Summary
With the aim of redirecting capital flows towards sustainable investments, the European Commission is drafting a list of economic activities that are considered sustainable for investment purposes, the so-called EU Taxonomy.
Why it’s important
Criteria have already been developed for aluminium’s contribution to climate mitigation and adaptation. The EU is now assessing mining and metals production, setting thresholds to qualify economic activities as sustainable, as well as minimum thresholds for not doing significant harm.
Through our participation in the Sustainable Finance Platform, we’re providing our expertise to ensure that those criteria are meaningfully defined supporting our sector’s climate and environmental transition.
Up to 290 billion EUR needed yearly in Europe to reach carbon neutrality by 2050
What we are seeking
For the EU Taxonomy to support metals and minerals value chains in their transition, it is key that the technical screening criteria developed across climate and environmental impact categories are:
- Ambitious while at the same time realistically reachable and implementable
- Developed based on life-cycle considerations
- Taking into account local specificities and factors outside an operation’s control
- Ensuring a level playing field and reflecting company performance on a global level.