Share this on social media
1 in 3 activities labeled green in EU Taxonomy are bad for the planet, new alternative Taxonomy shows
(Transport and Environment, 19 Jan 2023) Independent Science-Based Taxonomy launched to save EU’s official list of green investments.
Today, the Observatory Against Greenwashing, a coalition of experts and NGOs, launches its Independent Science-Based Taxonomy. Banks, investors and insurers will be able to check if their investments are truly green and aligned with science on the website www.greenwashed.net.
The initiative aims to bring clarity to investors after the EU labelled gas-fired power, nuclear, the burning of trees, intensive logging, and other harmful activities as “sustainable” in the EU Taxonomy – the new European “green” investment guidebook. The controversial Taxonomy Act on gas-fired power and nuclear entered into force on 1st January 2023.
Luca Bonaccorsi, sustainable finance director at T&E, said: “The EU Taxonomy was originally designed to fight greenwashing but instead has become another tool to deceive consumers. One out of every three activities the EU has labelled green, is harmful to the planet. This isn’t good enough. We need a better taxonomy, one based on science. Now the investor community has it.”
Transport and Environment, 19 Jan 2023: 1 in 3 activities labeled green in EU Taxonomy are bad for the planet, new alternative Taxonomy shows
