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EU spells out criteria for green investment in new ‘taxonomy’ rules
(EurActiv, 21 Apr 2021) The European Commission on Wednesday (21 April) unveiled a first batch of implementing rules under the EU’s sustainable finance taxonomy, spelling out detailed technical criteria that companies need to comply with in order to win a green investment label in Europe.
The taxonomy rule book introduces a labelling system for investment that could divert hundreds of billions in funds to industries and companies that win a “sustainable” label for all or part of their activities.
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.
A decision on gas and nuclear, the two most controversial aspects of the taxonomy, was delayed and will be dealt with separately.
“The taxonomy describes which economic activities are in line with the Paris Agreement,” and its objective of limiting global warming to 1.5°C, said Vladis Dombrovskis, the European Commission vice-president in charge of the economy.
It will do its part by “helping companies and investors to know whether their investments and activities are really green,” Dombrovskis said.
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EurActiv, 21 Apr 2021: EU spells out criteria for green investment in new ‘taxonomy’ rules
