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#SustainableFinance - Commission expert group calls for feedback on EU-wide classification system

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The Technical Expert Group on Sustainable Finance set up by the Commission in July 2018 has launched a call for feedback on EU action to develop a unified EU-wide classification system – or taxonomy – for environmentally sustainable economic activities.

The announcement stems from the EU Sustainable Finance Action Plan that the Commission published in March 2018 and follows up on the Commission's legislative proposal on an EU taxonomy presented in May 2018. Step by step, the Commission will identify activities which qualify as ‘sustainable', taking into account existing market practices and initiatives and drawing on the advice of the Technical Expert Group.

In a first initiative, the group is sharing its preliminary results on how such a classification system could be put in place, and at the same time asks for technical input from interested stakeholders and experts. Participants will be invited to comment on the first proposed activities that contribute substantially to climate change mitigation and to answer questions on the usability of the taxonomy.

The ultimate aim is to develop a system that provides businesses and investors with clarity on which activities are considered sustainable so they take more informed decisions. A number of workshops to gather technical expertise from interested parties is also envisaged. The invitation for feedback should help the technical expert group to engage with a broad range of stakeholders and experts and will close on 22 February 2019.

More information available here.

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