Member States approve updated sustainable finance deal | WWF
Member States approve updated sustainable finance deal

Posted on 16 December 2019

MEPs must now scrutinise it
EU Member States have just agreed on a slightly modified version of the EU sustainable investment taxonomy, which aims to clarify which sectors are truly green and help channel billions towards these sectors, shifting the EU economy towards sustainability. 

The previous painstakingly negotiated version was blocked by nine countries last Wednesday, mainly because they wanted more guarantees on 'technological neutrality' to then push for nuclear energy.

The Finnish Presidency tabled three amendments to accommodate the nine blocking countries: France, the UK, Czech Republic, Poland, Hungary, Slovakia, Bulgaria, Romania and Slovenia: the amendments focus on the climate mitigation objective (Art 6) and the Do No Significant Harm clause (Art 12).

It is now over to the European Parliament to see whether it considers the newly agreed Council position strong enough.

Sébastien Godinot, Economist at WWF European Policy Office said: 
"There is no time to lose in cleaning up Europe's finances, so while we would have preferred last week's deal to have gone through, we are pleased that Member States have now agreed. However, it is now it is up to the Parliament to double-check whether the changes brought by the Council are acceptable: the balance of the deal should not be breached”.

Sébastien Godinot
Economist, WWF European Policy Office
+32 489 46 13 14 

Sarah Azau
Media Manager, WWF European Policy Office
+32 473 57 31 37