The European Commission has welcomed the adoption by the European Parliament of the Taxonomy Regulation – a key piece of legislation that will contribute to the European Green Deal by boosting private sector investment in green and sustainable projects.
It will help create the world's first-ever “green list” – a classification system for sustainable economic activities – that will create a common language that investors can use everywhere when investing in projects and economic activities that have a substantial positive impact on the climate and the environment. By enabling investors to re-orient investments towards more sustainable technologies and businesses, this piece of legislation will be instrumental for the EU to become climate neutral by 2050.
As set out by the Regulation, the Commission has also launched a call for applications for members of the Platform on Sustainable Finance. This platform will be an advisory body composed of experts from the private and public sector. It will assist the Commission in the preparation of technical screening criteria (the so-called ‘delegated acts'), which will develop the taxonomy further. They will also advise the Commission on the further development of the EU Taxonomy to cover other sustainability objectives and provide advice on sustainable finance more broadly.
This Platform on Sustainable Finance will be an advisory body composed of experts from the private and public sector. It will consist of up to 57 members, 50 of which will be selected through today's call for applications. The platform will be made up of a balance of stakeholders, including individuals appointed in a personal capacity with the relevant proven knowledge and experience, individuals representing a common interest shared by stakeholders, organisations representing relevant private stakeholders, organisations representing civil society, organisations representing academia and research institutes. The remaining seven members will be directly appointed by DG FISMA. They will be representatives from public entities, such as the European Environment Agency (EEA) and the European Investment Bank (EIB).
Read the full press release here.