EU spent 742 billion in green investments over three years. Albuquerque: ‘Technology neutrality in Taxonomy’

Brussels – The Green Deal has never been in question or a problem, to the point that companies are investing in line with the European Commission’s guidelines. The taxonomy, the set of criteria that classifies an initiative as green and sustainable, is liked and successful, assures the Commissioner for Financial Stability, Maria Luis Albuquerque.

 “In 2024, capital investments into Taxonomy-aligned activities have reached EUR 273 billion,” she points out, responding to a parliamentary question on the subject. The 2024 investments “bring the total to EUR 742 billion in the financial years 2022, 2023, and 2024“, she adds, pointing out that all this “demonstrates that companies are using the Taxonomy to guide and showcase their capital
investments in key sectors contributing to the green transition and more sustainable economic
growth, in particular energy.”

Given the success among industry and investors, the European Commission intends to continue with this agenda. So much so that Albuquerque anticipates that “the Commission is currently conducting a comprehensive review of the Taxonomy criteria to simplify and enhance their usability.” In this review, “particular attention is paid to simplifying the ‘do no significant harm’ (DNSH) criteria.” Whatever the outcome of this work, “The review will be evidence-based and will respect the principle of technological neutrality.“​

The adoption of the technological neutrality principle is significant in both political and industrial terms. On both sides, there has been criticism of a sustainability approach seen as too focused on a single solution, rather than allowing flexibility to choose other options that could reduce greenhouse gas emissions. Confetra has done so, for example, as has Confindustria Lombardy. Italy, too, through the Meloni government, has criticised choices and orientations of the first von der Leyen Commission for what were considered short‑sighted decisions regarding the various technological options available to meet sustainability goals.