MEPs to quiz Commissioner McGuinness on new taxonomy proposal

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MEPs will debate criteria for the new green classification system for economic activities with Commissioner McGuinness on Monday at 13:00.

Members of the Environment, Public Health and Food Safety Committee (ENVI) and the Committee on Economic and Monetary Affairs (ECON) will debate with Commissioner for Financial Services, Financial Stability and Capital Markets Union Ms. Mairead McGuinness on the delegated act under the so-called Taxonomy Regulation proposed by the Commission on 21 April.

The debate is the first exchange of views of MEPs on this proposal which both the European Parliament and the Council may veto or express objections to.

When: Monday 17 May 2021, 13.00 – 14.30

Where: European Parliament in Brussels, room Altiero Spinelli (1G-3) and videoconference

You can watch the debate live here.

Background

The EU Taxonomy aims to provide clarity and incentives to investors for financing the green transition and is part of the EU’s overall efforts to reach the objectives of the European Green Deal and make Europe climate-neutral by 2050.

It is a green classification system that translates the EU’s climate and environmental objectives into criteria for specific economic activities for investment purposes. Economic activities that make a substantial contribution to at least one of the EU’s climate and environmental objectives will be considered green as long as they do not significantly harm any of these objectives at the same time. The delegated act will also establish and maintain clear criteria for activities to define what it means to make a substantial contribution and what it means to do no significant harm.

This delegated act concerns climate change adaptation and mitigation. The other environmental objectives under the Taxonomy Regulation will be dealt with at a later stage.