The new taxonomy will make EU citizens and businesses pay the price for impractical ideas

The ECR Group regrets the adoption of the new regulation on the establishment of a framework to facilitate sustainable investment by the European Parliament.

“The Taxonomy agreement is a missed opportunity. Rather than supporting companies’ and countries’ transition towards sustainability, it penalises those who have the most work to do in order to catch up”, said ECR MEP Bogdan Rzońca, Coordinator of the Committee on Budgets. “The new taxonomy is a mistake and will only prevent genuine efforts being made to move towards truly climate friendly investments, all for the sake of an ideological victory. The decision will let EU citizens and businesses pay the price for impractical ideas.”

Rzońca continued:

“I’m concerned about the costs the application of the taxonomy principles will impose. We are experiencing an unprecedented economic crisis; this is not a good time to take risks and burden our taxpayers and citizens. In addition, the Taxonomy agreement distorts the market and discriminates against some types of energy - yet nobody knows whether the artificially promoted ‘green energy’ will really be sustainable.”

ECR MEP and Coordinator on the Committee on Environment, Public Health and Food Safety Alexandr Vondra regrets that taxonomy has become yet another ideology and not a purpose/science driven piece of legislation.

Mr. Vondra said:

“As we support the transition towards a sustainable economy, we recognise gas and nuclear energy as part of the solution. Unfortunately, taxonomy seems to go against that principle and at the same time mounts burdens on energy-intensive companies, further hampering their ability to progress towards climate neutrality. This is going to be especially painful for countries where - due to their respective historical background - much more effort is needed before the transition is completed. At the end of the day, we understand it will be EU citizens and businesses paying the price for this non-inclusive approach. I am of the opinion that we missed the opportunity to make sure that taxonomy is a truly balanced and a market friendly tool.”

Mr. Rzońca concluded:

“Green technology is an opportunity but only when the livelihoods of those affected are taken into consideration. The new legislation lacks a proper impact assessment. We will continue to call for a piece of legislation with positive impact towards climate neutrality, which acts responsibly and safeguards the interests of European citizens.”