|Author (Corporate)||European Commission: Technical Expert Group (TEG) on Sustainable Finance|
|Publication Date||March 2020|
Final report produced by the Technical Expert Group (TEG) on Sustainable Finance - set up by the European Commission in May 2018 - on the creation of an EU classification system for sustainable activities (i.e. EU taxonomy).
The European Commission established the TEG on Sustainable Finance in July 2018 to inform the work developed in the framework of the Action Plan on Financing Sustainable Growth. One the Actions calls for the establishment of an EU classification system for sustainable activities (also known as an EU taxonomy), which was followed up by an appropriate legislative initiative put forward by the European Commission (the so-called Taxonomy Regulation).
Within the framework of this Regulation, the TEG was asked to develop recommendations for technical screening criteria for economic activities that can make a contribution to climate change mitigation or adaptation, while avoiding significant harm to other environmental objectives. The final report on EU taxonomy was published on 9 March 2020. It contains recommendations relating to the overarching design of the EU Taxonomy, as well as implementation guidance on how companies and financial institutions can use and disclose against the taxonomy. The report is supplemented by a technical annex. There also other resources made available as a result of the work conducted by the Group, including preliminary reports and spreadsheets.
A virtual presentation of this Report was held on 12 March in a during an event named 'Stakeholder dialogue on sustainable finance'.
|Subject Categories||Economic and Financial Affairs, Environment|
|Subject Tags||Capital Markets Union [CMU], Sustainable Development|
|International Organisations||European Union [EU]|