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Brussels offers EU countries greater say on green finance taxonomy
(EurActiv, 1 Jun 2021) The European Commission has offered EU member states a greater role in deciding which technologies can be considered a sustainable investment in Europe after narrowly escaping a humiliating defeat last year over draft labelling rules for gas under its green finance taxonomy.
The EU executive unveiled a first batch of sustainable finance implementing rules on 21 April, spelling out detailed emission thresholds that companies need to comply with in order to win a climate-friendly investment label in Europe.
It covers 13 sectors, including renewable energy, transport, forestry, manufacturing, buildings, insurance and even the arts, which together account for nearly 80% of EU greenhouse gas emissions, the European Commission said.
The proposal was initially meant for publication before 31 December, but was delayed after a group of 10 EU member states threatened to veto it over concerns that natural gas had been denied “transition” fuel status in the draft guidelines.
The Commission seems to have taken that criticism on board, saying EU countries will be consulted more closely from now on. A proposed investment classification for gas and nuclear, the two most controversial aspects of the taxonomy, is still pending, and is expected to benefit from the Commission’s new approach.
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EurActiv, 1 Jun 2021: Brussels offers EU countries greater say on green finance taxonomy
