The Platform on Sustainable Finance (PSF) has published proposals for extending the EU Taxonomy for sustainable activities to include ‘social’ objectives, as well as extend the existing ‘green’ Taxonomy to specifically identify environmentally harmful and ‘transition’ activities to add nuance to the landmark regulation.
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 will invite stakeholder feedback on both drafts through two public consultations, which will run from 12 July to 27 August 2021.
After considering the stakeholder input, the Platform will submit final reports with their advice to the Commission in autumn 2021. The Platform’s advice will feed into the Commission’s report on a potential extension of the taxonomy framework to be adopted by the end of 2021, 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 contin