Platform on Sustainable Finance release final report on potential Social taxonomy

Today, the Platform on Sustainable finance released their final report on a Social Taxonomy. The report was presented at a webinar with representatives from the sector, employer organisations, investors, and trade unions. The report and its conclusions were welcomed from all the representatives, especially highlighting the need for consensus on what social aspects of sustainability and the taxonomy are, and the linkage between the social and the environmental taxonomy.

The trade unions were represented by ETUC. They lifted the need for a social taxonomy to help prevent social washing and dumping. The environmental taxonomy needs the social taxonomy to make sure that the green transition is a just transition. ETUC welcomed the connection between the social taxonomy and the European Social Pillar. They also argued that a just transition must be connected to strong collective bargaining.

The report is a step towards a possible social taxonomy. However, it is not an official Commission document and we must therefore wait and see what and if the Commission will move forward on the topic.

The report can be found here: Final Report by Subgroup 4: Social Taxonomy (europa.eu)

NFU has been highlighting the need for social considerations in the Sustainable finance package and in the taxonomy. Read NFU Position paper Mainstreaming the social agenda in Sustainable Finance here. NFU has also created infographics explaining the social considerations, please find them here.

NFU has been advocating for the expansion of the Environmental Taxonomy to also include social considerations, and to make sure that Trade unions get wider representation in the Platform. This report and today’s webinar is a great step towards that.