What you should know about the EU Taxonomy
The EU Taxonomy is set to be a foundational tool of the European Green Deal and will affect companies well beyond European borders. It is essential for foreign companies and markets that conduct business in the European Union (EU) to be aware of the implications of the Taxonomy.
The Taxonomy is a list of economic activities with performance criteria to assess the activities’ contribution toward six environmental objectives — climate change mitigation; climate change adaptation; sustainable use and protection of water and marine resources; transition to a circular economy, water prevention and recycling; pollution prevention and control; and protection of healthy ecosystems.
In other words, it describes what can be considered “green” and what can’t.
The Taxonomy will support the EU’s 2030 climate and energy targets as well as the objectives of the EU Green Deal, which offers a roadmap to guide the EU toward climate neutrality by 2050. The Taxonomy’s classification system is expected to shift investments toward a low-carbon, climate-resilient economy and avoid greenwashing.
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