Today, the European Parliament, Council and Commission have reached a compromise on a framework to facilitate sustainable investment, known as ‘taxonomy’. This will create an EU classification framework for identifying which economic activities are sustainable will be created. All financial products that make the claim that they contribute to environmental sustainability will have to prove this by disclosing the share of their investments into activities that are considered sustainable. Council and Parliament will now scrutinise the compromise before it will be submitted for approval.
The European Green Deal is a programme outlined in the political guidelines of the incoming President of the European Commission, Ursula von der Leyen. It aims to make Europe the first climate-neutral continent by 2050, while boosting the competitiveness of European industry and ensuring a just transition for the regions and workers affected. Preserving Europe’s natural environment and biodiversity, a ‘farm to fork’ strategy for sustainable food, and a new circular economy action plan are other key elements. Executive Vice-President Frans Timmermans will be in charge of leading and coordinating the work on the European Green Deal. A Commission communication on the matter is expected on 11 December, ahead of the next European Council meeting, starting the following day.
Update: The minutes of the meeting have been made available.
Meeting on energy labelling requirements for household washing machines and household washer dryers
At the Climate Change Conference (COP25) being held in Madrid, the EIB and Iberdrola today announced two new agreements to promote climate action by investing in renewable energy projects and electricity distribution networks. To do so, the Vice-President of the EU bank Emma Navarro and the President of Iberdrola Ignacio Galán agreed two loans for a total of EUR 690m.
A summary of the Council’s AOB item is now available.