The European Commission has begun a consultation procedure for new conditions that would recognize certain gas and nuclear activities as green activities, a 60-page Taxonomy Complementary Delegated Act distributed to member states at the turn of the year has indicated.

The new classification system, which will cover industries that produce about 80% of greenhouse gas emissions in the EU, is the first global attempt to define sustainable economic activity and help eradicate so-called green fraud (Green Washing).

Essentially, a list of activities is being formed that will guide the financial markets to finally decide which investment are eligible for financing.