“The new rules will bring about a fundamental turnaround in the financial sector,” said EU Commissioner Mairead McGuinness. “The financial system is central to the success of the European green deal. We need massive investments to green our economy, ”said McGuiness.
However, some financial experts are quite critical of the consequences of the taxonomy regulation. Because: In this way, banks could be induced to issue ecologically sustainable loans defined by the taxonomy and thus to advance the Green Deal and of course to be ecologically sustainable themselves. In practice, this would mean that loans for ecologically sustainable companies (or farmers) would have to be backed with less equity than loans that do not or only partially meet these criteria.
The former Vice President of the Bundesbank, Franz-Christoph Zeitler, said to the Handelsblatt: “It should be made legally or politically binding that an application of the taxonomy to lending and thus a direct impact on SMEs is excluded.” He feared one “Planned economic management of the economy”.
However, it seems to be too late for that, because the implementation of the taxonomy in the banks and in the economy is already in full swing – and agriculture should certainly not be spared from it – because it is, so to speak, the battlefield of politics and NGOS for more ecology and sustainability.
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