Posted on December, 14 2019

A new attempt to agree a deal on the EU’s plan for making finance more sustainable will be made by Member States on Monday. The EU “taxonomy” will clarify which sectors are truly green and will help channel billions towards these sectors, shifting the EU economy towards sustainability.

France, the UK, Czech Republic, Hungary, Poland, Slovakia, Romania, Bulgaria and Slovenia blocked the painstakingly negotiated taxonomy deal last Wednesday, even though ‘technological neutrality’ had been reintroduced into the taxonomy as they wanted.

Blocking the deal once again on Monday would risk derailing the whole process and make it impossible for the Finnish Presidency to close the file as committed.
France’s role in particular is crucial: if it changes position and joins the other Member States who supported the deal last week, the taxonomy deal will pass. 

Sébastien Godinot, Economist at WWF European Policy Office said:
“The agreed deal is balanced and on Monday, Member States have their last chance to endorse it this year: we will closely monitor the outcome as hundreds of thousands of citizens, plus NGOs and politicians want decisive action. Given its influence, France’s actions will be key, but all countries, especially the UK, Czech Republic, Poland and Hungary who lobbied against the file, must get on board on Monday to show their resolve to clean up EU finance.”

120,000 citizens have signed a petition calling to stop fake green investments through a strong EU taxonomy.

President of the European Central Bank Christine Lagarde recently said she was “disappointed” that there was still no taxonomy agreement and called all Member States to agree the deal. 

On Monday, Member State representatives (‘Coreper I’) will discuss the deal again. If they agree, it may have to go to trilogue discussions with the European Parliament and Commission on Tuesday. Then it would be formally signed off by Member States ambassadors (Coreper II’) on Wednesday.
Contact:
Sébastien Godinot
Economist, WWF European Policy Office
+32 489 46 13 14
sgodinot@wwf.eu
 
Sarah Azau
Media Manager, WWF European Policy Office
+32 473 57 31 37
sazau@wwf.eu