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The European Union can power forward its project for a joint capital markets area by promoting a "Green Capital Markets Union," supported by joint standards for green issuance, harmonised tax treatment of sustainable investment and special procedures for green assets as national insolvency rules converge, European Central Bank President Christine Lagarde said in a speech on Thursday.

Lagarde, who has said she will make efforts against climate change a key part of the ECB's mission, also welcomed European Commission proposals on corporate sustainability disclosures, which could be integrated into a single European access point for key information about companies. She was speaking in Frankfurt to a Commission event to discuss the proposal.

Around 60% of all green senior unsecured bonds issued globally in 2020 originated in Europe, with the outstanding volume of green bonds issued in the bloc up almost eight-fold since 2015, Lagarde said.