Bridging environmental frameworks across borders: overview of the European Union’s green taxonomy and its relevance beyond Europe

Abstract

The European Union’s “Green Deal,” initiated by the 2019-elected EU Commission, stands as a symbol of Europe’s resolute march towards sustainability. Its ambitious goal aims to transform Europe into the first climate-neutral continent by redefining its economy to be both modern and “green”. This strategy melds economic and environmental objectives, fostering a new ethos in business practices. Expected to ignite innovation within European companies, the Green Deal creates new competitive advantages to meet the burgeoning demand for sustainable solutions, potentially inspiring similar initiatives in other regions. The unique significance of the Green Deal, as framed globally by EU Commission President Ursula von der Leyen, who likened it to a “man on the moon moment,” has found resonance worldwide. Many jurisdictions have begun adopting similar sustainability programs, often in collaboration with European institutions, signaling a global shift towards greener economies.