Pursuing Environmentally Sustainable Public Policies and Economic Activities: The EU Taxonomy Regulation

Alexandros Kailis

doi:doi:10.11648/j.ijepp.20210906.11

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Pursuing Environmentally Sustainable Public Policies and Economic Activities: The EU Taxonomy Regulation

Alexandros Kailis

Published in International Journal of Environmental Protection and Policy (Volume 9, Issue 6)

Received: 23 October 2021 Accepted: 16 November 2021 Published: 23 November 2021

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Abstract

The effective and integrated response to critical contemporary global challenges, including sustainable recovery from the adverse effects of the pandemic crisis, depletion of natural resources, climate change and green transition, requires the adoption of coherent and forward-looking public policies and comprehensive implementing means and criteria. It necessitates the establishment of sustainable financing instruments and the reorientation of economic activities and investments into projects and actions that promote sustainable, resilient and inclusive growth. The utmost objective of this article is to highlight the fundamental principles, primary objectives and key financial aspects of the regulatory regime established by the EU Taxonomy Regulation, governing the classification of the environmentally sustainable economic and investment activities within the European Union. A detailed examination of the EU Taxonomy Regulation allows useful conclusions to be drawn about the form, content and multi-dimensional nature of the criteria and conditions on the basis of which the degree of environmental sustainability of public policies which set environmentally sustainable standards and requirements, and economic activities and investment projects based on them, are laid down and determined. Particular emphasis is placed on capturing and sketching the contribution a uniform system for classifying environmental economic activities can make to meeting a set of critical environmental goals and priorities set at global and EU level, relating to climate change mitigation and adaptation, protection and restoration of biodiversity and ecosystems, sustainable use of natural resources, and the circular economy. Drawing methodologically on the examination of the EU Recovery and Resilience Facility (RRF) and its consistency and interlinkages with the primary objectives and principles of the EU Taxonomy Regulation, the article seeks to enrich the scholarly debate and explore the extent and the degree to which key environmentally sustainable criteria, standards and requirements, are reflected and integrated in the process of designing, formulating and assessing structural reforms and public investments to be embedded in the national recovery and resilience plans of the EU Member States.

Published in	International Journal of Environmental Protection and Policy (Volume 9, Issue 6)
DOI	10.11648/j.ijepp.20210906.11
Page(s)	130-139
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Environmentally Sustainable Economic Activities, Sustainable Investments, EU Taxonomy Regulation, Do No Significant Harm Principle, EU Recovery and Resilience Facility (RRF), Recovery and Resilience Plans

References

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[2]	Falkner, R. (2016). The Paris Agreement and the new logic of international climate politics. International Affairs, 92 (5), 1107–1125. https://doi.org/10.1111/1468-2346.12708.
[3]	UN General Assembly: Transforming Our World: Τhe 2030 Agenda for Sustainable Development, A/RES/70/1, 25.9. 2015.
[4]	Davis, M., Hoff, H., Huber-Lee, A., Nilsson, M., Weitz, N. Cross-sectoral Integration in the Sustainable Development Goals: a nexus approach; Stockholm Environment Institute, 2014; p. 8.
[5]	Michel, J. Beyond Aid: The Integration of Sustainable Development in a Coherent International Agenda; Center for Strategic and International Studies (CSIS), 2016; p. 110.
[6]	Waage, J., Yap, C et al., Governing Sustainable Development Goals: interactions, infrastructures, and institutions; Waage, J., Yap, C. Thinking Beyond Sectors for Sustainable Development; Ubiquity Press, 2015; p. 79-88.
[7]	European Commission, Communication from the European Commission, The European Green Deal, COM (2019) 640, 11.12.2019.
[8]	Sikora, A. (2021). European Green Deal – legal and financial challenes of the climate change. ERA Forum 21, 681–697. https://doi.org/10.1007/s12027-020-00637-3.
[9]	Grimm, S., Wulf R., Niklas, H., Marco S., Louis, M. The Global Dimension of the European Green Deal: The EU as a Green Leader?; Konrad Adenauer Foundation (KAS), 2021; p. 13.
[10]	Atkinson, G., ‎Dietz, S., ‎Neumayer, E., Agarwala, M. Handbook of Sustainable Development; Edward Elgar, 2014; p. 624.
[11]	Belt. T., Jammi. R. Economic development and environmental sustainability: Policies and principles for a durable equilibrium; World Bank, 2000; p. 116.
[12]	Pattberg, P. H., Zelli, F. Encyclopedia of Global Environmental Governance and Politics; Edward Elgar, 2015; p. 608.
[13]	Coscieme. L., Mortensen. L. F., Donohue. I. (2021). Enhance environmental policy coherence to meet the Sustainable Development Goals. Journal of Cleaner Production, 296, 1-8. https://doi.org/10.1016/j.jclepro.2021.126502.
[14]	UN General Assembly: Addis Ababa Action Agenda of the Third International Conference on Financing for Development (Addis Ababa Action Agenda), A/RES/69/313, 17.8.2015.
[15]	European Commission, Communication from the European Commission, Action Plan: Financing Sustainable Growth, COM (2018) 97, 8.3.2018.
[16]	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, and amending Regulation (EU) 2019/2088, OJ L 198, 22.6.2020.
[17]	European Commission, Commission Note: Technical guidance on the application of “do no significant harm” under the Recovery and Resilience Facility Regulation, C (2021) 1054, 12.2.2021.

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Alexandros Kailis. (2021). Pursuing Environmentally Sustainable Public Policies and Economic Activities: The EU Taxonomy Regulation. International Journal of Environmental Protection and Policy, 9(6), 130-139. https://doi.org/10.11648/j.ijepp.20210906.11

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Alexandros Kailis. Pursuing Environmentally Sustainable Public Policies and Economic Activities: The EU Taxonomy Regulation. Int. J. Environ. Prot. Policy 2021, 9(6), 130-139. doi: 10.11648/j.ijepp.20210906.11

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AMA Style

Alexandros Kailis. Pursuing Environmentally Sustainable Public Policies and Economic Activities: The EU Taxonomy Regulation. Int J Environ Prot Policy. 2021;9(6):130-139. doi: 10.11648/j.ijepp.20210906.11

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@article{10.11648/j.ijepp.20210906.11,
  author = {Alexandros Kailis},
  title = {Pursuing Environmentally Sustainable Public Policies and Economic Activities: The EU Taxonomy Regulation},
  journal = {International Journal of Environmental Protection and Policy},
  volume = {9},
  number = {6},
  pages = {130-139},
  doi = {10.11648/j.ijepp.20210906.11},
  url = {https://doi.org/10.11648/j.ijepp.20210906.11},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijepp.20210906.11},
  abstract = {The effective and integrated response to critical contemporary global challenges, including sustainable recovery from the adverse effects of the pandemic crisis, depletion of natural resources, climate change and green transition, requires the adoption of coherent and forward-looking public policies and comprehensive implementing means and criteria. It necessitates the establishment of sustainable financing instruments and the reorientation of economic activities and investments into projects and actions that promote sustainable, resilient and inclusive growth. The utmost objective of this article is to highlight the fundamental principles, primary objectives and key financial aspects of the regulatory regime established by the EU Taxonomy Regulation, governing the classification of the environmentally sustainable economic and investment activities within the European Union. A detailed examination of the EU Taxonomy Regulation allows useful conclusions to be drawn about the form, content and multi-dimensional nature of the criteria and conditions on the basis of which the degree of environmental sustainability of public policies which set environmentally sustainable standards and requirements, and economic activities and investment projects based on them, are laid down and determined. Particular emphasis is placed on capturing and sketching the contribution a uniform system for classifying environmental economic activities can make to meeting a set of critical environmental goals and priorities set at global and EU level, relating to climate change mitigation and adaptation, protection and restoration of biodiversity and ecosystems, sustainable use of natural resources, and the circular economy. Drawing methodologically on the examination of the EU Recovery and Resilience Facility (RRF) and its consistency and interlinkages with the primary objectives and principles of the EU Taxonomy Regulation, the article seeks to enrich the scholarly debate and explore the extent and the degree to which key environmentally sustainable criteria, standards and requirements, are reflected and integrated in the process of designing, formulating and assessing structural reforms and public investments to be embedded in the national recovery and resilience plans of the EU Member States.},
 year = {2021}
}

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TY  - JOUR
T1  - Pursuing Environmentally Sustainable Public Policies and Economic Activities: The EU Taxonomy Regulation
AU  - Alexandros Kailis
Y1  - 2021/11/23
PY  - 2021
N1  - https://doi.org/10.11648/j.ijepp.20210906.11
DO  - 10.11648/j.ijepp.20210906.11
T2  - International Journal of Environmental Protection and Policy
JF  - International Journal of Environmental Protection and Policy
JO  - International Journal of Environmental Protection and Policy
SP  - 130
EP  - 139
PB  - Science Publishing Group
SN  - 2330-7536
UR  - https://doi.org/10.11648/j.ijepp.20210906.11
AB  - The effective and integrated response to critical contemporary global challenges, including sustainable recovery from the adverse effects of the pandemic crisis, depletion of natural resources, climate change and green transition, requires the adoption of coherent and forward-looking public policies and comprehensive implementing means and criteria. It necessitates the establishment of sustainable financing instruments and the reorientation of economic activities and investments into projects and actions that promote sustainable, resilient and inclusive growth. The utmost objective of this article is to highlight the fundamental principles, primary objectives and key financial aspects of the regulatory regime established by the EU Taxonomy Regulation, governing the classification of the environmentally sustainable economic and investment activities within the European Union. A detailed examination of the EU Taxonomy Regulation allows useful conclusions to be drawn about the form, content and multi-dimensional nature of the criteria and conditions on the basis of which the degree of environmental sustainability of public policies which set environmentally sustainable standards and requirements, and economic activities and investment projects based on them, are laid down and determined. Particular emphasis is placed on capturing and sketching the contribution a uniform system for classifying environmental economic activities can make to meeting a set of critical environmental goals and priorities set at global and EU level, relating to climate change mitigation and adaptation, protection and restoration of biodiversity and ecosystems, sustainable use of natural resources, and the circular economy. Drawing methodologically on the examination of the EU Recovery and Resilience Facility (RRF) and its consistency and interlinkages with the primary objectives and principles of the EU Taxonomy Regulation, the article seeks to enrich the scholarly debate and explore the extent and the degree to which key environmentally sustainable criteria, standards and requirements, are reflected and integrated in the process of designing, formulating and assessing structural reforms and public investments to be embedded in the national recovery and resilience plans of the EU Member States.
VL  - 9
IS  - 6
ER  -

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Author Information

Alexandros Kailis

Mediterranean Programme for International Environmental Law & Negotiation (MEPIELAN Centre), Panteion University, Athens, Greece

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Alexandros Kailis. (2021). Pursuing Environmentally Sustainable Public Policies and Economic Activities: The EU Taxonomy Regulation. International Journal of Environmental Protection and Policy, 9(6), 130-139. https://doi.org/10.11648/j.ijepp.20210906.11

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ACS Style

Alexandros Kailis. Pursuing Environmentally Sustainable Public Policies and Economic Activities: The EU Taxonomy Regulation. Int. J. Environ. Prot. Policy 2021, 9(6), 130-139. doi: 10.11648/j.ijepp.20210906.11

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AMA Style

Alexandros Kailis. Pursuing Environmentally Sustainable Public Policies and Economic Activities: The EU Taxonomy Regulation. Int J Environ Prot Policy. 2021;9(6):130-139. doi: 10.11648/j.ijepp.20210906.11

Copy | Download

@article{10.11648/j.ijepp.20210906.11,
  author = {Alexandros Kailis},
  title = {Pursuing Environmentally Sustainable Public Policies and Economic Activities: The EU Taxonomy Regulation},
  journal = {International Journal of Environmental Protection and Policy},
  volume = {9},
  number = {6},
  pages = {130-139},
  doi = {10.11648/j.ijepp.20210906.11},
  url = {https://doi.org/10.11648/j.ijepp.20210906.11},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijepp.20210906.11},
  abstract = {The effective and integrated response to critical contemporary global challenges, including sustainable recovery from the adverse effects of the pandemic crisis, depletion of natural resources, climate change and green transition, requires the adoption of coherent and forward-looking public policies and comprehensive implementing means and criteria. It necessitates the establishment of sustainable financing instruments and the reorientation of economic activities and investments into projects and actions that promote sustainable, resilient and inclusive growth. The utmost objective of this article is to highlight the fundamental principles, primary objectives and key financial aspects of the regulatory regime established by the EU Taxonomy Regulation, governing the classification of the environmentally sustainable economic and investment activities within the European Union. A detailed examination of the EU Taxonomy Regulation allows useful conclusions to be drawn about the form, content and multi-dimensional nature of the criteria and conditions on the basis of which the degree of environmental sustainability of public policies which set environmentally sustainable standards and requirements, and economic activities and investment projects based on them, are laid down and determined. Particular emphasis is placed on capturing and sketching the contribution a uniform system for classifying environmental economic activities can make to meeting a set of critical environmental goals and priorities set at global and EU level, relating to climate change mitigation and adaptation, protection and restoration of biodiversity and ecosystems, sustainable use of natural resources, and the circular economy. Drawing methodologically on the examination of the EU Recovery and Resilience Facility (RRF) and its consistency and interlinkages with the primary objectives and principles of the EU Taxonomy Regulation, the article seeks to enrich the scholarly debate and explore the extent and the degree to which key environmentally sustainable criteria, standards and requirements, are reflected and integrated in the process of designing, formulating and assessing structural reforms and public investments to be embedded in the national recovery and resilience plans of the EU Member States.},
 year = {2021}
}

Copy | Download

TY  - JOUR
T1  - Pursuing Environmentally Sustainable Public Policies and Economic Activities: The EU Taxonomy Regulation
AU  - Alexandros Kailis
Y1  - 2021/11/23
PY  - 2021
N1  - https://doi.org/10.11648/j.ijepp.20210906.11
DO  - 10.11648/j.ijepp.20210906.11
T2  - International Journal of Environmental Protection and Policy
JF  - International Journal of Environmental Protection and Policy
JO  - International Journal of Environmental Protection and Policy
SP  - 130
EP  - 139
PB  - Science Publishing Group
SN  - 2330-7536
UR  - https://doi.org/10.11648/j.ijepp.20210906.11
AB  - The effective and integrated response to critical contemporary global challenges, including sustainable recovery from the adverse effects of the pandemic crisis, depletion of natural resources, climate change and green transition, requires the adoption of coherent and forward-looking public policies and comprehensive implementing means and criteria. It necessitates the establishment of sustainable financing instruments and the reorientation of economic activities and investments into projects and actions that promote sustainable, resilient and inclusive growth. The utmost objective of this article is to highlight the fundamental principles, primary objectives and key financial aspects of the regulatory regime established by the EU Taxonomy Regulation, governing the classification of the environmentally sustainable economic and investment activities within the European Union. A detailed examination of the EU Taxonomy Regulation allows useful conclusions to be drawn about the form, content and multi-dimensional nature of the criteria and conditions on the basis of which the degree of environmental sustainability of public policies which set environmentally sustainable standards and requirements, and economic activities and investment projects based on them, are laid down and determined. Particular emphasis is placed on capturing and sketching the contribution a uniform system for classifying environmental economic activities can make to meeting a set of critical environmental goals and priorities set at global and EU level, relating to climate change mitigation and adaptation, protection and restoration of biodiversity and ecosystems, sustainable use of natural resources, and the circular economy. Drawing methodologically on the examination of the EU Recovery and Resilience Facility (RRF) and its consistency and interlinkages with the primary objectives and principles of the EU Taxonomy Regulation, the article seeks to enrich the scholarly debate and explore the extent and the degree to which key environmentally sustainable criteria, standards and requirements, are reflected and integrated in the process of designing, formulating and assessing structural reforms and public investments to be embedded in the national recovery and resilience plans of the EU Member States.
VL  - 9
IS  - 6
ER  -

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