Posted on 25 May 2020
The taxonomy can guide the EU’s green recovery spending.
Nearly 100 NGOs have signed a list of ten priorities for an effective and science-based EU taxonomy. If done properly, the taxonomy should help end greenwashing in the finance sector by showing which investments are truly sustainable. The taxonomy can also play an even bigger role, helping the post-crisis EU economy become more resilient by guiding the EU’s green recovery spending.
The 94 NGOs, which include WWF, 350.org, Transport & Environment and Climate Action Network Europe, ask for criteria suggested by the technical expert advisory group to the Commission (the TEG) to be tightened particularly for forestry, bioenergy and hydropower, where there is a risk of damaging practises being included as sustainable. For example on bioenergy, they ask for the European Commission to exclude tree trunks and stumps from being considered as ‘green’, since burning them for energy actually increases emissions compared to fossil fuels.
Sébastien Godinot, Economist at WWF European Policy Office
“If the Commission gets the taxonomy right, the EU will have a ready-to-use map for green recovery, clearly showing where to invest for a more resilient and sustainable economy. But allowing the taxonomy to be too lax, or including the wrong sectors like nuclear or gas as sustainable, would undermine it from the get-go. We urge the Commission to take our ten asks into account.”
The full list of ten demands and signatories is here.
Media Manager, WWF European Policy Office
+32 473 57 31 37