EU policymakers unveiled the much-anticipated details of their green taxonomy on Friday, sparking claims that they have been influenced too much by lobbying and not enough by science.
The taxonomy is expected to set a global standard for what can credibly be called ‘green’, and will serve as the basis for a number of new rules to stimulate sustainable finance in the EU. Its legal remit, known as ‘Level 1’, was agreed last December by European Parliament, Council and Commission; but now the Commission wants feedback on its ‘Level 2’ proposals, which set out the details – notably which business activities will make the cut.
The proposals are based on advice from the Technical Expert Group on Sustainable Finance (TEG), an EU-appointed group of business, investment and environmental specialists who have been developing the thinking around the taxonomy for more than two years. It made its final recommendations in March.
Many expected the Com…