The European Commission has welcomed the adoption by the European Parliament of the Taxonomy Regulation. This is 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”: a classification system for sustainable economic activities. This list creates a common language that investors can use 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 EU to become climate neutral by 2050.
As set out by the Regulation, the Commission has also launched today 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 Commission in the preparation of technical screening criteria (the so-called ‘delegated acts’), which will develop the taxonomy further. They will also advise the Commission on the further development of the EU Taxonomy to cover other sustainability objectives and provide advice on sustainable finance more broadly.