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The EU’s green rules will do too little to tackle climate change
欧盟的环保规则在应对气候变化方面收效甚微
Investors’ enthusiasm for financing the green transition is growing—just look at the surge of interest in the electric-car industry. Tesla’s shares rose by 50% in 2021; those of CATL, China’s battery giant, rose by 68%. Yet if you look more closely, you will find huge problems. If the world is to reach net-zero emissions by 2050, investment will need to more than double, to $5trn a year. And fund management is rife with “green-washing”. Sustainability-rating schemes have proliferated but are wildly inconsistent, while many funds mislead investors about their green credentials.
投资者对资助绿色转型的热情正在增长——看看人们对电动汽车行业的兴趣就知道了。2021年，特斯拉的股价上涨了50%; 而中国电池巨头宁德时代则增长了68%。然而，如果你仔细观察，你会发现巨大的问题。如果世界要在2050年达到净零排放，投资将至少需要翻倍，达到每年5万亿美元。基金管理领域充斥着“绿色清洗”。可持续发展评级计划激增，但却极不一致，同时许多基金在其绿色资质上误导投资者。
To the rescue has come the European Union, which has devised a new labelling system, or taxonomy, that sorts the economy into activities it deems environmentally sustainable, from the installation of heat pumps to the anaerobic digestion of sewage sludge. The idea is that funds and firms will use this to disclose what share of their activities qualify as green, and that clarity will help unleash a flood of capital from markets. The proposals have been in the works for years, and on December 31st the European Commission circulated its latest thinking.
欧盟来救场了，它设计了一套新的标签系统，或者说是分类系统，将经济分为它认为是环境可持续的活动，从安装热泵到污水污泥的厌氧消化。其理念是，基金和公司将利用这一数据来披露他们的活动中有多少是符合绿色标准的，而这种透明度将有助于从市场释放大量资本。该提案已酝酿多年，12月31日，欧盟委员会公布了其最新想法。
Countries have different energy sources, so the exercise was bound to be political. Still, the classification looks sensible. Labelling nuclear energy as green—subject to conditions including the safe disposal of toxic waste—has been met by howls from the Green party in Germany.
各国的能源来源不同，因此此次活动必然带有政治色彩。不过，这种分类看起来还是合理的。将核能贴上绿色标签（包括对有毒废料的安全处理的情况）遭到了德国绿党的强烈反对。
