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problematic since shipowners will be penalised
under the TSC even if their vessel is green. ECSA
has argued that cargo transported is dictated
by market demand and should not be targeted
under the TSC.

A.M. The legislative process regarding taxonomy
revealed a lack of maritime expertise in the Sustain-
able Finance Platform (SFP) advising the EC, which
initially did not include shipping experts. However,
following pressure from the industry, ECSA joined
the SFP as an ad-hoc expert. The SFP submitted its
report in November 2022. What is expected next?
K.D. The Platform was established to help investors
identify sustainable investments by categorising
green economic activities. Initially, the expert
group was mainly made up of financial experts.
However, as Taxonomy grew into an important
tool for the Green Deal, the Platform had to deal
with various other technical matters, and for this
purpose, it is now working with ad-hoc experts.

A.M. Professor Daniel Guéguen tweeted on 24 Novem-
ber 2020: “The EC’s sustainable finance taxonomy
bears all the hallmarks of failed governance: in
short, it’s an Orwellian mechanism.” At the first
EMLO Webinar, borrowing an expression stemming
from Greek mythology, I remarked that taxonomy
had put shipping on the “Procrustean bed” and is
trying to fit it into its technical screening criteria.
Do you think these criticisms are justified?
K.D. Yes and no. It must be remembered that taxonomy
was initially designed to identify best-in-class
economic activities. However, after taxonomy
became a political priority, markets began to
perceive any economic activities that were not
considered eligible as “black economic activi-
ties”. Although not initially within the taxonomy’s
scope, shipping has since been recognised as
taxonomy-eligible and as a sector in transition.
We have come a long way.

A.M. What will be the implications of taxonomy at the
international level?
K.D. Is not devising EU regional standards a danger-
ous precedent for a global industry like shipping?
International regulations are key for international
businesses, but we have to acknowledge that sus-
tainability is a political priority for the EU. We are
on a learning curve, so we must face fragmented
solutions until we reach the final outcome.

A.M. Taxonomy definitions regarding eligible activities
should take into account the diversity of maritime
activities where a “one size fits all “approach is a
recipe for disaster. There is a diversity of activi-
ties, segments, ship sizes, ship types, and business

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