The launch of the Supplementary Delegated Act (CDA) on the EU Sustainable Finance Taxonomy has relentlessly defined the role of fossil gas as sustainable – in direct contrast to the criteria set out in the Finance Taxonomy Regulation sustainability of the EU.
As Bellona Europa pointed out in our initial analysis following the publication of the CDA, the current proposal turns the Taxonomy into a greenwashing tool, rather than its solution.
To inform and discuss the CDA proposal in view of the final vote in Parliament and Council, Bellona Europa, together with a series of cooperative partners, organized a series of events. The series focuses on four distinct perspectives: the legal considerations of the law, the implications of relaxed sustainability criteria in financial markets, the criteria’s potential to preserve climate credibility, as well as the apparent misalignment of the CDA taxonomy with strategy. REPowerEU recently introduced.
Our guest speakers include Members of the European Parliament, representatives of European Member States, financial market players and civil society, to name but a few. Currently the final agenda is available for Event 1, stay tuned for updates on Events 2, 3 and 4! Join us to discuss the CDA taxonomy and the way forward to put the EU on the path to climate neutrality by 2050.
Bellona Europa would like to invite you to a series of events aimed at evaluating the European Commission’s Delegated Act on Sustainable Finance Taxonomy. The series focuses on four distinct perspectives: the legal considerations of the law, the implications of relaxed sustainability criteria in financial markets, the criteria’s potential to preserve climate credibility, as well as the apparent misalignment of the CDA taxonomy with strategy. REPowerEU recently introduced. Our guest speakers from the European Parliament, European Union Member States, financial markets, civil society as well as industry are invited to share their views on the recently published Supplementary Delegated Act and how to move forward to put the EU on the path to climate change. neutrality by 2050. Join us for a series of discussions and learn about the wide range of implications if the proposed CDA is approved.
DAY 1: Fossil gases in the European taxonomy CDA: Violation of laws and non-respect of democratic processes?
Date: 8:00 a.m. Wednesday 11and of May.
The European Parliament expressed concern about the CDA’s democratic deficit and the lack of possibility to propose amendments and adopt by simple majority. Civil society has also sounded the alarm over the Commission’s disregard for the recommendations of the Sustainable Funding Platform and very limited stakeholder consultation. Does the adoption of the CDA risk setting a dangerous precedent for bypassing EU legislative bodies? Join us for a discussion on potential legal shortcomings of the recently proposed CDA taxonomy at 8:00 a.m. Wednesday 11and of May.
Access the explainer here
- Welcome by the moderator – Lina S. Nagell, Bellona Europa
- How the Commission exceeded the powers conferred on it by the legislator in the field of fossil gas – Marta Toporek, Senior Counsel/Legal Officer, ClientEarth
- Failure to respect democratic processes in the adoption of the CDA – Sirpa Pietikäinen, Member of the European Parliament, EPP
- Austrian view on CDA legality – Stefan Sengelin, Federal Ministry for Climate Action, Environment, Energy, Mobility, Innovation and Technology of the Republic of Austria
- Questions and answers
DAY 2: CDA taxonomy: Implications for financial markets and the role of fossil gas in the EU green transition
Co-organizer: Climate Bonds Initiative
Date: to be determined
The very regulation intended to stimulate investment in renewable and low-carbon technologies now risks slowing their rapid and widespread deployment. Investments are likely to be diverted to fossil gas, arguably with less risk to investors than many low-carbon solutions. The CDA Taxonomy seems to have been diverted from its primary ambition: to be the reference in terms of sustainable investments. Join us for a discussion on the original purpose of the Taxonomy Regulation and the implications of the CDA on financial markets and the role of fossil gas in the green transition, exact time and date to be determined.
DAY 3: CDA Taxonomy: Criteria to preserve climate credibility increase Europe’s dependence on fossil gases
Date: to be determined
The CDA taxonomy introduces several fossil gas-specific exemptions to technology-neutral emissions criteria intended to preserve the taxonomy’s contribution to net zero by 2050. Research shows, however, that the “strict conditions” under which the investment in fossil gas was justified as sustainable is not stringent enough to safeguard Europe’s energy transition on the path to climate neutrality by 2050. Join our discussion on why the CDA’s confidence in the promises of future action without guarantees or verifiability is insufficient and how it risks locking Europe into decades of continuous CO2 emissions while generating efficiency losses in the long-term use of renewable energy.
DAY 4: CDA taxonomy misalignment with the path to net zero and REPowerEU
Date: to be determined
The European Commission’s REPowerEU strategy has paved the way for ending Europe’s problematic dependence on fossil fuels, and in particular on Russian fossil gas. The solution identified: accelerate the continent-wide deployment of renewable and low-carbon technologies. On the contrary, the CDA taxonomy puts these same solutions in competition for sustainable financing with fossil gas. Join us for a discussion on how the CDA, if left unchanged, risks undermining the objectives of the REPowerEU, locking in Europe’s fossil assets by giving the green light to more investment in new projects of fossil gas.