The European Commission has confirmed that work is underway to bring more clarity to the EU’s planned green retail fund label in relation to its alignment with the EU Taxonomy.
A Commission spokesperson told RI: “The Commission Services are currently dedicating special attention to clarify and strengthen the articulation between the EU Ecolabel criteria for financial products and the work under the EU Taxonomy.”
The Commission spokesperson did not provide further details on the nature of the work.
The Ecolabel is a key initiative under the EU Action Plan and is the only one to focus on greening products in the retail investment market. It is the first time that the Ecolabel - an existing EU certification awarded to consumer products with class-leading environmental standards - is being extended to include financial products
The financial product Ecolabel plans have been widely criticised by asset managers for being too stringent.