Commission approves Green Finance position

The European Commission has sent a Communication to the Parliament on the sustainable finance initiative. It explains the background to the “taxonomy” for the common classification system, and the areas on which it focuses. It says that, once complete, the taxonomy will help in the development of standards and labels for green financial products. The Communication highlights the differences between the Commission’s original proposal and the Council’s published political agreement, including on increased scope and disclosure obligations. The Commission supports the changes and will accept the Council’s position.