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EU reaches deal to define 'sustainable' investment

The Finish EU presidency, European Commission and the European Parliament on Monday evening (16 December) all agreed on the common classification system for environmentally-sustainable investments...

The taxonomy also aims to end greenwashing and oblige corporates to disclose environmental, social and governance (ESG) factors and risks...

The commission is expected to draft technicalities of the different categories "low-carbon", "transition" or "enabling" activities by the end of 2020, although the full set of labels will be developed by a Technical Expert Group on Sustainable Finance...

Gas and nuclear [...] energy forms, like all technologies covered by the taxonomy, will be subject to the "do not significant harm" (DNSH) principle...

[A]ccording to Sébastien Godinot, economist at NGO Worldwide Fund for Nature (WWF), "the final result is a robust and balanced deal ensuring that the taxonomy will be built on climate and environmental science – a must for this critical part of the EU sustainable finance agenda"...

[A] coalition of more than 30 civil society organisations believe that "given the urgency of the climate crisis, the law should ensure that the climate taxonomy enters into force before the end of 2020".

"We cannot afford to delay such action as investments are badly needed," they wrote in a letter to EU top negotiators.

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