As defined by the EU social taxonomy, it is agreed that the term sustainable is used to describe a property or environmental factor, which fulfils the prescribed requirements to meet the criteria of quality, environmental sustainability and economic sustainability. Ultimately, sustainable development needs economic development to enable social Challenges to be identified and the necessary measures installed to supply the meeting of these social objectives. However, economic development alone is insufficient to achieve sustainable development in all sectors, as some other factors will be of particular importance to individuals, businesses and society as a whole.
The EU social taxonomy is intended to serve as a guide and to aid in the application of the European requirement for a exacerbated Lowe’s Law, focusing on carbon emissions, efficiency, energy and its environmental consequences for policy makers, distributors, consumers and the construction industry. It is intended also to enable, stimulate and enable the application of EU policy measures intended to guide all important sectors of society in making their actions more sustainable.
These EU social taxonomy elements are designed to meet the challenges highlighted below:
One further issue to note here, which makes the decision-making process even more complex, is that there are additional challenges, which it must be understood prior to drawing precise policy measures, is the fact that these categories are defined to accommodate the size of activities in each field. Meaning, in 2007, prior to the publication of these guidelines, there was little (if any) requirement to define these elements in more detail.
The EU social taxonomy is not a tool or management framework, to dialogue between different sectors, rather a business tool to define in simple terms the nature, level and efficiency of the Relationship between the different sectors. Although it is performed according to the common format, certain elements can be beyond the direct influence of certain sectors. Being advised to understand these aspects morefully and for all aspect to make efforts to update the existing guidelines. The issues facing by different members of the EU fail to meet the definition on sustainable development that is no less significant than those facing by the non-EU members.
But even if we fail to meet this definition on sustainable development according to the EU social taxonomy, we are still bound to support the principles and the projects, and to aim at the common goal of playing a bigger part in the scientific process. By focusing on the European projects and policy measures for sustainable economic development and social actor, can free up our efforts and make a difference for our future generations.
When assessing a potential project, its essentials to ensure the effectiveness of the end-user here, (including market impact, societal impact and the EU social taxonomy)
In terms of environmental sustainability, the product must be prepared from resources which are considered to be sustainable, if the product is not sustainable then …no market impact.2. The investment must reflect the social objectives of society in a long-term approach, (as opposed to the short-term approach of the finance sector). This means the producers must think “how can I become more sustainable and economic sustainable as a result”3. Investment must not be a financial shell, i.e. a case of throwing money for no results because it is not sustainable.4. Investments aiming to expand social productive capacity: Entrepreneurship, social policy development, social responsibility, and environmental protection are the main indicators for sustainable development.
Within the EU, it is increasing the rapport with the international level despite the discontent of the more numerous member states, for the fact that the creation of a common EU social taxonomy was agreed by all, and with the task of agreeing to it by the different members of the EU. And to create a single, shared vision of sustainable development.
The recent Climate Change Commission Report on the EU Court of Auditors will provide important guidance on all the European Court of Auditors, as they come together at the EU level, as a result through a focus on the changes required as defined in the EU social taxonomy to ensure a sustainable development in our communities and industry’s sectors. This distinguishes the EU from the majority of the former members, and shows that the EU Government and it’s member-country politicians are serious about the challenges, the opportunities and the possibilities that we face today. For example, the EU Court of Auditors’ Report, focused on EU legislation, facilitate decision-making, informs on the policies of the EU legislation, on issues on the EU legislation, on EU regulation changes in addition to an attempt to advice on their recommendations for a more sustainable business practices.