Letter

NGOs demand changes to criteria for environmentally sustainable investments

May 25, 2020

Nearly 100 NGOs have signed a list of ten priorities for an effective and science-based EU taxonomy.

The 94 NGOs, which include WWF, 350.org, Transport & Environment and Climate Action Network Europe, ask for criteria suggested by the technical expert advisory group to the Commission (the TEG) to be tightened particularly for forestry, bioenergy and hydropower, where there is a risk of damaging practises being included as sustainable. For example on bioenergy, they ask for the European Commission to exclude tree trunks and stumps from being considered as ‘green’, since burning them for energy actually increases emissions compared to fossil fuels.

If done properly, the taxonomy should help end greenwashing in the finance sector by showing which investments are truly sustainable. The taxonomy can also play an even bigger role, helping the post-crisis EU economy become more resilient by guiding the EU’s green recovery spending.

Related Articles

View All
Taxi and Uber licenses in the UK
Opinion

Europe needs a cleantech State Aid overhaul

Europe needs a cleantech State Aid overhaul - starting with production incentives

The EU wants to lead the cleantech transition - for that it needs to replace its traditional project-by-project State Aid system with automatic, banka...

Letter

Making EU state aid work for clean manufacturing

A proposed reform will not deliver the necessary overhaul of EU state aid rules, say civil society, researchers and industry.

Letter

Climate, nature and public health must remain priorities in the next EU budget, NGOs say

Nine civil society groups outline principles which must underpin the next Multiannual Financial Framework.