Sustainable finance

EGEC provided its answer to a questionnaire which allowed stakeholders to suggest potential revisions of existing activities that are already covered in an EU Taxonomy Delegated Act in force (see Taxonomy Climate Delegated Act and Taxonomy Complementary Delegated Act) or under scrutiny by EU co-legislators (see Taxonomy Environmental Delegated Act and amendments to the Taxonomy Climate Delegated Act) or to suggest new economic activities that should be added to the EU Taxonomy. 

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EGEC sent an official letter to the members of the Platform on Sustainable Finance to ensure that the “Full list of Technical Screening Criteria” in Annex B accurately reflects the environmental benefits of geothermal technologies.

As the European Commission prepares criteria for supplementary Delegated Act in Autumn, NGOs outline how including gas in the Taxonomy would turn it into a greenwashing tool, completely undermining its credibility and sending a disastrous global signal.

EGEC’s contribution is focused on three main priorities:

In its statement, EGEC strongly highlighted that fossil methane does not have a role in the EU’s Sustainable Finance Taxonomy Regulation.

The sustainable finance regulation is a key opportunity to unlock the access to public and private finance for key renewable energy technologies, allowing the EU to implement its decarbonisation objectives. The implementation of the sustainable finance regulation, the establishment of a sustainable finance framework and the financing of sustainable investment however requires stakeholders to understand the needs of specific technologies that actively contribute to these objectives.

Inception Impact Assessment on a Delegated Regulation on a climate change mitigation and adaptation.

Sustainable finance is an increasingly important topic in European policy making. A proposed regulation by the European Commission on this topic will have a major impact on the private financial sector, and its relationship with geothermal and other renewable energy investments.

The EIB’s energy lending criteria are the set of rules, revised regularly, which the Bank sets for its activities to be compliant with the European Union’s policy objectives.