This article is part of a series on the creation of sustainable finance taxonomies around the world. You can read more in this series by clicking here.
It’s hard to imagine, but there was a time – not that long ago – when nobody really cared about the EU’s plans to create a green taxonomy. At one somnolent conference full of policy wonks and civil society in early 2018, the head of the European Commission’s Directorate-General for Financial Stability and Capital Markets, Olivier Guersent, tried to inject a bit of excitement into the idea of a lengthy list of certified ‘green’ activities by declaring it “a race” against Asia and the US.
“We need to move fast”, he urged. “The reason we derived a competitive advantage in mobile telephony for 15 years was because we were the standard setters. And we will derive the same advantages if we are the standard setters for sustainability.”
But then, as people in that somnolent conference room and far…