IOGP feedback on the Platform on Sustainable Finance’s draft proposal for an extended taxonomy to support economic transition

This document provides IOGP’s feedback to the first draft proposal for an extended taxonomy to support economic transition, published by the Platform on Sustainable Finance.

The Platform brings together expertise on sustainability from the corporate and public sector, from industry as well as academia, civil society and the financial industry join forces.

Context

The EU taxonomy creates a common definition and gives recognition to economic activities that make a substantial contribution to an environmental objective, while not doing significant harm to any other environmental objective and meeting minimum social safeguards.

The objective of this analysis is to explore how an extended taxonomy could help economic actors on the environmental transition pathway. The Platform will submit the final report with their advice to the Commission in autumn 2021. The Commission will analyse and consider the report in view of the continuous developing of the EU taxonomy. By the end of 2021, the Commission will publish a report on the provisions required for a social taxonomy, as required by the Taxonomy Regulation.

Overview

• ‘Significantly harmful’ taxonomy
• Two types of significantly harmful activities
• Intermediate transition
• ‘No significant (environmental) impact’ taxonomy