The Commission set up a Technical expert group on sustainable finance (TEG) to assist it in developing, in line with the Commission's legislative proposals of May 2018
- an EU classification system – the so-called taxonomy – to determine whether an economic activity is environmentally sustainable;
- an EU Green Bond Standard;
- benchmarks for low-carbon investment strategies; and
- guidance to improve corporate disclosure of climate-related information.
The TEG will operate until June 2019, with a possible extension until year-end 2019.
The TEG commenced its work in July 2018. Its 35 members from civil society, academia, business and the finance sector, as well as additional members and observers from EU and international public bodies work both through formal plenaries and sub group meetings for each work stream. The members of the TEG and the Commission recognise the importance of transparency and stakeholder outreach throughout this process. You can find the outreach plans for each subgroup here. They will be updated on a constant regular basis.
In terms of the first task, developing an EU taxonomy, the group is inviting feedback on the first proposed activities that contribute substantially to climate change mitigation and on the usability of this first list of activities. The group has also identified areas where additional technical expertise is needed. The Commission will therefore host several workshops with the purpose of gathering this expertise. Please find all necessary information here.
All meeting documents of the Technical working group on sustainable finance are available in the Register of Commission expert groups.
Please find below the four progress reports from each of the subgroups as of December 2018:
- Benchmarks subgroup - Progress report
- Disclosures subgroup - Progress report
- EU green bond standard (GBS) subgroup - Progress report
- Taxonomy subgroup - Progress report
For more information regarding the work of the Technical expert group on sustainable finance (TEG) and the legislative proposals that frame their work see also the frequently asked questions.