Analysis: Tested by taxonomy - EU green finance rules leaky for ships, tight for houses

Containers are loaded on a ship at the port of Antwerp, Belgium October 7, 2020. REUTERS/Francois LenoirAs the European Union pursues regulation to try to deliver the 2015 Paris Agreement on climate change, a powerful tool in channelling funding over the coming decades will be its financial taxonomy - in other words, a system of classifying activities that can be marketed as sustainable.

Luca Bonaccorsi, Sustainable Finance Director for non-governmental organisation Transport & Environment, who sits on the advisory platform, said the proposed rules “will not encourage or speed investment towards sustainable shipping”. “Ships, including coastal vessels, are all using oil-derived fuels at the moment and they will have to switch to something zero [emissions], probably in about ten years’ time,” he said.

Nathan Fabian, a former member of the TEG, who leads the Commission’s new advisory platform on the taxonomy, said the proposed rules would allow whole trees and animal fats to be considered as sustainable feedstock for energy.Not all the changes involved softer rules.To earn a green label, existing buildings would need to have the highest ‘A’ grade for energy efficiency.

Around 85% of the EU’s building stock was built before 2001 and is unlikely to meet the highest grade.

3:15 AM · 24 нояб. 2020 г.· ПУТИН И КОНСЕРВЫ

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