European Union

As an observer of the EU Platform on Sustainable Finance and the EU High-Level Expert Group on scaling up sustainable finance in low and middle-income countries, UNEP FI actively engages with the European Union’s sustainable finance policy initiatives.

From 2019 to 2022, UNEP FI worked with the European Banking Federation (EBF) to advance banks’ understanding of the EU Taxonomy together with a working group of around 25 banks, more than 10 banking associations and a selected group of observers. The outputs of this collaboration can be found below, and more information about the project can be found here.

Testing the application of the EU Taxonomy to core banking products: High level recommendations

This report assesses 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.


Practical approaches to applying the EU Taxonomy to bank lending

This report explores practical approaches for banks who wish to use the EU Taxonomy. It was developed based on discussions with 24 banks, 12 banking associations and six observing organisations.


For information on our general strategy in Europe, please visit our European regional webpage.


Latin America and the Caribbean

Working Group on Sustainable Finance Taxonomy in Latin America and the Caribbean  

The Working Group on Sustainable Finance Taxonomy in Latin America and the Caribbean (LAC Taxonomy Working Group), created as part of the Interagency Technical Committee of the Forum of Ministers of Environment of LAC, was launched in 2022 to develop a common framework of sustainable finance taxonomies for the region. It is constituted by UNEP FI, the World Bank Group, International Monetary Fund, UN Development Programme, UN Economic Commission for Latin America and the Caribbean, Inter-American Development Bank, CAF Development Bank of Latin America, Food and Agriculture Organization, and the European Commission (DG INTPA & DG FISMA), as an external technical advisor. Read more.

Green Climate Fund (GCF) Readiness Projects in Panama & Costa Rica 

At national level, UNEP FI supports LAC countries in the development and implementation of national sustainable finance taxonomies and frameworks for identification, assessment and disclosure of climate-related risks for the financial sector. Panama and Costa Rica are the first countries to have joined these regional projects in January 2023 for a 24-month implementation period. Read more about the Panama and Costa Rica projects.

The Climate Financial Risk Center in Latin America and the Caribbean  

In December 2022, UNEP, the Association of Central Banks of Latin America and the Caribbean (CEMLA), the Association of Supervisors of Banks of the Americas (ASBA), and the Latin American Association of Insurance Supervisors (ASSAL) launched the Climate Financial Risk Center in Latin America and the Caribbean. The center establishes a regional hub through which central banks, financial supervisors and regulators collaborate to promote regional convergence towards the incorporation of financial risks derived from climate change and biodiversity loss as a fundamental driver of political action. The center promotes regional dialogue, builds capacity and shares knowledge and best practices on how central banks and financial supervisors and regulators can adapt to identify, quantify, disclose and manage climate-related financial risks. Read more.