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The EU Green Deal is the Von der Leyen Commission’s program to make Europe’s economy more sustainable. In order to reach the goals of climate neutrality, sustainable economic growth, and inclusion of all countries, a classification system for sustainable activities fulfills a key role, i.e. an EU Taxonomy. In March this year, the Technical Expert Group (TEG) on Sustainable Finance published its final report containing recommendations on the EU Taxonomy, including an overarching design as well as extensive technical screening criteria. Sustainalize organized three webinars about this EU Taxonomy, clarifying the possible implications and timeline for governments, companies, and financial institutions in consultation with experts.
Although the corona crisis focus is on providing care and keeping our economy running, there is also a realization that the world is changing rapidly; The world is not only facing major transformations in the economic and geopolitical field, but environmental and social issues also require a change in thinking, acting and making our current systems fit-for-the future.
The EU Taxonomy is an important guideline in this context, and the introduction is fast approaching. The first delegated acts will be published end of the end, obliging governments, companies and financial institutions, resulting in significant impacts. The great interest in the series of webinars organized by Sustainalize at the end of May showed that many companies are uncertain about the content and implications and that there is a great need for information. In short, we can outline the most important steps.
During the three webinars, we discussed the ins and outs with members of the TEG. During these conversations it was not denied that reality will be tough; however, the difficulty does not lie in the EU Taxonomy, which is built around a logical structure, but mainly in the translation into practice. An early start and sharing of experiences are essential to mitigate risks. Examples of this are already available, such as from the French company SPIE.
The final report on the ‘EU Taxonomy for Sustainable activities’ was published by the Technical Expert Group (TEG), commissioned by the European Commission. This report is an important milestone in the development of a unified classification system, where financial institutions and companies can determine which activities qualify as sustainable. Sustainalize organizes three webinars on this topic, as the taxonomy is expected to have a significant impact on financial institutions and industry.
This is an introduction to the taxonomy. We dive into the content and intention of the taxonomy, and the consequences for industry and the financial sector.
The closing webinar focused on the industry. Felicity Spors (Climate KIC) worked with Carel Cronenberg on the steps to be taken for the industry. Together they explained the structure of the EU Taxonomy and refuted the argument that the EU Taxonomy would be too complex. In addition, they clarified the status of the current version, which is sufficiently robust to get started.
Would you like to watch the three webinars on the EU Taxonomy for Sustainable Activities? Request them using the form below. You will then have access to the registrations available online!