AmCham Quality Management Working Group Virtual Meeting
AmCham Quality Management working group held a virtual meeting on December 9th, with main topic – EU Taxonomy: Green shades into your portfolio or a pass to EU recovery package.
The moderator was Ekaterina Shilegarska, AmCham QMWG Co-chair. She introduced the speakers and the main topics in the webinar and she made a short summary at the end of each discussion.
” The European Commission has assured the consensus on the EU’s long-term budget and the coronavirus recovery fund but obviously it’s still exploring how the taxonomy can be used in spending this enormous “stimulus package” in line with the Green Deal” – says Ekaterina Shilegarska.
“We understand that the European Investment Bank is working on the development of sustainability criteria for the projects it’ll support and the EC will propose minimum mandatory green criteria or targets for public procurements in sectorial initiatives, EU funding or product-specific legislation so we’ll hear more about the EU Sustainable Finance Taxonomy in the coming months and we all have to adapt our business strategies to it.”
Mrs. Hristina Pendicheva, Financial Markets Regulation Directorate, Ministry of Finance and Mr. Boyan Rashev, Managing Partner, Denkstatt were the guest speakers at the meeting.
Hristina Pendicheva, Financial Markets Regulation Directorate, Ministry of Finance said that the Taxonomy Regulation sets out an EU-wide framework – a classification system which is called “taxonomy” that defines which economic activities are “sustainable”. She emphasized that the EU taxonomy is designed to have a common understanding what is “green” and to prevent greenwashing.
According to Boyan Rashev, Managing Partner, Denkstatt the list of sustainable activities is not very long and there are strict compliance criteria for joining it. Companies should be aware of the risks and opportunities merging from the Taxonomy because it will have a direct impact on their access to financing in the future. The smart approach to the topic starts with an analysis of your baseline using the TCFD framework.
Review the full coverage of the WG webinar (summary + video + speaker’s presentations).
Date(s) - 09/12/2020
2:00 pm - 3:30 pm
AmCham Quality Management Working Group
Cordially invites members to a Virtual Meeting
EU Taxonomy – Green Shades into Your Portfolio or
a Pass to EU Recovery Package
The meeting will be held via Cisco WebEx
Registered members will receive login instructions and an access link 24 hours before the meeting.
EU Sustainable Finance Taxonomy has been designed to direct finance to sustainable investments and ensure the transition to a climate-neutral, resilient, and resource-efficient economy. COVID-19 pandemic shifted the focus of the European Commission (EC) and the national governments to the social and economic crises but the recovery process has been seen by EC as an opportunity to rebuild a greener, more digital and more resilient Europe. In order to achieve that the EC has created the “largest stimulus package ever” consisted of the EU’s long-term budget and the recovery instrument NextGenerationEU. A total of EUR 1.8 trillion will help the EU to repair the immediate economic and social damage and lay the foundations for a modern and more sustainable Europe in the context of the Green Deal.
What is the role of the Taxonomy in the recovery process? How it will affect the decisions of the governments, the investors, and the companies? Is it going to accelerate the financing of green activities? Or it will only bring an administrative burden for companies and investors?
AmCham members will gain an insight into this topic from our guest speakers:
- Mrs. Hristina Pendicheva, Financial Markets Regulation Directorate, Ministry of Finance
- Mr. Boyan Rashev, Managing Partner, denkstatt.
Moderator: Ekaterina Shilegarska, AmCham QMWG Co-chair
Working language: English and Bulgarian
Please note the meeting is open to AmCham members only!
If you would like to attend the meeting, please register below by December 8th, 2020, 12:00 p.m.