IOGP feedback on the Platform on Sustainable Finance’s draft report on social taxonomy

This document provides IOGP’s feedback to the first draft report on a proposal for a social taxonomy, 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 report assesses the merits of a social taxonomy in addition to the environmental taxonomy, and explores possible avenues to complement the existing taxonomy. The report also proposes various objectives and sub-objectives for a social taxonomy, as well as possible approaches for defining “substantial contribution” and “do no significant harm” criteria. Finally, it develops two alternative models for articulating the social taxonomy with the environmental taxonomy.

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

• Merits and concerns
• Structure of the social taxonomy
• Harmful activities
• Governance objectives
• Models for linking an environmental and a social taxonomy
• General expectation from the social taxonomy