On Tuesday June 18th, a group of experts appointed by the European Commission released the EU Taxonomy, a classification tool to help investors and companies analyze the sustainability of potential investments and engage in two-way dialogue with investees, known as strategic engagement, on sustainability.
The taxonomy would bridge the gap between commitments to the Paris Agreement and SDGs and investment practice,As part of its commitment to the Paris Climate Agreement and the Sustainable Development Goals , the European Commission developed its Action Plan on Sustainable Finance, which seeks to incorporate environmental and social considerations into the European financial system through regulation.
So far, the Technical Expert Group has identified activities that can make a substantial contribution to climate change mitigation in agriculture, energy, water, transport, information and communication technologies and building sectors. Other sectors will follow. The taxonomy also includes an advanced climate change adaptation framework. Taxonomies still need to be developed for water, circular economy, pollution and biodiversity—the four other environmental objectives.
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