Adoption of the Taxonomy Regulation by the European Parliament
The European Commission has welcomed the adoption of the Taxonomy Regulation by the European Parliament. It a key piece of legislation that will contribute to the European Green Deal by boosting private sector investment in green and sustainable projects. It will help create the world's first-ever Green List. The Green List is a classification system for sustainable economic activities that will create a common language that investors can use everywhere when investing in projects and economic activities that have a substantial positive impact on the climate and the environment. By enabling investors to re-orient investments towards more sustainable technologies and businesses, this piece of legislation will be instrumental for the European Union to become climate neutral by 2050.
As set out by the Regulation, the European Commission has also launched a call for applications for members of the Platform on Sustainable Finance. This platform will be an advisory body composed of experts from the private and public sector. It will assist the European Commission in the preparation of technical screening criteria, which will develop the taxonomy further. They will also advise the Euroepan Commission on the further development of the European Union Taxonomy to cover other sustainability objectives and provide advice on sustainable finance more broadly.
To read the full article on the Taxonomy Regulation and Sustainable Finance Platform, please click here. © European Union, 1995-2020.