NFU News

NFU’s view on a Social taxonomy

As Social Europe[1] and European Economic and Social Committee[2] renew their calls for a social taxonomy, NFU takes the opportunity to reiterate our concerns and demands on a social taxonomy.

The Environmental taxonomy is hanging on the silken thread of the European Court of Justice’s consideration. And so is the Social taxonomy. If the ECJ is pronouncing that the taxonomy can not delegate political responsibilities to the European Commission both projects are destined to be declared dead. If however, the Environmental taxonomy can enter into force the calls for a social taxonomy will be renewed and grow even stronger.

NFU believes that sustainability must be addressed holistically, where social and governance aspects are given the same room and importance as environmental aspects.

The finance sector must be in the front seat of the sustainable transition by:

  • Supporting investment in social sustainability and a just transition
  • Responding to investors’ demand for socially oriented investments
  • Addressing social and human rights risks and opportunities for investors
  • Strengthening the definition and measurement of social investment

To be able to do this, a social taxonomy is important to address sustainable finance also from a social and governance perspective. A social taxonomy will provide guidance on what investments are socially sustainable. A social taxonomy without a strong involvement of the trade unions is bound to fail. We have the competence and experience and will not tolerate to be silenced through a delegated act which does not help our affiliates and employees in the financial sector in general.

Please take a look at our position paper for a more detailed overview of our demands:
NFU Position Social taxonomy (nordicfinancialunions.org)

 

[1] Towards social sustainability: a social taxonomy – Judith Vorbach and Susanne Wixforth (socialeurope.eu)

[2] The EU needs to put the spotlight on social sustainability, says EESC | European Economic and Social Committee (europa.eu)

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