MEPs to vote on environmental ranking for economic activities
Factory by a river in Cumbria
Brussels, Belgium - 27 March 2019
The European Parliament is voting in plenary on Thursday 28 March on how to classify economic activities according to their degree of sustainability - the EU’s so-called ‘taxonomy’. MEPs will also consider whether these results should be made public.
Sébastien Godinot, Economist at WWF European Policy Office said:
“When you buy a fridge, an EU label shows you instantly how efficient it is. We need to do the same for the environmental impact of all economic activities. This will help investors, banks and companies make more sustainable choices, and ensure our whole economy transitions towards sustainability. We urge MEPs tomorrow to vote for a useful taxonomy with multiple rating levels. This way, they can show the EU’s claims to be a sustainable finance leader are founded on solid ground.”
Why does this vote matter?
The taxonomy would help companies to understand how to make their business model more sustainable, and push financial institutions to integrate such green rankings into their investment and lending processes. This would gradually move the whole economy towards full sustainability. The vote is a major test of whether the Parliament is serious about aligning our European economy with the Paris Agreement’s climate goals and the UN Sustainable Development Goals (SDGs).
What does WWF want?
An ambitious taxonomy would classify all economic activities on the basis of their degree of environmental performance, showing which are better for the planet, which are less good, and which are damaging. This could look like the EU’s successful Energy Efficiency label, which ranks all buildings and cars in terms of their energy consumption. WWF and other NGOs have sent an open letter to MEPs with our asks.
The European Parliament vote is scheduled for 12.00pm on Thursday 28 March. The EU Council, which needs to reach agreement with the Parliament on the final taxonomy, has not yet finalised its position.
Economist, WWF European Policy Office
+32 489 46 13 14
Senior Communications Officer, WWF European Policy Office
+32 473 57 31 37