{"id":115858,"date":"2023-08-03T07:30:10","date_gmt":"2023-08-03T04:30:10","guid":{"rendered":"https:\/\/tietopankki.crnet.fi\/fi\/news\/green-finance-institute-uks-finance-taxonomy-must-not-greenwash-harmful-investments\/"},"modified":"2023-08-03T07:30:10","modified_gmt":"2023-08-03T04:30:10","slug":"green-finance-institute-uks-finance-taxonomy-must-not-greenwash-harmful-investments","status":"publish","type":"post","link":"https:\/\/tietopankki.crnet.fi\/en\/news\/green-finance-institute-uks-finance-taxonomy-must-not-greenwash-harmful-investments\/","title":{"rendered":"Green Finance Institute: UK\u2019s finance taxonomy must not greenwash harmful investments"},"content":{"rendered":"<div class=\"mp_wrapper\">\n  <div class=\"mepr-unauthorized-message\">\n    <p>You are unauthorized to view this page.<\/p>\n  <\/div>\n  <div class=\"mepr-login-form-wrap\">\n            \n<div class=\"mp_wrapper mp_login_form\">\n                  <!-- mp-login-form-start -->     <form name=\"mepr_loginform\" id=\"mepr_loginform\" class=\"mepr-form\" action=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/\" method=\"post\" data-trp-original-action=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/\">\n            <div class=\"mp-form-row mepr_username\">\n        <div class=\"mp-form-label\">\n                              <label for=\"user_login\">Username<\/label>\n        <\/div>\n        <input type=\"text\" name=\"log\" id=\"user_login\" value=\"\" \/>\n      <\/div>\n      <div class=\"mp-form-row mepr_password\">\n        <div class=\"mp-form-label\">\n          <label for=\"user_pass\">Password<\/label>\n          <div class=\"mp-hide-pw\">\n            <input type=\"password\" name=\"pwd\" id=\"user_pass\" value=\"\" \/>\n            <button type=\"button\" class=\"button mp-hide-pw hide-if-no-js\" data-toggle=\"0\" aria-label=\"Show password\">\n              <span class=\"dashicons dashicons-visibility\" aria-hidden=\"true\"><\/span>\n            <\/button>\n          <\/div>\n        <\/div>\n      <\/div>\n            <div>\n        <label><input name=\"rememberme\" type=\"checkbox\" id=\"rememberme\" value=\"forever\" \/> Remember Me<\/label>\n      <\/div>\n      <div class=\"mp-spacer\">&nbsp;<\/div>\n      <div class=\"submit\">\n        <input type=\"submit\" name=\"wp-submit\" id=\"wp-submit\" class=\"button-primary mepr-share-button\" value=\"Log In\" \/>\n        <input type=\"hidden\" name=\"redirect_to\" value=\"\/en\/wp-json\/wp\/v2\/posts\/115858\" \/>\n        <input type=\"hidden\" name=\"mepr_process_login_form\" value=\"true\" \/>\n        <input type=\"hidden\" name=\"mepr_is_login_page\" value=\"false\" \/>\n      <\/div>\n    <input type=\"hidden\" name=\"trp-form-language\" value=\"en\"\/><\/form>\n    <div class=\"mp-spacer\">&nbsp;<\/div>\n    <div class=\"mepr-login-actions\">\n        <a\n          href=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/?action=forgot_password\"\n          title=\"Click here to reset your password\"\n        >\n          Forgot Password        <\/a>\n    <\/div>\n\n      \n    <!-- mp-login-form-end --> \n  <\/div>\n      <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<div class=\"smart_content_wrapper\">\nThe UK\u2019s plans to stop finance touted as sustainable from supporting projects that significantly harm nature or the climate currently have loopholes, experts are warning. The Green Finance Institute\u2019s (GFI) Green Technical Advisory Group (GTAG) has voiced concerns that the Government\u2019s plans to ensure that \u2018do no significant harm\u2019 assessments are not yet credible enough, suffering from challenges including weak definitions of key terms.<\/p>\n<p>These assessments will likely be applied to some public spending in the future. They will require projects to contribute in a significantly positive way to at least one of six key environmental objectives. Additionally, projects must do no significant harm in regard to the other objectives. Issues covered by the objectives are reducing emissions; climate adaptation; conserving water and marine resources; supporting the circular economy transition; preventing and controlling pollution and protecting and restoring biodiversity and ecosystems.<\/p>\n<p>Going forward, \u2018do no significant harm\u2019 assessments will be conducted by private investors looking to prove that their investments are green. The specifics will be detailed in the UK\u2019s Green Finance Taxonomy.<\/p>\n<p>The Taxonomy was due earlier this year but consultations are now expected this autumn or winter. It will set out which investments can be badged as \u2018green\u2019 and, potentially, which are \u2018transition\u2019 finance. Prime Minister Rishi Sunak has repeatedly stated an ambition for the UK to be a global leader on transition finance, which supports high-emission industries to minimize their climate impacts and risks.<\/p>\n<p>The GTAG is warning that the UK will likely face challenges with expanding its \u2018do no significant harm\u2019 assessment requirements once the Taxonomy is published \u2013 as the EU already has. Clarity, transparency and common sense At a top-line level, the EU has faced legal challenges over its decision to include nuclear and some natural gas activities in its Taxonomy. Opponents argue that natural gas always causes significant climate harm, while nuclear comes with risks relating to water and nature impacts. Both also come with potential public health impacts.<\/p>\n<p>Beyond this, the GTAG is warning, there have been teething issues regarding the specifics of the assessments, which it expects the UK to experience perhaps more severely. One of these issues is confusion over key terms and how to measure them. The GTAG is calling on the UK to clearly set out what it means by terms such as \u2018biodiversity\u2019 and \u2018net-zero\u2019 to help ensure \u2018do no significant harm\u2019 reporting is joined-up and that greenwashing is weeded out.<\/p>\n<p>Another issue is the accessibility of official advice. The GTAG recommends that all guidance on \u2018do no significant harm\u2019 reporting is published by a single body for ease. The GTAG also recommends that the UK adopts a more \u2018flexible\u2019 approach to assessments and reporting for projects which may not be able to prove full alignment with all six key objectives yet. It outlines how the EU, in not permitting this approach, has limited its base of projects and discouraged more widespread assessment and reporting.<\/p>\n<p>Projects unable to meet the \u2018do no significant harm\u2019 criteria should not be classed as Taxonomy-aligned, the GTAG emphasizes. However, their reporting would \u201cprovide valuable information to the market\u201d and encourage project operators to improve plans and outcomes. GTAG chair Ingrid Holmes summarised: \u201cThe UK has the opportunity to benefit from its fast-follower status on taxonomy development. It is clear that there are significant usability issues with the EU taxonomy\u2019s approach to devising \u2018do no significant harm\u2019 criteria.<\/p>\n<p>\u201c[We have] set out a roadmap to iterating and improving on the foundations laid by the EU that the UK can adopt to create a taxonomy that works effectively for the market, going further and faster on stimulating investment in the climate transition while safeguard nature and wider environmental objectives.\u201d<\/p>\n<p>Source: <a rel=\"noopener\" href=\"https:\/\/www.edie.net\/green-finance-institute-uks-finance-taxonomy-must-not-greenwash-harmful-investments\/\">edie.net<\/a> <\/div>\n<p>The post <a rel=\"noopener\" href=\"https:\/\/vastuullisuusuutiset.fi\/fi\/csr-news-en\/green-finance-institute-uks-finance-taxonomy-must-not-greenwash-harmful-investments\/\">Green Finance Institute: UK\u2019s finance taxonomy must not greenwash harmful investments<\/a> appeared first on <a rel=\"noopener\" href=\"https:\/\/vastuullisuusuutiset.fi\/fi\">Vastuullisuusuutiset.fi<\/a>.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22],"tags":[555,1035,3555,1607,1087,4094,579],"class_list":["post-115858","post","type-post","status-publish","format-standard","hentry","category-news","tag-csr-news-en","tag-finance","tag-greenwash","tag-harmful","tag-investment","tag-taxonomy","tag-uk"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts\/115858","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/comments?post=115858"}],"version-history":[{"count":0,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts\/115858\/revisions"}],"wp:attachment":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/media?parent=115858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/categories?post=115858"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/tags?post=115858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}