European Commission (EC) presented its ‘Fit for 55’ package in July 2021. This includes draft climate, energy, and transport-related legislation.
The European Commission is currently finalising a proposal – to be published by the end of 2019 – for a so-called „Green taxonomy“. Once developed, the taxonomy will be used by national and EU regulators to shape the requirements regarding financial products traded as “green”. Actors of financial markets will use the taxonomy to disclose how the environmental sustainability of investment was defined. To qualify as green, investments will need to contribute substantively to at least one of the six EU environmental objectives and will need to fulfill a catalogue of requirements.
Electric hand dryer manufacturers may be able to use the taxonomy to their advantage. Their products are likely to be eligible if rated in the top available class according to the EU Energy Label for each type of appliance. The new rules will be operative after six months from adoption in order to allow Member States to prepare for the changes.