It will help scale up private and public investments to finance the transition to a climate-neutral and green economy, redirecting capital to economic activities and projects that are truly sustainable. This agreement underlines the EU's commitment to implementing the Paris Agreement and reach climate-neutrality by 2050. Executive Vice-President for an Economy that Works for People, Valdis Dombrovskis, said: “This piece of legislation will be a game-changer in terms of tackling climate change, because it will enable billions in green investments to flow. Thanks to this green list, or taxonomy, investors and industry will for the first time have a definition of what is ‘green', which will give a real boost to sustainable investments. That will be crucial for the European Green Deal to become a reality. My thanks to the European Parliament, Member States, the Finnish Presidency and to the rapporteurs for their steadfast negotiations, which have led to this compromise.”
Today's political agreement is part of the Commission's Action Plan on Financing Sustainable Growth and is an integral part of the Capital Markets Union's efforts to connect finance with the needs of the real economy.
For more information, have a look at the Q&A and the full press release.
