High-Level Recommendations on the Voluntary Application of the EU Taxonomy to Core Banking Products
The European Banking Federation (EBF) and the United Nations Environment Programme Finance Initiative (UNEP FI) are launching a project to assess the extent to which the EU Taxonomy on Sustainable Activities could be applied to core banking products.
The objective of the project is to:
- Provide a high-level feasibility assessment of the EU Taxonomy to core banking products
- Share best practices
- Develop use cases where appropriate
- Issue recommendations based on the project findings
A Working Group composed of 25 banks, 7 banking associations and 5 observers is working on developing these guidelines. The project is sponsored by BBVA, BNP Paribas, Credit Suisse, Danske Bank, Deutsche Bank, FMO, ING, SEB, Societe Generale, Standard Chartered, UBS and UniCredit.
The Working Group is expecting to issue recommendations around Q4 2020. It may adjust its timeline in line with EC-related Taxonomy developments and processes in 2020.
The Working Group is composed of:
- ABN AMRO
- BNP Paribas
- Credit Agricole
- Credit Suisse
- Danske Bank
- Deutsche Bank
- Intesa Sanpaolo
- Jyske Bank
- KB Financial Group (Korea)
- OP Financial Group
- Piraeus Bank
- Société Générale
- Standard Chartered
- Swedbank Group
- Finance Denmark
- Finance Norway
- Finance Latvia
- Swiss Banking Association
- UK Finance
- European Commission
- European Banking Authority
- European Investment Bank / European Investment Fund
- Elodie Feller – firstname.lastname@example.org
- Denisa Avermaete – email@example.com
- Daniel Bouzas – firstname.lastname@example.org
About the European Banking Federation (EBF)
The EBF is the voice of the European banking sector, uniting 32 national banking associations in Europe that together represent some 3,500 banks – large and small, wholesale and retail, local and international – employing about two million people. The EBF promotes:
- A thriving European economy underpinned by a stable, secure and inclusive financial ecosystem.
- A flourishing society where stable and secure financing is available to finance the dreams of citizens, businesses and innovators everywhere.
About UN Environment Programme Finance Initiative (UNEP FI)
UNEP FI is a partnership between UNEP and the global financial sector to mobilize private sector finance for sustainable development. UNEP FI works with more than 300 members – banks, insurers, and investors – and over 100 supporting institutions – to help create a financial sector that serves people and planet while delivering positive impacts. We aim to inspire, inform and enable financial institutions to improve people’s quality of life without compromising that of future generations. By leveraging the UN’s role, UNEP FI accelerates sustainable finance. Find out more about UNEP FI’s banking, investment and climate change work.