The UK government has cancelled its plan for a green taxonomy that aimed to standardise carbon emissions calculations and combat greenwashing. This decision followed a public consultation revealing that while 45% of responses supported the plan, a larger percentage expressed mixed or negative opinions. Critics noted potential implementation challenges, while the Treasury stated that existing regulatory measures take precedence. The move has drawn criticism from sustainable investment advocates, who argue it creates a gap in the UK’s strategy for green finance compared to the EU, which currently uses a taxonomy to classify sustainable economic activities.
The UK government has dropped a flagship plan to introduce a green taxonomy designed to standardise carbon emissions calculations and prevent greenwashing.
The Treasury concluded that a UK taxonomy would not be the most effective tool to deliver the green transition and should not be part of the sustainable finance framework.
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