Sustainable Finance: Commission consults on additional criteria defining sustainable activities, and increases usability of the EU Taxonomy through its online tools

Sustainable Finance: Commission consults on additional criteria defining sustainable activities, and increases usability of the EU Taxonomy through its online tools

The Commission has launched a four-week feedback period, open until 3 May 2023, on a new set of EU Taxonomy criteria for economic activities making a substantial contribution to one, or more, of the following environmental objectives: sustainable use and protection of water and marine resources, transition to a circular economy, pollution prevention and control and protection and restoration of biodiversity and ecosystems.

The Commission is also consulting on proposed amendments to the Taxonomy Climate Delegated Act, covering the environmental objectives of climate change mitigation and adaptation, and on the Taxonomy Disclosures Delegated Act. The criteria are informed by the recommendations of the Platform on Sustainable Finance, published in March and November 2022.

Mairead McGuinness, Commissioner for Financial Services, Financial Stability and Capital Markets Union, said: “The EU Taxonomy Regulation is an important piece of legislation that helps to guide money towards projects aligned with the European Green Deal. By contributing to this call for feedback, you can have your say on the development of the framework.”

The Commission will consider the feedback received, before finalising and adopting the delegated acts. We invite stakeholders to focus their feedback on the activities and technical screening criteria that are presented as part of the Environmental Delegated Act and the amendments to the Climate Delegated Act and Disclosures Delegated Act. Separately, to address suggestions and questions on which new activities could be included in the EU Taxonomy or on possible amendments to the technical screening criteria of existing activities, a Stakeholder Request Mechanism will be established. Therefore, such suggestions do not fall under the scope of this call for feedback.

Finally, in order to help users better understand the EU Taxonomy in a simple and practical manner, the Commission has also updated its existing EU Taxonomy Compass website – now embedded in a new website called ‘EU Taxonomy Navigator‘. The website provides a series of online tools ultimately facilitating implementation and supporting companies in their reporting obligations.

(For more information: Daniel Ferrie – Tel.: +32 229 86500; Aikaterini Apostola – Tel.: +32 229 87624)