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EU chief adviser says credibility of green finance rules at risk
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EU sustainable finance advisers say green means green | Hellenic Shipping News Worldwide
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Parliament spells out red lines in EU battle over green finance
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The EU’s “sustainable Taxonomy” has been sometimes portrayed as a binary tool defining which economic activities are sustainable and which ones are not. In fact, it can benefit a wide cross-section of Europe’s economy, writes Nathan Fabian.
Nathan Fabian is Chief Responsible Investment Officer at PRI, a United Nations-supported international network of investors promoting sustainable investment. He is also chairperson of the European Commission’s Platform on Sustainable Finance, an EU advisory body.
The climate crisis is one of the most fundamental challenges the global economy faces.
Europe has shown political leadership to address this challenge: taking steps towards a net-zero greenhouse gas (GHG) commitment by 2050; and a more ambitious 2030 target.
The European Commission has asked advisors to rework the EU’s green finance taxonomy rules after member states rejected draft implementing guidelines, unhappy about the exclusion of gas as a “transition” activity towards net-zero emissions.
“On Wednesday, 20 January, we requested the Platform on Sustainable Finance to provide further input on the taxonomy framework,” said Aikaterini Apostola, an EU Commission spokesperson.
“They will provide this input by mid-March,” she told EURACTIV in emailed comments, explaining that the idea is to examine how the taxonomy “could facilitate all companies to transition toward improving their environmental performance.”
The exact date of publication of the new draft rules is still unclear but EURACTIV understands it is unlikely to happen before the end of March or early April.