Although there is increasing demand for investments that take into account environmental, social and governance (ESG) factors, ESG investing poses certain challenges for fund managers. A recent Dechert program examined the most pressing issues facing fund managers that are interested in pursuing ESG strategies. The program featured partners Julien Bourgeois; Andrew L. Oringer; Mark D. Perlow; Mikhaelle Schiappacasse; and Anthony S. Kelly, former Co‑Chief of the Asset Management Unit of the SEC Division of Enforcement. This second article in a two-part series covers E.U and global ESG developments, including E.U. and global leadership; disclosure, taxonomy and low-carbon benchmarks regulations; and other E.U. initiatives. The first article discussed the key insights from the program on ESG in the U.S. regulatory landscape, including issues unique to ERISA fiduciaries, private funds, managed accounts and registered funds; SEC examination and enforcement focus; and strategies for ensuring compliance when embracing ESG. See “Survey Identifies Drivers and Obstacles for Sustainable Investing” (Apr. 2, 2020); and “Preparing for the Impact Revolution: How Fund Managers Can Implement the Philosophy of ‘Doing Well by Doing Good’” (Mar. 21, 2019).