The European Commission has welcomed the adoption of the Taxonomy Regulation by the European Parliament. The Taxonomy Regulation is seen as an important piece of legislation that will support the European Green Deal by strengthening investments from the private sector in green and sustainable projects.
The new regulation is also entail a “green list” which will function as a classification system for sustainable economic activities. The aim is to shape a common language for green investments that investors can apply internationally when dealing with projects or economic activities that have a “substantial positive impact on the climate and the environment”.
This initiative underpins the EU’s goal to become climate neutral by 2050. The taxonomy regulation is supposed to cause a reorientation towards more investments in sustainable technologies and businesses.
The European Commission will adopt delegated acts containing specific technical screening criteria. These shall supplement the principles set out in the taxonomy regulation and will determine which economic activities can qualify for the different environmental objectives.
By the end of this year, the criteria for climate change mitigation and adaptation will be adopted. Whereas the criteria on the other four environmental objectives (sustainable use and protection of water and marine resources, transition to a circular economy, pollution prevention and control, protection and restoration of biodiversity and ecosystems) will be adopted by the end of next year.
Moreover, the European Commission also launches “the Platform on Sustainable Finance”. This platform will serve as an advisory body that consists of experts from the private and public sector. Its function is to assist the Commission in the preparation of technical screening criteria (the so-called ‘delegated acts'). These will develop the EU taxonomy further.
The Platform on Sustainable Finance will entail up to 57 members which will represent a balance of various stakeholders. These stakeholders include individuals appointed in a personal capacity with the relevant proven knowledge and experience, individuals representing a common interest shared by stakeholders, organisations representing relevant private stakeholders, organisations representing civil society, organisations representing academia and research institutes. It will also entail representatives from public entities, such as the European Environment Agency (EEA) and the European Investment Bank (EIB).
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