The case for an International COP Forum: Encouraging new initiatives & reducing fragmentation 

Classification mechanisms for sustainable economic activities are becoming increasingly important as the threat of climate change intensifies. Different countries and regions around the world have set out such classification mechanisms, often referred to as “Green” or “Sustainable” Taxonomies, to reach set climate neutrality goals. These mechanisms aim to develop clear definitions of what is to be considered “sustainable” in order to direct economic investments towards activities that substantially contribute to sustainable objectives. 

In this policy brief, ahead of COP28, Bellona Europa calls for the establishment of an international forum under COP that can address the need for guidance, knowledge-sharing and coordination at the international level of such classification mechanisms and overcome the risks of market fragmentation and greenwashing. 

Our main recommendations: 

1. Facilitate the creation and deployment of science-based classification mechanisms for sustainable economic activities through knowledge sharing and information exchange. 
2. Reduce barriers for other countries to start working on sustainable finance mechanisms 
3. Set a clear definition of climate finance,  
4. Harmonize global mechanisms & bring together countries with similar territorial peculiarities  
5. Ensure a transparent process with scientific evidence at the centre of the discussion  
6. Ensure a continuous and coordinated dialogue 

For more details, read our Policy Brief here: 

• COP Recommandations Taxonomy Brief 2023 (pdf)