ‘EuGB’.

8.   The Commission shall, based on the report referred to in paragraph 7, submit a report to the European Parliament and to the Council. The Commission’s report shall be accompanied, if appropriate, by a legislative proposal.