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EU Taxonomy: impacts on other policies
11 11+01:00 March 11+01:00 2022 @ 10:00 - 12:00
This meeting will take the form of a working group. A diverse group of stakeholders will discuss specific elements of the EU sustainable finance agenda. This meeting is dedicated to the topic of EU Taxonomy impacts on other policies. Indeed, ERCST considers the analysis of the interactions of the EU Taxonomy with other policies an important element because, among other things, these interactions will also have an impact on the overall functioning of the EU industry and financial market. ERCST considers that the EU Taxonomy Regulation will have two main types of impacts and interplays:
- First, impacts on other sustainable finance (SF) policies. Notably, ERCST intends to analyze the EU Green Bond Standard (EU GBS), the proposed Corporate Sustainability Reporting (CSRD) Directive and the Corporate Governance Initiative.
- Second, interplays with other environmental and climate policies. Notably, ERCST intends to analyze those related to carbon pricing (i.e., the EU Emissions Trading Scheme and the Energy Taxation Directive), and those shaping public (and private) finance and aid schemes such as the Recovery and Resilience Facility and Invest EU
The 2 working groups will discuss these impacts.
The panel dedicated to the impacts on other SF policies will discuss:
- How to ensure a functioning EU Green Bond market and how the EU should design a “low carbon” and “transition” bond standard
- The interconnections between the CSRD proposal and Article 8 of the EU Taxonomy, and the role of transition pathways
- The right balance between regulation and market, notably the EU Taxonomy Regulation overall impact on the Corporate Governance Initiative and on companies’ decision-making process
The panel dedicated to the interplays with other environmental policies will discuss:
- The right balance between market (ETS) and regulation (Taxonomy) approaches for reaching climate neutrality
- The interconnections of the Taxonomy with carbon pricing (i.e., ETS and ETD), carbon leakage risks, technological neutrality principle, and the impact of the Climate Change Mitigation & Adaptation Delegated Act recognizing only best 10% CO2 emitters (10%) in some sectors.
- The Taxonomy DNSH principle exported in the RRF and InvestEU regulations
- Pragmatic approaches to establish low-carbon and green marketable projects, for addressing fundamental uncertainties and related costs of the industrial transition