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In 2019, the European Union presented the Green Deal, a pioneering plan aiming to make the European economy more sustainable and reach carbon neutrality by 2050. To achieve carbon reduction objectives, the EU Commission introduced in 2020 one of its most ambitious regulations yet, the EU Taxonomy for Sustainable activity, a methodological tool to evaluate the sustainability of economic activities. The EU Taxonomy’s main benefit is to provide a transparent, comparable, and scientifically sound classification defining which economic activities can be considered environmentally sustainable and to what extent. The EU’s overall goal is to increase transparency in a market where greenwashing has prospered from the number of competing ESG classification methodologies.
The EU...
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