Nearly two-thirds of European companies do not have any revenue that meets the EU's list of climate-friendly activities, and half have no planned capital expenditure that can be considered green, according to a new analysis published on Thursday.
classifies economic activities that can be marketed as sustainable to improve transparency and encourage investment towards fighting climate change.
An analysis by sustainability data firm ESG Book of 683 companies, representing 40% of European market capitalisation, found that the average share of company revenue aligned with the taxonomy was 8% while for capex - which captures corporate long-term spending plans - it stood at 13%. "The scale of the challenge [towards a lower-carbon economy] is made much much clearer," said Leon Saunders Calvert, ESG Book's chief product officer. "For many businesses that have to go through a transition you would want and expect more of their capex being made in a way that drives towards alignment."
Analysts say data generated from the EU taxonomy - one of several sustainability classification systems emerging globally - is useful because it shows how and where companies are making money. Most environmental, social and governance -related data measures companies' exposure to ESG risks.
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