EU Sustainable Finance advisory group suggests changes to Climate Delegated Act and taxonomy

The Platform on Sustainable Finance, which advises the European Commission, has published an independent report on advancing sustainable finance. The European Commission had asked it to:

• review and recommend any appropriate changes to the EU’s Climate Delegated Act in relation to technical screening criteria of economic activities, particularly looking at transitional activities that the Taxonomy Regulation requires be reviewed every three years;
• develop technical screening criteria for a new list of economic activities; and
• develop “Do No Significant Harm” criteria for “adapted” activities to be included in the Delegated Act.

The detailed report includes analysis of all existing thresholds and criteria as well as a reasoned consideration of several activities not previously considered by the Platform. It also defines the missing DNSH for the adapted activities such as treatment of hazardous waste, depollution and end-of-life products, demolition and wrecking of buildings, sale of second hand goods and spare parts and manufacture of plastic packaging goods.

The Platform brings the views of 28 expert independent stakeholders and 7 members of relevant EU bodies together.