A proposal for a new classification to monitor actions that benefit the environment of Households, Enterprises, and Public Administration

Monica Montella ()
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Monica Montella: ISTAT

No 223, SEEDS Working Papers from SEEDS, Sustainability Environmental Economics and Dynamics Studies

Abstract: European Commission presented a plan to reduce the EU's greenhouse gas emissions by at least 55% in 2030 (compared to 1990 levels), but how can EU-wide coordinated action to meet the six targets (shown in Scheme 1) be measured? How can we monitor sustainable economic growth? It is, therefore, necessary to propose new indicators capable of measuring progress. Still, in order to build new indicators, it is needed at the same time to use a common language to define the actions taken at the European level). The goal of this paper is to propose adopting a new classification shown in Annex 1 (European Taxonomy). This classification focuses on the transition of the classification system of sustainable economic activities, or "ECO list". These are defined as the new ECO-SEA classification - codification of environmentally sustainable economic activities. This proposal informs environmental accountants of the need to adopt it to collect information from businesses, households, and the public administration. Those are the ones who invest in eco-sustainable economic activities and contribute to one or more of the six environmental objectives envisaged by the new European taxonomy. An EU-wide classification system will mean that we have a uniform and harmonized way of determining what economic activities can be regarded as sustainable. This is essential in order for the EU to become the first climate-neutral continent by 2050, as well as to fight biodiversity loss and other environmental challenges urgently.

Keywords: Eco-GDP; European taxonomy (search for similar items in EconPapers)
JEL-codes: E01 E23 K23 P42 Q01 (search for similar items in EconPapers)
Pages: 19 pages
Date: 2023-04, Revised 2023-04
New Economics Papers: this item is included in nep-ene and nep-env
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http://www.sustainability-seeds.org/papers/RePec/srt/wpaper/0223.pdf First version, 2023 (application/pdf)
http://www.sustainability-seeds.org/papers/RePec/srt/wpaper/0223.pdf Revised version, 2023 (application/pdf)

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