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China, EU lead green revolution with finance standards

China, EU lead green revolution with finance standards By CHEN JIA | China Daily | Updated: 2021-04-29 09:42 On April 21, China finished the revision of the Green Bond Endorsed Project Catalogue.[CAI MENG/CHINA DAILY] China and the European Union are jointly leading reform of global green finance by promoting a common scheme of classification, which has focused attention on the importance of investment in addressing challenges of climate change, analysts said. On April 21, China finished the revision of the Green Bond Endorsed Project Catalogue which is a set of fundamental standards for selecting appropriate investment targets for green bonds. It removed fossil fuel projects from the list, an action that made the catalog consistent with international rules.

EU maritime sector set to benefit from new sustainable finance package

EU maritime sector set to benefit from new sustainable finance package April 28, 2021, by Naida Hakirevic On 21 April, the European Commission adopted a “sustainable finance” package to help improve the flow of money towards sustainable activities across the European Union. By enabling investors to re-orient investments towards more sustainable technologies and businesses, the measures are expected to be instrumental in making Europe climate neutral by 2050.  This package comprises the EU Taxonomy Climate Delegated Act, the EU Taxonomy’s first act with technical screening criteria defining which economic activities contribute substantially to meeting the EU’s climate objectives. “We are taking a leap forward with the first-ever climate taxonomy which will help companies and investors to know whether their investments and activities are really green. This will be essential if we are to mobilise private investment in susta

EU Taxonomy Climate Technical Screening Criteria (TSC) | Allen & Overy LLP

transition to a circular economy; pollution prevention and control; and protection and restoration of biodiversity and ecosystems. An economic activity will be considered to be environmentally sustainable if it complies with all four of the following criteria: substantially contributes to one or more environmental objectives; does not significantly harm (DNSH) any environmental objective; complies with minimum safeguards based on certain human rights standards; and complies with the Technical Screening Criteria (TSC), which are the detailed conditions for the first two limbs above. The EU Taxonomy is due to apply in relation to the climate-related objectives from 1 January 2022. The TSC for these objectives were originally due to be adopted by the Commission on 31 December 2020, however these were delayed.

German industry criticises gas omission from EU green taxonomy

German industry criticises gas omission from EU green taxonomy Uncertainty over green status of natural gas in the EU could hamper investment Germany utilities industry association BDEW  has accused the European Commission of “jeopardising” investment in the transition by delaying a decision on whether to label natural gas as a sustainable investment under new taxonomy regulations published this week. The EU Taxonomy Climate Delegated Act, due for formal adoption in May, is designed to define sustainable technologies and businesses to help steer investment towards supporting the transition. “It is bad news that regulations for the decarbonisation of gaseous fuels have been excluded from the legislative act adopted Andreae, BDEW

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