New EU ‘Taxonomy’ Framework will drive more sustainable investment - Fitzgerald
Updated: Apr 3
Press Statement from Frances Fitzgerald MEP
Tuesday 7th July 2020
Frances Fitzgerald, MEP for Dublin and full Member of the Economic and Monetary Affairs Committee, today (Tuesday) welcomed the European Parliament’s final approval of the EU’s new framework for sustainable investments, the so-called ‘Taxonomy Regulation’.
“In June, the European Parliament gave its final stamp of approval for a new set of rules that define what qualifies as sustainable investments in the EU.
“The adoption of these new rules mark a milestone in the EU’s action against climate change. Investors will now clearly be able to distinguish what is green through this new classification system for sustainable economic activities. This will be the world’s first ever 'green list' for investments. Consequently, this will encourage more sustainable investments and will direct investors away from environmentally harmful investments.
“Financial institutions will have to assess and conduct due diligence for their products, investments and exposures to ensure that they comply with the Taxonomy framework.
“With these new rules, the EU has issued a firm statement that the financial industry need to take their environmental responsibilities very seriously. This framework will be vital for the achievement of the Paris Agreement targets by 2030 and our goal of climate neutrality by 2050,” concluded MEP Fitzgerald.