We present our video of the online discussion from February 22, 2021 on the EU Taxonomy and how it affects investments in the energy transition, with particular reference to technologies such as gas and nuclear power. Taking part were Nancy Saich, Chief Climate Expert, European Investment Bank (EIB), Pawel Straczyński, Deputy CEO, PGE POLAND (sponsor), Ian Simm, CEO and Founder, IMPAX Asset Management, Ondřej Knotek, MEP, RENEW EUROPE and Mieczyslaw Groszek, Member of High Level Expert Group on Sustainable Finance, European Commission. Moderated by Energy Post’s Matthew James…
EU Taxonomy: 5 principles for avoiding unintended consequences – Ian Simm, Impax Asset Mangement
EU Taxonomy: Gas as a transition fuel needs Green Deal support too – Paweł Strączyński, PGE Group
Background to the event
Sustainable finance is one of the main pillars of the European Green Deal, with the European Commission foreseeing a key role for the private sector in financing the green transition.
The proposed EU TAXONOMY affecting investment in businesses according to their “green” credentials is therefore of great significance to Member States’ NECPs.
The successful implementation of 2030 and 2050 Transition goals must be achieved across all Member States and the Commission recognises that significant investment must come from the private sector to ensure this happens. If there is a danger that the goalposts are moved then there is also a danger that important transition goals will be missed.
For example, how will the proposed criteria for green (or not) EU Taxonomy effect the role of gas? How will they affect investment in key energy consumers such as large industrials and the motor trade?
The investment landscape is in fine balance and we will discuss how this type of regulatory proposal, if law-makers are not given the benefit of understanding its full implications for key nations and businesses, could become a tipping point, undermining current ambitions for a clean energy Transition across the bloc. In particular, potentially jeopardising a Just Transition in Member States within CEE such as Poland.
To exact the relevant arguments in a public discussion, we are inviting you to join this fascinating debate to get valuable insights into how the Commission’s proposals, expected shortly, could affect the status quo and consider the panellists recommendations.
In its work on sustainable finance the European Commission was advised first by the High-Level Expert Group on Sustainable Finance, later by the Technical Expert Group and currently it is being advised by the Platform on Sustainable Finance (PSF).
Some actors see an important constraint in the development of sustainable finance in the EU being the limited knowledge and understanding of its importance for the Central European and Eastern European Countries (CEECs), for which the green transition will be a huge challenge due to their different starting points, the need to exit from coal and limited resources to do that. Unfortunately this constraint has not yet been resolved by the Technical Expert Group. The work of the Platform has only just started so it still has the possibility to enhance the knowledge and understanding regarding its work and sustainable finance in CEECs.