Member states commit to a green finance strategy as agreement reached on green taxonomy

EU finance ministers on Thursday set climate action as a regular item for future discussions, while negotiators from the Council and Parliament reached an agreement on the EU's taxonomy of sustainable investments

Valdis Dombrovskis, the European Commission’s economy vice-president, welcomed the outcome of Wednesday’s Ecofin meeting, saying the proposed work plan for climate action will “help address climate change urgently”.

The work plan, a living document that can be updated, is set to regularly study the impact of different policies on mitigation and adaptation efforts, and to encourage countries to share best practices.

“All priorities identified, including green budgeting, carbon pricing, green taxation and harmful subsidies, are relevant and will be instrumental in helping countries reach our climate targets,” Dombrovskis said, adding that “the green finance strategy will help raise investments for decarbonisation and the green transition”.

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