Summary: The text discusses the current developments and future outlook of sustainable finance in the European Union, particularly focusing on the introduction of a sustainable finance taxonomy to classify economic activities based on their environmental impact. This taxonomy aims to provide transparency and criteria for investors to support sustainable projects and transition to a greener economy. The European Union is also implementing regulations to integrate sustainability considerations into financial decision-making processes, including disclosure requirements for financial institutions and a framework for sustainable investment labels. While these initiatives are seen as significant steps towards achieving sustainability goals, challenges remain in terms of data availability, standardization, and enforcement. Additionally, there are concerns about the complexity and potential limitations of the taxonomy, as well as the need for international cooperation to address global sustainability issues effectively. Nevertheless, the EU's efforts in sustainable finance demonstrate a commitment to advancing environmental objectives and driving the transition towards a more sustainable financial system.