On November 20, 2020, the European Commission launched a public consultation on the draft delegated act operationalizing the European taxonomy, i.e. the list of economic activities that can claim to be “green”. More than 45,000 feedbacks finding the text too timid environmentally and a threat of veto from ten Member States finding it too penalizing pushed the Commission to review its copy in the first quarter of 2021.
On March 23, 2021, the leak of the Commission’s new draft delegated act renewed tensions over the inclusion of natural gas-fired power plants, a battleground for irreconcilable players both inside and outside the Commission. Despite the postponement of the official publication, the debates remain heated on this highly sensitive subject, politically, economically and environmentally.
A showdown awaits the Commission, as it tries to find a balance between the threats of veto and the environmental ambitions of the project, which is intended to be a cornerstone and a global reference for sustainable finance. This clash reveals a West-East divide between countries still largely dependent on carbon-based electricity sources and those more advanced in the transition of their electricity mix.
I Care & Consult offers you a look at the ins and outs of a European project in turmoil with YWCA #10: Delayed start for the European taxonomy on sustainable activities
This expert opinion, written in March 2021 and prepared by Olivier Polidori, Victor Demey and Guillaume Neveux, is part of a series of publications called “Yes We Care About” that are published by I Care & Consult, and which you can find in the “Expert Opinions” section by clicking here!