The European Commission announced on Wednesday 11 December, as part of its Green Deal, that a new strategy on sustainable finance will be launched in the third quarter of 2020 to further mobilise private funding for the transition.
One of the milestones of its strategy is based on the taxonomy on sustainable finance, on which the European Parliament and the EU Council have yet to agree (see other news), it stressed.
The Commission also confirms that it intends to review the Non-Financial Reporting Directive in 2020 to ensure that companies disclose more climate and environmental data.
It should be noted that it is also suggesting the creation of labels for retail investment products and the development of European standards for green bonds.
Revision of the Energy Taxation Directive in 2021
In the area of taxation, the European Commission has also confirmed that in June 2021 it will present a proposal for a revision of the 2003 Energy Taxation Directive.
To this end, it proposes using the Treaty’s bridging clauses, which allow Parliament and the EU Council to adopt proposals on this subject by qualified majority and not by unanimity.
“We really need to change the directive; we can't leave it like this!”, argued the Executive Vice-President of the European Commission, Frans Timmermans, at a press conference.
The Commission had already proposed amending the scope and structure of the Directive in 2011. However, no political agreement could be reached (see EUROPE 11177/4), and the institution decided to withdraw its proposal in 2015.
“It will depend on the will of the Member States”, admitted Mr Timmermans, since, in order to activate a bridging clause, unanimous agreement is required. In conclusions adopted in early December, the EU Council expressed its support for such a revision (see EUROPE 12384/26) while setting out its expectations. (Original version in French by Marion Fontana)