Overview of sustainable finance Sustainable finance is a work stream to support the European Green Deal channelling private investment to the transition to a climate-neutral economy. 13. We use cookies in order to ensure that you can get the best browsing experience possible on the Council website. the teg released its draft taxonomy for sustainable economic activities in december 2018 5. the eu taxonomy will be used as the basis for many aspects of the eu action plan 6, such as devising a standard for green bonds, eco labels for sustainable funds and gauging how much of a company's overall turnover actually. Will the EU taxonomy be embedded into hard law? EU Taxonomy implementation timeline can support EU recovery investments Sustainalytics, 2020. Implementing EU Taxonomy Goals. The EU is examining how to integrate sustainability considerations into its financial policy framework in order to mobilise finance for sustainable growth. The Taxonomy Regulation is not yet in force. What is the timeline? ADOPTION PROCESS & TIMELINE 9. Is the June 2019 report the definitive version of the EU taxonomy? Is the approval of the Member States and European Parliament needed? Is the technical report from the TEG binding for the European Commission? The TEG released its draft taxonomy for sustainable economic activities in December 2018 5. The European Sustainable Investment Forum (Eurosif) expresses similar concerns and recommends better aligning of references and definitions between the SFDR and the EU-Taxonomy. A brief TEG timeline. It also organises several annual initiatives and events with a focus on civil society and citizens’ participation such as the Civil Society Prize, the Civil Society Days, the Your Europe… Our work. The Taxonomy Regulation was published in the Official Journal of the EU on 22 June 2020 and entered into force on 12 July 2020. The first phase of technical screening looks at climate change mitigation or adaptation, and will be adopted by the end of 2020. 10. The EESC issues between 160 and 190 opinions and information reports a year. The Council today adopted an EU-wide classification system, or "taxonomy", of environmentally sustainable activities. 8. Pan-European Personal Pension Product (PEPP) Innovation; Tips for consumers; Sustainable finance; International relations; Q&A on regulation; Consultations and surveys; Tools and data. The TEG acknowledges that the strict timeline presents challenges in terms of implementation, while they need to work on technical screening criteria for financial market participants. What is the timeline? 11. Timeline The EU Taxonomy. Furthermore, a three-year certification timeline is onerous for data centre operators, especially SMEs. Dec 2018: TEG published the first set of climate change mitigation criteria and their technical screening criteria for feedback.. June 2019: TEG published a first version of its technical report, proposing technical screening criteria for 67 climate change mitigation activities.. Dec 2019: The European Parliament and European Council adopted the Taxonomy Regulation. Go to content. Timeline the eu taxonomy. 12. We recommend the taxonomy be based on the 2020 update to the EU Code of Conduct and that changes only be reconsidered when the taxonomy is updated by the Commission. Looking ahead, the real impact of the EU-Taxonomy on the achievement of a climate neutral European economy by 2050 is rather uncertain. Political agreement on the final compromise text of the Taxonomy Regulation was reached in December 2019, and the EU … Is it only European? Official Journal of the EU on 22 June 2020 and entered into force on July. Embedded into hard law Sustainalytics, 2020 entered into force on 12 2020! Version of the EU-Taxonomy on the achievement of a climate neutral European economy by 2050 is uncertain. 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