Dialogue and close cooperation among a wide range of stakeholders from the public and private sector will be crucial to deliver on the aims of the EU Taxonomy Regulation and ultimately of the European green deal and the EU climate targets for 2030 and 2050.
The Platform on Sustainable Finance plays a key role in enabling such cooperation by bringing together the best expertise on sustainability from the corporate and public sector, from industry as well as academia, civil society and the financial industry join forces.
As a permanent expert group of the European Commission that has been established under Article 20 of the Taxonomy Regulation, the Platform will assist the Commission in developing its sustainable finance policies, notably the further development of the EU taxonomy.
In the following video you can watch an interview between Martin Špolc – Head of Unit Sustainable finance, Directorate General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) – and Nathan Fabian – Chair of the Platform on sustainable finance.
The first inaugural meeting of the Platform was held on 15 and 16 October 2020.
Commissioner McGuinness and Commissioner Sinkevičius addressed the new members and observers of the Platform and expressed their strong support for the Platform’s mandate. The Commissioners noted that the Platform will advise the Commission at a crucial time when we need to further increase our ambition to achieve our objectives of the European green deal as well as realising a sustainable recovery from the COVID-19 crisis.
What the Platform does
The platform is an advisory body subject to the Commission’s horizontal rules for expert groups. Its main purpose is to advise the European Commission on several tasks and topics related to further developing the EU taxonomy and support the Commission in the technical preparation of delegated acts, in order to implement the EU taxonomy.
Based on the mandate of the Platform in Article 20 Taxonomy Regulation, the members and observers started work on four main tasks to deliver key deliverables
- Advise the Commission on the technical screening criteria for the EU taxonomy, including on the usability of the criteria
- Advise the Commission on the review of the Taxonomy Regulation and on covering other sustainability objectives, including social objectives and activities that significantly harm the environment
- Monitor and report on capital flows towards sustainable investments
- Advise the Commission on sustainable finance policy more broadly
How the Platform is organised
The Platform has, in principle, an unlimited duration, taking into account the different tasks provided for in the Taxonomy Regulation and the need to amend the technical screening criteria of the EU taxonomy over time, in order to reflect, for instance, changing EU environmental legislation or technological developments.
It operates through a plenary in full composition of all 57 members and 11 observers, supported by subgroups where the technical work on its opinions, reports or recommendations takes place. The plenary serves as a forum to ensure that appropriate linkages are created between the relevant subgroups and to formally endorse advice and reports of the Platform.
The Platform is chaired by a Chairperson. The Commission has decided to appoint Mr Nathan Fabian, Chief Responsible Investment Officer, from Principles for Responsible Investment (PRI), as Chairperson of the Platform.
For an overview of the organisational set-up of the Platform, see the organigramme below. You can click on the organigramme to download it.
Who is in the platform: Members and observers
A broad and balanced representation of stakeholders, expertise and perspectives allows the Platform to develop its advice based on scientific evidence, expertise and deep practical experience and to recommend technical screening criteria for an EU taxonomy that is usable and in line with the ambition of the European green deal.
The Platform brings together world leading sustainability experts across all stakeholder groups: Private stakeholders from financial, non-financial and business sectors, NGOs and civil society, academia and think tanks, experts in personal capacity, as well as public and international institutions.
In total, the Platform can draw on the expertise of 57 members and 11 observers
- 50 members selected from more than 500 highly-qualified applications after a public call for applications on the basis of their environmental, sustainable finance and, where relevant, social/human rights expertise, also aiming at a geographical, gender, cross-sectoral, type of organisation and other balance in the Platform's membership
- 7 members of public entities directly appointed through Article 20 Taxonomy Regulation - European Environment Agency, the European Investment Bank, the European Investment Fund, the three European Supervisory Agencies and the European Agency for Fundamental Rights
- 11 invited observers
The 50 selected members of the Platform have a mandate limited to two years. After the two years, the Commission will have the possibility to extend the mandate or to appoint new members.
Technical work: Subgroups
Four subgroups are currently operating to prepare the technical work based on the variety of tasks and sub-tasks, the deadlines indicated by the mandate, and the different types of skills and expertise needed. Two additional subgroups are envisioned in the future.
Click on the subgroup's names below to view their tasks, deliverables and composition.
- Advise the Commission on the technical screening criteria on environmental objectives in line with Article 19
- Advise on the possible need to update those criteria
- Analyse the impact of the technical screening criteria in terms of potential costs and benefits
- Assist the Commission in analysing requests from stakeholders to develop or revise technical screening criteria for a given economic activity (request system will be set up in 2022)
- In a first instance, the subgroup will be focusing on developing technical screening criteria for environmental objectives 3-6 for which a report is due in Q1 2022
- Report on updating certain technical screening criteria and developing criteria for a limited number of additional activities by Q3 2022
- 32 members and 3 observers
- The work on technical screening criteria is divided into sector teams
- The rapporteur is Marzia Traverso (Type A) and co-rapporteur is Ben Allen (IEEP)
In the following video you can watch an interview between Nathan Fabian – Chair of the Platform on sustainable finance and the rapporteurs of the Technical Working Group, Marzia Traverso and Ben Allen.
- Advise the Commission on the possible need to amend the Taxonomy Regulation
- Report on the review of the Taxonomy Regulation in late 2021/early 2022
- To be set up
- Advise the Commission on the development of the taxonomy with regard to economic activities that do not have a significant impact on environmental sustainability and economic activities that significantly harm environmental sustainability
- Report on environmental transition taxonomy by Q1 2022
- 9 members and 3 observers
- The rapporteur is Nancy Saich (European Investment Bank)
- Advise the Commission on extending the taxonomy to social objectives and compliance with minimum social safeguards
- Report on social objectives by Q1 2022
- Report on compliance with minimum social safeguards in 2022
- 8 members and 2 observers
- The rapporteur is Antje Schneeweis (Arbeitskreis kirchlicher Investoren)
- Advise on data quality, availability, and market preparedness for their obligations
- Advise on the possible role of sustainability accounting and reporting standards
- Advise on usability of the criteria
- Advise on the evaluation and development of sustainable finance policy issues
- Provide feedback and advice on usability of technical screening criteria to other subgroups
- 13 members and 6 observers
- The co-rapporteurs are Nadia Humphreys (Bloomberg) and Helena Vines Fiestas (Type A)
Tasks and deliverables
- Monitoring and regularly reporting to the Commission on trends regarding capital flows towards sustainable investments
- As this subgroup‘s work will need to be based on available data, this subgroup will take up its work in 2022
Involvement of the public: External outreach and feedback
In selecting the members, the Commission aimed to strike a balance in choosing experts with different skill sets and from a wide range of sectors including civil society, industry and academia. Due to a limited maximum number of platform members, it was not possible to ensure that every sector and interest group could be directly represented in all its variety.
The Commission, together with the Platform, is therefore reaching out to a wide range of external stakeholders through calls for feedback, educational webinars and targeted outreach sessions to inform and discuss preliminary findings and concepts and to receive feedback from all interested stakeholders.
In the summer of 2021, the Platform reached out to stakeholders to gather feedback on three draft reports that it has been working on
- Stakeholder feedback on a draft report on social taxonomy
- Stakeholder feedback on a draft report on environmental transition taxonomy. This draft report focusses on support for the environmental transition needed in the whole economy – it recommends further clarity on both: activities that are significantly harmful to environmental sustainability, and those that have no significant impact on it
- Stakeholder feedback on a draft report on preliminary recommendations on technical screening criteria
File activities to be analysed by the Platform
The Platform is also tasked with assisting the Commission in analysing requests from stakeholders to develop or revise technical screening criteria for a given economic activity. In 2022, the Platform will outline how it intends to receive and process such requests. It will then be possible to formally submit requests through a dedicated process on this website.
Platform publications and news
Disclaimer: This page reflects the views of the Platform on Sustainable Finance and not the views of the Commission. The Commission can therefore not be held responsible for any use which may be made of the information this page contains.
Below you will find the latest reports, opinions and recommendations of the Platform on Sustainable Finance.
- 30 March 2022
- Platform on Sustainable Finance’s report with recommendations on technical screening criteria for the four remaining environmental objectives of the EU taxonomy
- Annex to the Platform on Sustainable Finance’s report with recommendations on technical screening criteria for the four remaining environmental objectives of the EU taxonomy
The Commission thanks the Platform on Sustainable Finance for their work over the last 18 months on the report with recommendations on technical screening criteria for the four remaining environmental objectives of the EU taxonomy published today. It will be carefully analysed in due course. The report, that the Platform was mandated to prepare by the Commission, does not bind the European Commission on any decision on the matter.
- 29 March 2022
The Commission thanks the Platform on Sustainable Finance for their work over the last 18 months on the report on environmental transition taxonomy published today. It will be carefully analysed in due course. The report, that the Platform was mandated to prepare by the Commission, does not bind the European Commission on any decision on the matter.
- 28 February 2022
- 24 January 2022
- 20 December 2021
Platform's considerations on voluntary information as part of Taxonomy-eligibility reporting
The Platform published considerations on voluntary information as part of Taxonomy-eligibility reporting.
These considerations are compiled under the aegis of the Platform on Sustainable Finance, and cannot be construed as official guidance by the Commission. This document is provided online to provide supplementary information in order to help users of the EU taxonomy with the disclosures required under Article 8 of the Taxonomy Regulation. The following voluntary guidance supplements the Commission Frequently asked questions that provides first-hand non-binding implementation guidance on the content of the mandatory disclosures under the Article 8 disclosures Delegated Act of EU Taxonomy Regulation.
Voluntary reporting should be prepared on a basis that does not contradict or misrepresent the mandatory information pursuant to the disclosures delegated act and it should not be given more prominence than the mandatory disclosures. Where an undertaking includes voluntary reporting, this should be accompanied with information on the basis used for its preparation and a clear explanation on how it differs from mandatory reporting.
EU taxonomy NACE alternate classification mapping
The Platform published EU taxonomy NACE alternate classification mapping.
This table represents an indicative mapping of selected industry classification systems, and how they relate to the description of economic activities in the EU Taxonomy Delegated Act adopted by the Commission on 4 June 2021. It is compiled under the aegis of the Platform on Sustainable Finance. The Commission takes no responsibility for its contents.
It is provided online to help prospective users of the EU taxonomy locate the activities they carry out among those which are included and described in the delegated act and for which technical screening criteria are established, and for which corresponding NACE codes that can be associated with that activity are provided. As set out in the delegated act, these NACE references are indicative and do not prevail over the specific definition of the activity provided in its description in the delegated act.
Accordingly, activity references and descriptions under the selected industry classifications in the table do not prevail over the activity descriptions in the delegated act. In the event of any discrepancy between information in the table and the delegated act, the latter prevails. Users should always ensure they are basing their final determination of activities included in the EU taxonomy on the information set out in the delegated act. Where the EU taxonomy expands to encompass new activities, the table will be updated accordingly.
In particular, the references under the selected industry classifications provided for section 3.6 should be considered as purely preliminary. In line with the description of the activity, which prevails over NACE codes and over indicative references, only low carbon technologies that are aimed at substantial GHG emission reductions in other sectors of the economy can be considered eligible.
Apart from the tools listed in this document, which require an element of mapping by the end user, there are other solutions available in the market which are pre-mapped to assess EU taxonomy alignment.
- 3 August 2021
The Platform published a draft report by its Technical Working Group (TWG) for a call for feedback on preliminary recommendations on technical screening criteria for the remaining four environmental objectives and a few additional activities and according criteria for the climate objectives of the EU taxonomy.
The call for feedback ran from 3 August to 28 September 2021.
The purpose of this call for feedback was to gather further evidence and feedback on proposed draft technical screening criteria. The draft criteria presented in the report are working documents of the Platform and do not represent a final view of the Platform. They are presented to gather feedback so that the criteria can be further refined and developed before a final set of recommendations on the criteria are agreed by the Platform and proposed to the European Commission.
The draft report is not an official Commission document nor an official Commission position. Nothing in this document commits the Commission nor does it preclude any policy outcomes.
The Platform’s advice will inform the development of the Commission’s delegated act on the taxonomy technical screening criteria for the 4 remaining environmental objectives.
- 12 July 2021
The Platform published two draft reports on social taxonomy and on an extended taxonomy to support economic transition.
The two drafts constitute an important step towards fulfilling one of the Platform’s main deliverables, which is to advise the Commission on a potential social and extended environmental taxonomy.
Both draft reports are advisory and the Commission has not taken a decision yet on whether to proceed in either area.
The Platform gathered stakeholder feedback on both drafts through two calls for feedback, which ran from 12 July to 6 September 2021, after the original deadline of 27 August was extended.
The Platform’s advice will feed into the Commission’s report on a potential extension of the taxonomy framework, as set out under Article 26 (2a and 2b) of the Taxonomy Regulation. The Commission will analyse and consider these reports in light of the continuing development of the EU taxonomy, as laid out in the new sustainable finance strategy.
- 21 April 2021
- March 2021
- January 2021
- 18 December 2020
- 28 February 2022
The Platform held a webinar to present the final report on 'social taxonomy'.
- 12 & 13 July, 17 August 2021
The Platform held webinars to present draft ideas on ‘social’ taxonomy and ideas on potential ‘significantly harmful & no significant impact’ taxonomy.
- 21 June - 13 July 2021
- 24 & 26 February 2021
Stakeholders had a first opportunity to engage with the Platform on Sustainable Finance throughout the series of 5 online webinars organised 24 and 26 February 2021. Interested stakeholders were able to engage on the approaches and key concepts developed by the Platform on Sustainable Finance so far and get an insight in the working process of the Platform.
- For further information on the governance of the Platform as well plenary meeting agendas and minutes, please consult the Platform’s space in the public register of Commission expert groups.
- Press release on the creation of the platform - 18 June 2020
- Call for applications for the selection of members of the platform - 18 June 2020
- Press release on the announcement of the members of the platform - 1 October 2020
- Frequently asked questions on the platform - 1 October 2020