On 21 April, the European Commission adopted a broad and ambitious package of measures aimed at directing cash flow towards sustainable activities throughout the European Union. The measures adopted today will help make Europe climate-neutral by 2050, as they enable investors to redirect investments towards more sustainable technologies and businesses. This will allow the EU to become a world leader in setting standards for sustainable finance.

Valdis Dombrovskis, Executive Vice-President of the European Commission for an Economy that Works for People, stated: “Europe is a pioneer in reforming the financial system to promote investment in climate change mitigation. Today, we are taking a step further — we have agreed on the world's first climate taxonomy, which will help companies and investors understand which investments and projects are truly environmentally friendly. This is vital if we want to attract private investment for sustainable activities and make Europe climate-neutral by 2050. This is a radical turning point, for which we have held extensive discussions to find a balanced and science-based solution. We have also proposed improving the rules on how companies must report on sustainability. In developing European standards, we will build upon and promote international initiatives.”