NFU Position Paper on Social Taxonomy
Executive summary
The Nordic Financial Unions (NFU) strongly support the development of a Social Taxonomy as part of a holistic approach to sustainability, which includes social, governance, and environmental aspects. A Social Taxonomy is crucial for ensuring a fair and just transition towards green practices. It will support social sustainability investments, respond to the demand for socially-oriented investments, address social and human rights risks, and improve the measurement of social investments.
Key Points:
- Holistic Sustainability: NFU emphasizes that sustainability must include social and governance elements alongside environmental ones.
- Trade Union Involvement: NFU advocates for a significant role for trade unions in developing and implementing the Social Taxonomy.
- Regulatory Clarity: The Social Taxonomy should be based on clear, internationally recognized indicators and be coherent with other sustainable finance regulations.
- Support for Employees: Adequate training and resources must be provided to financial employees to handle the new regulatory requirements effectively.
- Respect for National Autonomy: The Social Taxonomy should respect national regulations and the autonomy of social partners, aligning with the Nordic model of social dialogue and collective bargaining.
NFU welcomes the Platform on Sustainable Finance's revised report on Social Taxonomy and underscores the importance of integrating social criteria into the EU's sustainable finance framework.
