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#SustainableFinance - Commission's technical expert group launches a call for feedback on the taxonomy for sustainable economic activities

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The European Commission welcomes the latest step to drive forward sustainable finance in the EU, with the launch of a call for feedback on a classification system – or “taxonomy” – for environmentally-sustainable economic activities. The consultation is being launched by the Technical Expert Group (TEG) on Sustainable Finance, a global group of experts set up by the Commission, which published its Report on Taxonomy on 18 June 2019.

The expert group's report follows on the Commission's May 2018 legislative proposal on an EU taxonomy. With its proposal, currently being discussed by the European Parliament and the Council, the Commission aims to gradually develop a unified EU-wide classification system for environmentally sustainable economic activities. The ultimate aim is to contribute to more informed decisions by businesses and investors. In line with the objective of a climate-neutral Europe by 2050, the call for feedback is part of the Commission's commitment to climate change mitigation and adaptation, the core objective of its Action Plan on financing sustainable growth, published in March 2018. During the autumn, the TEG will advise the Commission how to take this feedback forward in developing the future EU Taxonomy. Stakeholders are invited to comment on the proposed activities identified by the expert group that contribute substantially to climate change mitigation and adaptation and the proposed technical screening criteria. The call for feedback closes on 13 September 2019.

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