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CDP comment on EU Taxonomy vote

July 07 2022

7 July 2022 (Berlin): Yesterday's vote in the European parliament favouring the Commission's proposal to label gas and nuclear investments as sustainable risks the integrity of the EU’s sustainable finance action plan, its obligations under the Paris Agreement and will severely hinder Europe’s efforts to adhere to its own European Climate Law, which sets a legally binding target of net-zero greenhouse gas emissions by 2050.

In response to European lawmakers’ decision, CDP’s joint global director for capital markets Laurent Babikian said: “The inclusion of gas and nuclear in the EU taxonomy creates a disordered landscape for sustainable investments, instead rendering it an instrument for greenwashing. The EU taxonomy was meant to accelerate the energy transition by endorsing a list of activities deemed suitable to address climate change transition in line with the 1.5°C scenario, while protecting the environment and the population, with metrics aligned to achieving net-zero by 2050. Europe’s decision provides financial incentives for companies to invest in nuclear and gas resources until 2030 and will delay the transition towards renewable alternatives, which are the only sustainable alternative to address the challenge of achieving our EU climate targets and at the same time ensuring energy efficiency and security.

CDP urges financial institutions, investors and all actors in the capital market to continue to align their portfolios with the goals of the Paris Agreement and the European Green Deal and to make investments that deliver significant additional benefits for climate and nature. Their role in enabling the transition to a net-zero, nature-positive economy is crucial, together with robust compliance, reporting and transparency. CDP’s global data from companies and cities on climate, forests and water security, coupled with the insights and research we develop, helps capital market actors engage with companies and make more informed financial decisions, ultimately helping drive a more sustainable future”.

ENDS

For more information or media inquiries, please contact:

Mona Monzer, CDP | mona.monzer@cdp.net

About CDP

CDP is a global non-profit that runs the world’s environmental disclosure system for companies, cities, States and regions. Founded in 2000 and working with more than 680 financial institutions with over $130 trillion in assets, CDP pioneered using capital markets and corporate procurement to motivate companies to disclose their environmental impacts, and to reduce greenhouse gas emissions, safeguard water resources and protect forests. Over 14,000 organizations around the world disclosed data through CDP in 2021, including more than 13,000 companies worth over 64% of global market capitalization, and over 1,200 cities, States and regions. Fully TCFD aligned, CDP holds the largest environmental database in the world, and CDP scores are widely used to drive investment and procurement decisions towards a zero carbon, sustainable and resilient economy. CDP is a founding member of the Science Based Targets initiative, We Mean Business Coalition, The Investor Agenda and the Net Zero Asset Managers initiative. Visit  or follow us @CDP and on LinkedIn to find out more. 

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