Expert group releases climate taxonomy proposal
The European Commission’s expert group on sustainable finance today published its final recommendations for a “taxonomy” of environmentally sustainable activities, which is at the heart of the EU executive’s plan to harness the finance sector for its fight against climate change...
The main report sets out technical screening criteria for 67 economic activities that can make a substantial contribution to climate change mitigation...
The TEG also published a report on its recommendations for an EU green bond standard and an “interim” report on EU climate benchmarks...
Publication of the TEG’s reports comes as political agreement on a taxonomy regulation by the EU Council and the European Parliament remains outstanding...
With its mandate having been extended until the end of this year, the TEG will launch a call for feedback by early July on those technical screening criteria that have not yet been subject to public consultation.
It will also refine and further develop “some incomplete aspects” of the proposed criteria, and develop further guidance on implementation and use of the taxonomy.
The TEG’s recommendations are designed to inform a proposed delegated act to implement the taxonomy. Under the draft regulation currently under discussion, this would be developed by the Commission and subject to full public consultation as required under standard procedures.
The Commission will be hosting a “stakeholder dialogue” on climate-related reporting and the TEG reports on Monday.