“Taxonomy” for sustainable development in the European Union

Abstract

In recent years, decisive steps have been taken in the European Union to combat climate change and decarbonise the economy. It was assumed that a prerequisite for this was an increase in financial flows towards less polluting activities and at the same time a reduction in greenhouse gas emissions. There is a consensus that efforts to date in this direction have been insufficient. One of the most frequently cited reasons for this was the lack of universally accepted definitions of projects and assets that can be considered sustainable1. Against this background, a ‘taxonomy’ regulations has been adopted in the EU. The aim of this text is to highlight the most important issues related to the ‘taxonomy’ system, as well as to evaluate it. A critical analysis of the literature and legislation as well as a comparative approach have been used in the preparation of this text.