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50 reduction in carbon emissions by 2030 sustainable future with EU Taxonomy

Published on Mar 30, 2021

Before getting to know more about EU Taxonomy, it is crucial to understand its contribution towards a holistic picture of the ‘EU Green Deal’. A new economic growth strategy, the EU Green Deal aims at achieving a circular, climate-neutral and competitive economy by 2050. Its mission is to ensure that Europe exists and develops within the boundaries of the well-being of the planet and contributes towards creating a sustainable future for the coming generations. 

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According to the European Commission, EU Taxonomy is a tool which enables businesses, investors, project promoters and issuers undertake the transition toward an economy which is resilient, low-carbon and resource-efficient. It is a central tool for bringing the vision of EU Green Deal into action, especially in terms of funding long-term growth and enabling Europe to become climate resilient.  

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The EU has set a high bar for itself in terms of putting the EU Taxonomy into action. As of yet, the following has been proposed for companies to be ready for the EU Taxonomy: 

  • Financial market participants are expected to carry out the disclosures in accordance with the EUT by the 1st of January 2022, encompassing activities that significantly contribute to the mitigation or adaptation of climate change
  • Technical screening requirements for the outstanding EUT environmental objectives, as created by the EU Platform on Sustainable Finance, will be released by December 31, 2021. 
  • Companies will be expected to report the percentage of their revenue, investment, and expenses that are aligned with the Taxonomy for two goals: mitigation and adaptation of climate change, beginning in 2022. 
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Nupur Verma

Nupur is a Digital Marketing Professional with...