The European Commission has welcomed the political agreement between the European Parliament and the Council on the creation of the world’s first-ever “green list” – a classification system for sustainable economic activities, or taxonomy.
This 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. It will help scale up private and public investments to finance the transition to a climate-neutral and green economy, redirecting capital to economic activities and projects that are truly sustainable. This political agreement underlines the EU’s commitment to implementing the Paris Agreement and reach climate-neutrality by 2050.
Commission Executive Vice-President Valdis Dombrovskis for an Economy that Works for People,said: “This piece of legislation will be a game-changer in terms of tackling climate change, because it will enable billions in green investments to flow. Thanks to this green list, or taxonomy, investors and industry will for the first time have a definition of what is ‘green’, which will give a real boost to sustainable investments. That will be crucial for the European Green Deal to become a reality. My thanks to the European Parliament, Member States, the Finnish Presidency and to the rapporteurs for their steadfast negotiations, which have led to this compromise.” Continue reading “Deal on an EU-wide classification system for sustainable investments”