The importance of global cooperation for green taxonomies

The motivation to develop the first green taxonomy arose when the EU identified the need for annual investments exceeding €700 billion to achieve its energy transition goals and address the climate crisis in Europe.

Since then, several countries have adopted or are in the process of implementing green taxonomies to help investors and companies identify and support environmentally friendly investments. However, the focus of national taxonomies varies depending on the specific characteristics of each country's economy. On the other hand, there has been criticism, as some taxonomies do not include the “global economy”, which could result in an incomplete representation of the sustainability of a financial product and excluding social objectives, which leaves these evaluations at the discretion of investors.

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