EU says planned taxonomy will help investors spot green washing

Which investments are really green and which investments just have a green label? This is one of the issues that the proposed legislation on sustainable finance in the EU is aiming to address, argues EU Commission vice president Valdis Dombrovskis.

Photo: /ritzau/AP Photo/Virginia Mayo

EU member states must adopt the union's proposed action plan on sustainable finance, whose first proposal is to establish a unified EU classification system -- or taxonomy -- of sustainable economic activities, according to Valdis Dombrovskis from Latvia.

Dombrovskis, who is the vice president for the Euro and Social Dialogue and in charge of Financial Stability, Financial Services and Capital Markets Union, was the keynote speaker at the seminar on sustainable finance in the Nordic-Baltic region in Helsinki on 9 November.

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