Moreover, the Platform on Sustainable Finance has made proposals for an Extended Environmental Taxonomy as well as a Social Taxonomy. The task of developing the social taxonomy could prove even more difficult, especially as the Russian invasion of Ukraine sharply highlights the importance of context in defining socially sustainable/detrimental activities as well as some key questions around the status of defence-related activities. Find out more about our Members and groups at http://www.eesc.europa.eu/en/members-groups. Financial Software Architects GmbH 2018 - 2022 | All Rights Reserved, Application of the EU Taxonomy for Companies, Application of the EU Taxonomy for Financial Institutions. The Taxonomy Delegated Act partially came into force in January 2022 with the requirement for non-financial and financial institutions to disclose their taxonomy-eligible assets as part of their disclosures under the Non-Financial Reporting Directive (NFRD). Here you can find news and information about the EESC's work, including its social media accounts, the EESC Info newsletter, photo galleries and videos. It also organises many conferences, public hearings and high-level debates related to its work. The European Economic and Social Committee (EESC) is the voice of organised civil society in Europe. The Report suggests the following seven criteria for social taxonomy indicators: Indicator should be related to a norm, process or goal in an internationally recognized standard, like the UN guiding principles, the SDGs or the EU pillar of social rights. The EESC brings together representatives from all areas of organised civil society, who give their independent advice on EU policies and legislation. In their own words; the EU Taxonomy "is a tool to help investors, companies, issuers and project promoters navigate the transition to a low-carbon, resilient and resource-efficient economy.". : You can unsubscribe at any time by clicking the link in the footer of our emails. An explanation of the EU taxonomy can be found here. While the current Taxonomy has an environmental focus, the EU is also considering creating a social Taxonomy, which will similarly identify socially sustainable activities. Find out more about our upcoming events at http://www.eesc.europa.eu/en/agenda/our-events/upcoming-events. Please note, that information may be changed at short or without notice. Find out more at http://www.eesc.europa.eu/en/sections-other-bodies, Adopted on 21/09/2022 - Bureau decision date: 20/01/2022, Social taxonomy Challenges and Opportunities, Priorities during the European Presidencies, Czech presidency of the Council of the EU, Rules of Procedure and Code of Conduct of the Members of the EESC, Follow-up to EESC opinions (European Commission), Youth Climate and Sustainability Round Tables, Agriculture, Rural Development & Fisheries, The European Circular Economy Stakeholder Platform, MSMEs, Crafts and Family Business Category, Economic and Monetary Union and Economic and Social Cohesion (ECO), Single Market, Production and Consumption (INT), Transport, Energy, Infrastructure and Information Society (TEN), Employment, Social Affairs and Citizenship (SOC), Agriculture, Rural Development and Environment (NAT), Consultative Commission on Industrial Change (CCMI), Observatory of the Digital Transition and the Single Market (DSMO), Sustainable Development Observatory (SDO), Ad hoc Group on Fundamental Rights and the Rule of Law, , http://www.eesc.europa.eu/en/our-work/opinions-information-reports/opinions, http://www.eesc.europa.eu/en/our-work/publications-other-work/publications, http://www.eesc.europa.eu/en/agenda/our-events/upcoming-events, http://www.eesc.europa.eu/en/news-media/news, http://www.eesc.europa.eu/en/news-media/press-releases, http://www.eesc.europa.eu/en/members-groups, http://www.eesc.europa.eu/en/sections-other-bodies, Social taxonomy Challenges and opportunities - Timeline, EESC in cooperation with other institutions, Economic, Social and Environmental Council (France). The Taxonomy is part of a suite of sustainability reporting legislation, designed to encourage material change in business activities across the EU. Learn more about our policy areas and policy highlights at http://www.eesc.europa.eu/en/policies. . Become your target audiences go-to resource for todays hottest topics. For this reason, the European Commission gave the Platform on Sustainable Finance the mandate to also work on extending the taxonomy to social objectives and set up a subgroup dedicated to this task. Information about our privacy practices is available on our website. As a classification tool, it seeks to provide clarity for companies, capital markets, and policy makers on which . Friedenheimer Brcke 20, 80639 Munich, Germany, Phone: +49 89 9974 0901 0 The report was expected last year but we understand that it was delayed by the extended timeline for the work being completed on the environmental taxonomy. Find the latest EESC opinions and publications at http://www.eesc.europa.eu/en/our-work/opinions-information-reports/opinions and http://www.eesc.europa.eu/en/our-work/publications-other-work/publications respectively. The announcement of the environmental objectives and their application guidelines are an elementary part of the EU taxonomy regulation. For this type of opinion, an interinstitutional timeline is not available. EESC Timeline; Interinstitutional timeline; Adopted on 21/09/2022 - Bureau decision date: 20/01/2022. Effective in 2023, companies need to start reporting their own Taxonomy alignment, and the latest rules lay down the KPIs, content and presentation in detail. Email: info@envoria.com. Most important was the alignment with CSRD/SFDR and the recently published EU proposal for a Directive on Corporate Sustainability Due Diligence. The EESC issues between 160 and 190 opinions and information reports a year. The EESC has six sections, specialising in concrete topics of relevance to the citizens of the European Union, ranging from social to economic affairs, energy, environment, external relations or the internal market. The companies that comply with those sustainability regulations distinguish themselves in a positive manner. Article 26(2)(b) of the Taxonomy Regulation requires the EU Commission to publish a report by December 2021 that describes the provisions needed to cover social objectives. The social taxonomy, which follows the 2020 environmental taxonomy, aims to help close the financing gap to achieve social sustainability goals, many of which are captured within the UN. The Taxonomy gives the EU an opportunity to set out a clear global standard for what good looks like on social issues: encouraging new investment in socially beneficial enterprises; and reinforcing norms that investors and companies can use to improve the social quality of existing assets. 20 of the Taxonomy Regulation specifies that: the Platform shall (j) advise the Commission on addressing other sustainability objectives, including social objectives Translated into the mandate for SG4: (i) explore extending the taxonomy to social objectives in light of As shown in the following provisional overview, they are expected to be published at different times and therefore also differ according to their mandatory application deadline. The six environmental objectives are the basis of the EU taxonomy for a sustainability evaluation and are currently formulated by the EU. The suggested structure of the social taxonomy uses some structural aspects of the environmental taxonomy such as the development of social objectives, types of substantial contributions, 'do no significant harm' (DNSH) criteria, and minimum safeguards. . ", https://ec.europa.eu/info/files/280222-sustainable-finance-platform-finance-report-social-taxonomy_en. It might have the same requirement framework as the environmental taxonomy with adjustments to social aspects. Copyright 2006 - 2022 Law Business Research. The next generation search tool for finding the right lawyer for you. The EU Platform on Sustainable Finance (the " Platform ") published its final report on a social taxonomy on Monday (28 February). Deutsches Rechnungslegungs Standards Committee e.V. Draft report on a social taxonomy. The report was expected last year but we understand that it was delayed by the extended timeline for the work being completed on the environmental taxonomy. The European Economic and Social Committee (EESC) is the voice of organised civil society in Europe. It also organises many conferences, public hearings and high-level debates related to its work. However, it differs from the environmental taxonomy by containing sub-objectives that specify different aspects of three social objectives: Decent work (including for value-chain workers); Adequate living standards and wellbeing for end-users; and. The EESC holds nine plenary sessions per year. February 2022 EU Social Taxonomy: Report of the Platform on Sustainable Finance On 28 February 2022, the Platform on Sustainable Finance (Platform) published its final report on the possible structure of an EU Social Taxonomy, following the publication of a preliminary report in July 2021. The European Economic and Social Committee (EESC) is the voice of organised civil society in Europe. The report considers the types of activities that might be deemed socially sustainable and sets out a proposed structure for a social taxonomy within the current EU legislative framework on sustainable finance and sustainable governance. The draft report argues that in the face of a pandemic, unanswered social questions around a sustainable transition, continuing human rights abuses and continuously rising costs for housing, it is important to identify economic activities that contribute to advancing social objectives. The Platforms final report is intended to support the European Commission in its own report on the EU Social Taxonomy, which was originally planned to be published in 2021 (Article 26 paragraph2 Regulation (EU) 2020/852). Find out more at http://www.eesc.europa.eu/en/sections-other-bodies, Adopted on 21/09/2022 - Bureau decision date: 20/01/2022, Social taxonomy Challenges and Opportunities, Priorities during the European Presidencies, Czech presidency of the Council of the EU, Rules of Procedure and Code of Conduct of the Members of the EESC, Follow-up to EESC opinions (European Commission), Youth Climate and Sustainability Round Tables, Agriculture, Rural Development & Fisheries, The European Circular Economy Stakeholder Platform, MSMEs, Crafts and Family Business Category, Economic and Monetary Union and Economic and Social Cohesion (ECO), Single Market, Production and Consumption (INT), Transport, Energy, Infrastructure and Information Society (TEN), Employment, Social Affairs and Citizenship (SOC), Agriculture, Rural Development and Environment (NAT), Consultative Commission on Industrial Change (CCMI), Observatory of the Digital Transition and the Single Market (DSMO), Sustainable Development Observatory (SDO), Ad hoc Group on Fundamental Rights and the Rule of Law, EESC stands with Ukraine organised civil society in solidarity and action, http://www.eesc.europa.eu/en/our-work/opinions-information-reports/opinions, http://www.eesc.europa.eu/en/our-work/publications-other-work/publications, http://www.eesc.europa.eu/en/agenda/our-events/upcoming-events, http://www.eesc.europa.eu/en/news-media/news, http://www.eesc.europa.eu/en/news-media/press-releases, http://www.eesc.europa.eu/en/members-groups, http://www.eesc.europa.eu/en/sections-other-bodies, Social taxonomy Challenges and opportunities - Timeline, EESC in cooperation with other institutions, Economic, Social and Environmental Council (France). Please contact [emailprotected]. Review your content's performance and reach. It proposes to use screening criteria to identify socially sustainable economic activities that contribute substantiallyto at least one social objective of the EU Social Taxonomy, do not significantly harm any other social objective, and are carried out in compliance with (social or environmental) minimum safeguards. Inclusive and sustainable communities and societies. It is not binding and there is no claim to completeness. Read more about this regulation. Adjustments and extensions may emerge at any time. Initially, only selected economic activities from prioritised sectors are to be considered by the EU Social Taxonomy. Learn more about our policy areas and policy highlights at http://www.eesc.europa.eu/en/policies. The proposed structure of the EU Social Taxonomy is based on the structure of the EU Environmental Taxonomy. Subsequently, depending on the respective social objective, either the turnover or the capital expenditures and operating expenditures per socially sustainable economic activity are to be reported. The EU Platform on Sustainable Finance (the Platform) published its final report on a social taxonomy on Monday (28 February). The report was finally released in February 2022 and will serve to promote sustainable investment in Europe, putting the focus on the protection of human rights and on the social impact on the main stakeholder . In this first step, European banks have to disclose their share of assets eligible . This report summarises the key initial observations and recommendations on this task. Until the establishment of this framework, investment products and economic activities could be classified as 'green' or 'environmentally sustainable' without a clear and common . On 28 February 2022, the Platform on Sustainable Finance (Platform) published its final report on the possible structure of an EU Social Taxonomy, following the publication of a preliminary report in July 2021. The draft is open to feedback until 27 August, with a finalised report to be submitted to the Commission for review in October. Reference: ECO/581-EESC-2022. The EU Taxonomy Regulation (Reg (EU) 2020/852) aims to create a common framework as to whether an activity can be considered to be environmentally sustainable. Find out more about its role and structure at http://www.eesc.europa.eu/en/about. There is demand from investors for social investment opportunities (and the report notes that private investments have a role to play in financing social welfare) but the metrics used to measure social matters are even more fragmented than those used to assess environmental impacts and so the lift involved in the development of a social taxonomy will be all the greater.
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