IN THE SHADOWS

The report finds that the financial sector is the largest block opposing an EU taxonomy for polluting activities, with 74 institutions representing 45% of opponents. It highlights a contradiction where many financial players oppose the taxonomy while adhering to international climate initiatives. The document argues that professional federations are often used by influential members to push anti-climate agendas, and that opponents use misleading arguments to protect high-emission activities, particularly in the energy and steel sectors.

• Financial institutions constitute the largest group opposing a taxonomy for polluting activities, accounting for 45% of opponents with 74 institutions. This group includes 14 banks, insurers, and asset managers (such as BNP Paribas, HSBC, and Deutsche Bank), 38 financial interest groups (including the European Banking Federation), 4 financial authorities, and 10 financial service providers.
• There is a significant divide within the financial sector: private financial players and their interest groups generally oppose the taxonomy, whereas European regulators and public financial authorities—including the European Central Bank and the European Securities and Markets Authority—tend to support it.
• Many financial institutions exhibit inconsistency by opposing the taxonomy while remaining members of major climate initiatives. For example, members of Climate Action 100+, the Net-zero Asset Owner Alliance, the Institutional Investors Group on Climate Change, and Science Based Targets (SBTI) have expressed opposition to the taxonomy.
• Professional federations are often dominated by a few influential members who use these groups to advance anti-climate agendas, sometimes in contradiction to the views of other members. In France, the FBF, AFG, and FFA all opposed the taxonomy, driven by prominent members like Crédit Agricole and BNP Paribas.
• Financial institutions use four primary misleading arguments to oppose the taxonomy: that the EU should focus only on a 'positive approach' for green funding; that the 'do not significantly harm' (DNSH) principle is sufficient; that the taxonomy would punish companies needing transition funding; and that the EU should focus on a 'shades of green' transition approach without exclusions.
• High-emitting companies and industry groups are actively mobilized against the taxonomy to protect high-GHG activities. The energy sector is the second largest block of opponents, including companies like EDF, Engie, and Repsol, as well as interest groups like Eurogas and the World Nuclear Association.
• Opposition extends to other high-GHG sectors, specifically steel, metals, and minerals, with companies like ArcelorMittal and groups like EUROFER opposing the measure. Additionally, the entire government of Poland opposes a polluting taxonomy.

APA

Schreiber, P., Pinson, L., & Ileri, E. C. (2020). IN THE SHADOWS. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2020/12/Report-In-the-shadows-Who-is-opposing-a-taxonomy-for-polluting-activities-Reclaim-Finance.pdf

Chicago

Schreiber, Paul, Lucie Pinson, and Eren Can Ileri. IN THE SHADOWS. Reclaim Finance, 2020. https://reclaimfinance.org/site/wp-content/uploads/2020/12/Report-In-the-shadows-Who-is-opposing-a-taxonomy-for-polluting-activities-Reclaim-Finance.pdf.

Wikipedia

{{cite report |last1=Schreiber |first1=Paul |last2=Pinson |first2=Lucie |last3=Ileri |first3=Eren Can |title=IN THE SHADOWS |publisher=Reclaim Finance |date=December 2020 |url=https://reclaimfinance.org/site/wp-content/uploads/2020/12/Report-In-the-shadows-Who-is-opposing-a-taxonomy-for-polluting-activities-Reclaim-Finance.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{schreiber2020shadows, author = {Schreiber, Paul and Pinson, Lucie and Ileri, Eren Can}, title = {{IN THE SHADOWS}}, institution = {Reclaim Finance}, year = {2020}, month = dec, url = {https://reclaimfinance.org/site/wp-content/uploads/2020/12/Report-In-the-shadows-Who-is-opposing-a-taxonomy-for-polluting-activities-Reclaim-Finance.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }