Taxonomy – A Burden or Driver for the Business
DOI:
https://doi.org/10.37075/YB.2023.1.01Keywords:
Taxonomy, Sustainability, Climate change, Climate adaptation, Sustainable activitiesAbstract
The objective of this paper is to examine the impact of the Taxonomy (Regulation 2020/852) on business in the non-financial sector. It is a consecutive paper, written by the author on the topic of sustainability – the purpose of the company, the global value chains and the transition of the business model on the road to a climate neutral Europe. The regulators and the politicians see the Taxonomy mainly from the perspective of sustainable financing. Researchers and consultants analyze the new norms for sustainability as a driver for new financial products and an enabler for a better-functioning European Capital Market. The Taxonomy impacts the economic entities in the non-financial sector and shapes their priorities about sustainability. The implementation of the Taxonomy by the non-financial business is in the scope of the paper. Although the implementation period is short, it is important to examine how business reacts to the new norms of sustainability.References
Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment/Taxonomy Regulation, 2020/852.
Schütze, Franziska & Stede, Jan (2021). The EU sustainable finance taxonomy and its contribution to climate neutrality. Journal of Sustainable Finance & Investment. DOI: https://doi.org/10.1080/20430795.2021.2006129
Stora Enso (2022). Stora Enso annual report for 2022.
World Bank (2020). Developing a National Green Taxonomy. World Bank.
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Copyright (c) 2023 Bistra Boeva (Author)
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