While an agreement still needs to be concluded between the European Parliament and the EU Council (see EUROPE 12388/16), the industry detailed its requirements for the future taxonomy on sustainable finance on Friday 13 December.
In a joint statement, 15 organisations representing a range of economic sectors - including the Confederation of European Paper Industries (CEPI), the European Federation of Local and Regional Energy Companies (CEDEC), the European Renewable Ethanol Association (ePURE) and FuelsEurope - are calling for a technology-neutral taxonomy that leads to investment in innovation, infrastructure and solutions that contribute to achieving the EU’s environmental objectives in a cost-effective way.
“No one should be left behind”, they write. They explain that EU countries will have different starting points, entailing varying investment needs. According to them, “investments considered ‘sustainable’ today should also not become ‘unsustainable’ overnight because they are not listed or do not fit the Taxonomy definition”.
The organisations also stress that the criteria and thresholds for the future taxonomy are essential elements of European legislation and should therefore not be defined by means of delegated acts that do not allow Member States and stakeholders to carry out an appropriate impact assessment and review. (Original version in French by Marion Fontana)