EU proposes amber designation for sustainable investments

The European Union’s advisers on the bloc’s green investment rulebook are considering adding an ‘amber’ category to the system, according to Nathan Fabian, chair of the European Commission’s platform of advisers on the EU sustainable finance taxonomy.

The amber category is intended to flag investments that are not fully environmentally friendly, Fabian said.

“The platform will shortly recommend an extended taxonomy framework which includes an amber category, which we believe is environmentally robust and which we believe is a better option to describe the multiple transitions on multiple environmental objectives for multiple economic sectors, which we must now embrace,” he commented.

The new rulebook on sustainable investments is part of a wider framework of policies and new regulations in order to achieve net zero emissions by 2050.

The initial investment required to deliver this is estimated to be about €2.6 trillion by 2030. Approximately half of it will come from various public sources such as the EU budget. The other half is expected to come from private investment, which is what the regulation driven by EU Sustainable Finance Action Plan is supposed to deliver.

The plan has one ultimate objective – to shift investment towards more sustainable projects and businesses so that we transition to a low-carbon economy faster.

The journey has not been without controversy. Last month it was revealed that investments in some gas and nuclear power plants would be labelled as sustainable under the rules proposed by the European Commission.

If approved, the gas and nuclear rules would apply from January 2023, when providers of financial products must disclose what share of their investments comply.

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