ECON-ENVI vote on the objection to the Taxonomy Complementary Climate Delegated Act

16-06-2022 - 13:53
Sustainable Finance, Taxonomy Regulation Sustainable Finance, Taxonomy Regulation
Sustainable Finance © Image used under the license from Adobe Stock

On Tuesday, 14 June 2022, the joint ECON and ENVI Committees held a vote on a motion for resolution objecting to the Complementary Climate Delegated Act (CDA) under the Taxonomy Regulation, adopted by the Commission on 9 March 2022.

The Taxonomy Regulation aims to strengthen green investments by classifying economic activities and establishing a list of environmentally sustainable ones to address greenwashing and avoid market fragmentation as a result of diverging definitions of "environmental sustainability". The CDA classifies specific nuclear and gas energy activities as transitional under Article 10(2) of the Taxonomy Regulation and thereby includes these activities in the list of environmentally sustainable economic activities.

At the meeting of the joint ECON-ENVI committee, the reasoned motion for a resolution objecting to the delegated act was adopted and it will therefore be tabled to plenary. The plenary vote will take place beginning of July. Through the objection procedure, the Parliament may veto the act, but it cannot amend it.