This policy paper provides a comprehensive overview of the European Union’s journey toward integrating sustainability into its financial systems since 2018. It tracks the progression of key initiatives, from the initial steps outlined in the 2016 Communication on Capital Markets Union (CMU) to the current framework. While significant strides have been made, the paper acknowledges instances where the implementation has fallen short of expectations, potentially eroding the confidence of organizations dedicated to sustainability. Additionally, it underscores the pivotal role played by FEBEA and the ethical finance sector in shaping this evolving landscape, offering critical insights and assessments of the overall framework and specific policies.