Project Phase II | From July 2021 to February 2022
As an outcome of the 2nd phase of the project, UNEP FI and the European Banking Federation launched a report titled “Practical approaches to applying the EU Taxonomy to bank lending”, that explores practical approaches for banks who wish to use the EU Taxonomy. This initiative, supported by EY, developed based on discussions with 24 banks*, 12 banking associations and six observing organisations, follows Phase I that tested the application of the EU Taxonomy to core banking products.
The 24 banks in the working group included: ABN AMRO, BBVA, BNP Paribas, BPCE Group (including Natixis), Caixabank, Credit Agricole, Deutsche Bank, DNB, ING, Intesa SanPaolo, KB Financial Group, Nidaros Sparebank, Nordea, Nova Ljubljanska Banka, OP Financial Group, Piraeus Group, Raiffeisen Bank International AG, Santander, SEB, Societe Generale, Standard Chartered, Swedbank Group, UniCredit
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Project Phase I | Mar-Aug 2020
UNEP FI and the European Banking Federation (EBF) launched a unique report assessing the extent to which the EU Taxonomy on Sustainable Activities could be applied to core banking products for labelling or disclosure purposes. This report is the result of a project with 26 major banks, seven banking associations and five observing organisations working together to test, pilot and assess the complexities of applying the EU Taxonomy, which is aimed mainly at investors, to core banking products.
The Working Group was composed of:
Banks: ABN AMRO, Barclays, BBVA, BNP Paribas, BPCE, CaixaBank, Credit Agricole, Credit Suisse, Danske Bank, Deutsche Bank, FMO, ING, Intesa Sanpaolo, Jyske Bank, KB Financial Group (Korea), Natixis, Nordea, OP Financial Group, Piraeus Bank, SEB, Santander, Société Générale, Standard Chartered, Swedbank Group, UBS, UniCredit
Banking Associations: ABI, Febelfin, Finance Denmark, Finance Norway, Finance Latvia, Swiss Banking Association, UK Finance
Observers: European Commission, European Banking Authority, EFRAG, European Investment Bank / European Investment Fund, French Banking Federation, PRI
“At UNEP FI we see the EU Taxonomy as the backbone of a truly transformative agenda. By increasing market transparency and pointing to what is ‘good enough’ from a sustainability perspective, the EU Taxonomy has the potential to direct the flow of finance necessary towards green and sustainable innovation in the economy. We are fully committed to supporting banks throughout their sustainability journey and towards implementing the EU Taxonomy in line with the European agenda for sustainable finance.” – Eric Usher, Head, UNEP FI
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.