In a Bloomberg article, Policy Fellow Sebastian Mack speaks on the ambitions for the new European taxonomy, including fighting greenwashing, encouraging private investment in sustainable initiatives, and how these ambitions can be reached.
With the announcement that the new European taxonomy will classify some gas and nuclear projects as sustainable, many are concerned that the Commission is condoning greenwashing. However, one of the main goals of the taxonomy is actually to combat greenwashing. This goal could be achieved through proper implementation. Sebastian Mack emphasises that "the Commission should not try to please everybody, but concentrate on creating a credible standard." If the Commission does not do so, there is a risk that the "taxonomy could fail to deliver on its own objectives to steer private money into sustainable investment and fight greenwashing."
Read the full article here.