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the European Union has agreed on a landmark green finance regulation the deal will define what is green and what is not a really fascinating conversation than happening in Brussels on this front which could have implications for investors and all kinds of ESG funds joining us now to discuss is our reporter Maria Tadeo in Brussels so Maria what exactly is a so-called green taxonomy tell us what's being talked about well it sounds very nerdy and it's very technical but it could be very significant for the investment community you have the European Union last night agreeing to set out the framework to regulate sustainable investment at what is crucial here is that they really want to set out the foundations to really define what is Green and what is not and they want to do this in a way that could perhaps at a global benchmark for investment in a sustainable space now the thinking from the EU is that if you put in place a regulation quickly and you put it out in a way that's clearly you're going to be able to attract money from funds that want to get invested in this you want to be able to get money also from insurance pension funds and so on and of course you have to look at the political context which is also the fact that the European Commission is determined to get ahead with this Green Deal to get it done in a hundred days and this would be a key pillar to really determine define what is Green investment in Europe what does this mean then for investors I mean can they take what they hear today what they hear this week as gospel or is this going to be a moving target well probably not this week and this is just very early days as I mentioned some of the details are still vague and in fact I hear that we're probably going to wait for another two years until we get that final list and we get that criteria that's set in stone but as I mentioned it is significant for the investment community because one of the things we often hear from those who want to get invested in the ESG space and want to go green they want to go sustainable is that they do not have enough data they don't trust the data but also the rules are not clear and what the EU is really trying to do now is to say okay we're gonna set out the standard we're probably going to do this in a global way and we're going to be able to give you very clear rules and a benchmark for all of your green investment if you put money in a portfolio that we say Green and the eyes of the EU it will be green