The EU Taxonomy complementary Delegated Act tabled by the European Commission is incompatible with limiting global warming to 1.5°C and with the EU’s 2030 climate targets
The EU taxonomy – a classification system aiming to determine which activities genuinely contribute to the green transition – was meant to create a gold standard for private investors to determine the proportion of their portfolios truly to ambitious climate targets. It was also meant to drastically reduce greenwashing in the EU’s financial sector. By adopting a science-based approach, the Technical Expert Group (TEG) on Sustainable Finance notably issued recommendations on the carbon emission thresholds above which an activity cannot be considered to substantially contribute to climate mitigation targets – thresholds which would practically exclude any fossil fuel investments from being labelled “sustainable”.1 Similarly, the TEG recommendations provisionally excluded nuclear due to concerns that it would significantly harm other environmental objectives.
read more https://caneurope.org/the-eu-cant-afford-labelling-fossil-gas-and-nuclear-as-green/
