Polish Briefing 11 March, 2020 9:00 am   
Editorial staff

Polish Briefing: The EC will assess whether the taxonomy projects serve climate neutrality

What goes on in Poland on the 11th of March.

Expert report on taxonomy. The European Commission Commission will assess whether the projects serve climate neutrality

Experts recommend that companies disclose information about the impact of their projects on climate neutrality, which their financing may depend on.

The technical group of experts at the European Commission, which also included experts from Poland, prepared a final report on taxonomy to encourage companies to disclose the impact of individual projects on the environment and promote those that will serve the purpose of climate neutrality by 2050.

The taxonomy is to set to determine whether a given project is “sustainable”, and thus obtain “green financing” for its implementation. Such a project will have to meet at least six specific environmental objectives, not cause significant environmental damage and meet minimum guarantees.

Experts recommend that financial market participants, large companies obliged to present non-financial information about their activities, and Member States gradually provide further information on their projects to determine their impact on the fight against climate change in the 2022 process. This is, for example, the proportion of investment, operating and operating revenue, in line with taxonomy criteria and those that do not comply with them. This data should be included in annual reports or special “balanced” reports.