争论焦点在哪？

在前述的六个环境目标指引下，欧盟分类条例中列出了技术标准细则，经济活动必须满足这些技术筛选标准（Technical screening criteria, TSC）才能符合“环境可持续发展”的条件[11]。TSC 还将确定任何这些经济活动在符合一项环境目标的同时，是否会对任何其他环境目标造成重大损害，因此TSC 可以看做是欧盟建立环境可持续投资活动的清单基础。

TSC草案涵盖多达13个部门之多，包括农林、制造、能源、运输、建筑等。欧盟委员会也开发了基于excel的分类查询工具（图2），其中的天然气就是此次争议的焦点之一，目前的分类中将其归类为在减缓气候变化方面有重大的贡献，并且对于其它四个目标不带来显著损害（Do No Significant Harm, DNSH）。

图2：可持续投资分类工具中的电力相关页面展示

Note："Do No Significant Harm" DNSH 不带来显著损害

Source: Technical expert group on sustainable finance (TEG) - Taxonomy tools. European Commission Website. Link: https://ec.europa.eu/info/files/sustainable-finance-teg-taxonomy-tools_en

结语

欧盟内部关于天然气和核能是否是绿色能源的讨论将可持续投资这个话题引入我们的视线。欧盟电网是一体化，极力反对的德国和奥地利也恰恰在自身可再生能源出力不足时，使用法国的核电，既稳定又便宜。预计欧盟内部终将对此争议达成共识，目前的分歧并不是退出这些能源，而是不要将其纳入到可持续投资分类标准中，对其贴上“绿色”的标签。

展望全球，欧盟的雄心也不仅在于引导自身经济活动既满足可持续原则又实现长期气候目标，这个分类也意在将欧盟的可持续投资分类准则推向欧盟外，或者为进入欧盟内的资金或金融产品设定绿色条款。但它会将资金引向值得投资的项目吗？

有分析文章也指出该分类条例不会对缺乏资金的绿色资产带来激励，例如低碳钢或电动汽车充电站。相反，投资者可能会继续追逐安全、流动性强的资产，例如风能或太阳能发电厂，从而推高其价格[12]。所以，单单依靠标准并不能驱动投资到亟需资金的技术或项目，各国的气候目标实现需要私人投资，笔者认为分类法是奠定了基础也就是设置了基准门槛，如要提高投资质量则需要进一步的配套政策吸引或引导投资者。

注释：

[1] Fury as EU moves ahead with plans to label gas and nuclear as ‘green’. The Guardian, 2022.01.03. Link: https://www.theguardian.com/world/2022/jan/03/fury-eu-moves-ahead-plans-label-gas-nuclear-green

[2] Investors react to Commission’s Taxonomy move on nuclear, gas By Susanna Rust, et al. 15 January 2022. Link: https://www.ipe.com/investors-react-to-commissions-taxonomy-move-on-nuclear-gas/10057361.article

[3] FAQ: What is the EU Taxonomy and how will it work in practice? European Comission. Link: https://ec.europa.eu/info/sites/default/files/business_economy_euro/banking_and_finance/documents/sustainable-finance-taxonomy-faq_en.pdf

[4] Sustainable finance – EU taxonomy A framework to facilitate sustainable investment. European Parliamentary Research Service. 2020 July. Link: https://www.europarl.europa.eu/RegData/etudes/BRIE/2019/635597/EPRS_BRI(2019)635597_EN.pdf

[5] EU defines green investments to boost sustainable finance. European Parliament, Economy,11-06-2020. Link: https://www.europarl.europa.eu/news/en/headlines/economy/20200604STO80509/eu-defines-green-investments-to-boost-sustainable-finance

[6] Sustainable finance factsheet. European Commission Website. Link: https://ec.europa.eu/info/sites/default/files/business_economy_euro/accounting_and_taxes/documents/190618-sustainable-finance-factsheet_en.pdf

[7] Law details Information about the Regulation (EU) 2020/852 (Taxonomy) on the establishment of a framework to facilitate sustainable investment including date of entry into force

https://ec.europa.eu/info/law/sustainable-finance-taxonomy-regulation-eu-2020-852/law-details_en

[8] 欧盟碳边境调整机制真的要到来了吗？REEI ，袁雅婷，2021/03/22. 链接：http://www.reei.org.cn/blog/830

[9] A Short Guide to the EU’s Taxonomy Regulation. David Doyle, S&P GLOBAL  12 May, 2021. Link: https://www.spglobal.com/esg/insights/aligning-portfolios-with-the-paris-agreement

[10] EU defines green investments to boost sustainable finance. European Parliament. 11-06-2020. Link: https://www.europarl.europa.eu/news/en/headlines/economy/20200604STO80

[11]Taxonomy technicalscreening criteria (TSC). Link:https://www.emissions-euets.com/carbon-market-glossary/1923-taxonomy/2209-taxonomy-technical-screening-criteria-tsc

[12]The EU’s green-investing “taxonomy” could goglobal. Fintedex.2022.01.06 Link:  https://fintedex.com/the-eus-green-investing-taxonomy-could-go-global/