Sustainable finance is gaining political traction as companies, civil society and national governments alike are striving to reduce their carbon footprint and embark on a trajectory that is compliant with the Paris agreement. Relying on a sound definition of EU taxonomy-aligned investment is particularly acute as the European Union is currently seeking to sustain its hard hit-economy from COVID-19 and make it an opportunity to step up its efforts towards greater climate neutrality.
In this paper, Fortum intends to set out its views on leading principles for climate-proofed sustainable finance and provide feedback on the recommendations set out by the Commission’s technical advisory body at the beginning of March. We highlight that reaching carbon neutrality by 2050 in a cost-efficient manner requires an approach based on the sound interaction of complementing technologies, ranging from RES, nuclear, storage, clean gases to carbon-negative technologies. We thus call for a sound and non-discriminatory EU taxonomy that duly takes into account EU legislation in the field of energy, environment and atomic matters.