With the world slowly reaching what many scientists label “a point of no return” for climate change, countries worldwide are doing their best to combat environmental damage. To that end, the European Union has developed climate and energy targets for the upcoming decade, stating that it is “vital that we direct investments towards sustainable projects and activities.”

To achieve this, the EU devised a “common language and a clear definition” of what exactly that means – what is sustainable, what is green, and how those should be approached at the EU level. This language is presented in the form of an action plan on financing sustainable growth – an EU Taxonomy. It has finally come into play at the start of 2022.

fwp partner Florian Kranebitter, together with three other renowned Austrian lawyers, provides an overview of developments in Austria in an interview with CEE Legal Matters: