The European Commission established a Technical Expert Group (TEG) on sustainable finance in July 2018. The Commission has further requested the TEG to prepare a proposal for an EU Green Bond Standard (EU-GBS) building on current best practices. The report on that standard was published on 18 June 2019, The TEG proposes that the Commission creates a voluntary, non-legislative EU Green Bond Standard to enhance the effectiveness, transparency, comparability and credibility of the green bond market and to encourage the market participants to issue and invest in EU green bonds. The Commission expects this standard to help determine which climate and environmentally-friendly activities should be eligible for funding via an EU green bond and to boost the green bond market allowing investors to scale up sustainable and green investment.