This means the reporting requirements for asset managers under the Sustainable Finance Disclosure Regulation (SFDR) are not as focused on the social impact positive or negative of their ESG-labelled products. Are you already a guest at the Europe.Table? Why the social taxonomy is no longer an EU priority With just over a year left on its term and facing a deepening energy crisis, the current European Commission is prioritising regulatory initiatives other than the social taxonomy. Grounding objectives and associated screening criteria in human rights will allow for a robust design that is globally applicable, says Lysgaard. Try it for free now, no automatic renewal. Assuming social objectives are added into the existing Taxonomy, how will the Commission ensure that the E and the S have equal emphasis?. If possible, recommend on the structure of a social taxonomy with substantial contributions and DNSH criteria for social issues Reflecting on other objectives linked to business ethics, governance, anti-bribery or tax compliance matters ii) Advise the European Commission on the functioning of Article 18 of the Taxonomy Regulation Necessary cookies are absolutely essential for the website to function properly. In force since July 2020, the Taxonomy Regulation establishes a list of environmentally sustainable economic activities, with the aim of limiting the risk of greenwashing and outlining the behaviours companies need to adopt to be considered sustainable. She is the rapporteur for Social Taxonomy in the competent working group of the Platform on Sustainable Finance, which advises the EU Commission. An extended environmental taxonomy and a social taxonomy are expected to follow. But this emphasis is changing. While this patchwork of interconnected and expanding legislation can be headache-inducing, Lysgaard maintains that the potential development of a Social Taxonomy isnt too much, too soon. Law details. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. There are further challenges the Commission will have to contend with if they decide to either proceed with extending the existing Taxonomy Regulation or build a separate Social Taxonomy. Investors, corporates and policymakers are beginning to understand the need to address social-related issues in conjunction with tackling climate risks, particularly when it comes to ensuring a just transition to low-carbon and sustainable economies. There is no lack of proposals from her working group, but rather a lack of political will, it seems. In order to create a common structure with existing or coming legislation, such as the Sustainable Finance Disclosure Regulation (SFDR) and the Corporate Sustainability Reporting Directive (CSRD), the proposed structure of the Social Taxonomy is organised based on three stakeholder groups: employees , consumers and communities. The current Taxonomy Regulation is far from finalised, with ongoing debate around whether more carbon-intensive transitional activities such as nuclear, natural gas and related technologies should be included. Social Taxonomy: Was that it? For an equitable ecological transformation of the economy (just transition), it is important to take social and labour standards into account. All of these relate to investor and company processes and to reporting on responsible business conduct and governance, the PSF report states. Covid-19 has helped underline the urgency of ensuring the inclusion of the social or human rights domain, so Im hoping stakeholders demonstrate their full support for the Commission to go ahead, she says. 22 - minute read In line with the Taxonomy Regulation [1] and following the European Commission's request, the Platform on Sustainable Finance (hereafter the "Platform") published its final report on the relevance and avenues to extend the EU Taxonomy to social objectives.The study released by the Platform on February 28th attempts to answer whether and how a Social Taxonomy could be . For example, job creation is inherently 'socially beneficial' but that doesn't necessarily mean a corporate is driving positive social performance (e.g., fair pay). Manuel Berkel has taken a look at everything that is already known about this. From an ecological perspective, the EU has already answered this question or is in the process of doing so, as it is still fine-tuning some elements of the Environmental Taxonomy. If social factors feature more prominently in the existing Taxonomy Regulation, European corporates and investors will be better placed to achieve a just transition, experts say. In February, the platform presented its report with ideas for a Social Taxonomy. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. As best practice evolves, we will share the news, insights and data to guide asset owners on their individual journey to ESG integration. Is Social Taxonomy still coming? Gaining Specialist Clarity on ESG in Fixed Income, Explaining the Impact of EU MiFID II Regulation on Sustainable Investing Common classification, consistent language and transparency are critically important to enable the industry to act with confidence, and so the Taxonomy needs to expand beyond only defining what is green, she says. Uniformity across the EU regarding labour and social standards is a goal to be pursued at its best. Under Article 18 of the Taxonomy, an entity engaged in a sustainable economic activity must also make sure that activity meets the minimum social safeguards. Within this framework, human rights and labor protection issues are only considered in the form of minimum safeguards. Here, we discuss the recently published Social Taxonomy and provide an overview of its key points. . contrary to the environmental taxonomy, which relies on affirmed research results and international frameworks such as the paris agreement, the social taxonomy is based on international. The Social Taxonomy will promote three main targets for three different stakeholder groups: These three groups of stakeholders, to whose lives and livelihoods economic activities can make a positive contribution, shall be at the centre of the new regulation. This Delegated Act supplementing Article 8 of the Taxonomy Regulation was adopted in July 2021. Professional clients only - not for Retail use or distribution, September 16, 2022 J.P. Morgan Asset Management, Copyright 2021 ESG Investor Ltd. Company No. In this Q&A, we look specifically at the EU SFDR, seeking to explain the importance of this wide-reaching regulation and to show how it will impact asset managers, advisers and investors alike. A first report on this future social taxonomy has been published at the beginning of March by the EU Sustainable Finance Platform. Furthermore, to achieve the sustainable development goals (SDGs) of the UNs 2030 agenda, social standards must be invested in. Learn more in our Cookie Policy. The reason for this, according to Brussels, is the experience with the Green Taxonomy: The Commission is said to be reluctant to open up another difficult topic in the current mandate after the heated debate on the delegated act on natural gas and nuclear power activities. Without such an approach, pure social added value cannot be clearly determined and targeted. It might have the same requirement framework as the environmental taxonomy with adjustments to social aspects. Decent work (including value-chain workers); Adequate living standards and wellbeing for end-users; and. "Social and governance aspects are. The Taxonomy Regulation empowers the Commission to adopt delegated and implementing acts to specify how competent authorities and market participants shall comply with the obligations laid down in the directive.. These include: Therefore, to qualify as socially sustainable an economic activity must meet the (i) substantial contribution criteria, (ii) DNSH-requirements (iii) and the criteria on minimum safeguards. In comparison, added social benefits may include improving employee access to quality healthcare. Inclusive and sustainable communities and societies. presented its report with ideas for a Social Taxonomy, Energy crisis: Commission plans new proposals, EU foreign ministers consider new Russia sanctions, New political community: EU Council sends out invitations, EU data protector wants regulation articles deleted, UK to settle trade dispute with EU quickly, Circular Economy: Lemke announces dialogue process, Lfven wants to lead the European Socialists. If an asset manager decides to launch a fund which contributes to the protection and restoration of biodiversity, for example, it must also make sure the fund does no significant harm to the other core objectives. This would eventually allow more capital to flow into social economic activities. The draft was published by the Platform for Sustainable Finance, the successor to the Technical Expert Group (TEG) which drafted the original taxonomy. This category only includes cookies that ensures basic functionalities and security features of the website. EU Taxonomy in brief. On 28 February 2022 the Platform on Sustainable Finance (PSF) published its final report on a possible structure of an EU Social Taxonomy, following the publication of a preliminary report in July 2021. fair working conditions and social protection and inclusion); Enhancing inherently positive impacts on social goods and services and basic infrastructure: focusing on social goods and services sectors that include products and services for basic human needs and basic economic infrastructure to meet the right to an adequate standard of living (e.g. The EU Commission actually wanted to write a report on the planned Social Taxonomy by the end of the year. However, social aspects are now also emerging in the foreground of European regulation. LinkedIn and 3rd parties use essential and non-essential cookies to provide, secure, analyze and improve our Services, and to show you relevant ads (including professional and job ads) on and off LinkedIn. The European Commission is considering whether to establish a social taxonomy following the EU Taxonomy Regulation, which came into force in 2020 and was recently further defined by delegated acts. The Platform on Sustainable Finance plays a key role in enabling such cooperation by bringing together the best expertise on . If properly designed, it has the potential to make the social effects of financial investments transparent, to direct resources to socially-responsible activities and companies, to contribute to a fair green transition and to promote good jobs. Be our guest at the Europe.Table. adequate, safe, and healthy food, water, housing and clothing, but also the right to the highest attainable standard of physical and mental health and the right to education). They should transition to a level that at least does not cause significant harm, even if they do not actually reach substantial contribution (green). For example, whereas the Taxonomy Regulation works by linking environmental criteria to economic activities, some social aspects collective bargaining or tax transparency, for example cannot be so easily connected. Since its initial publication in mid-2020, the EU Taxonomy has been generating a lot of interest from companies and individuals alike. But it has yet to be decided whether the subgroups work will translate into the evolution of the existing Green Taxonomy into a broader Sustainability Taxonomy, which would have a dual focus on social and environmental factors, or whether there will be two separate taxonomies connected through minimum social and environmental safeguards. The Commission originally wanted to deliver within this mandate and propose a social counterpart to the green taxonomy. These include, among others: health and safety; healthcare; housing; wages; non-discrimination; consumer health; and communities livelihoods. Issues such as creating liveable urban neighborhoods, social justice, living together in the social space, and further improving diversity, should be addressed and, hopefully, these issues will be given greater focus with a Social Taxonomy. Advice on how to align with these frameworks is quite vague, says Pedersen. . A Social Taxonomy will also need to clearly identify and distinguish between inherent social benefits and added social benefits to avoid blue-washing, the draft acknowledged. Its important that everything is developed at the same time so that theres ample coordination and the different pieces all fit together. Both aspects are an integral part of the EUs sustainable finance strategy. In the meantime, its vital that stakeholders, investors, corporates and regulators submit feedback on the draft Social Taxonomy, Lysgaard emphasises. Moreover, work on the environmental taxonomy is far from finished: The Commission has yet to define four of the six goals formulated in the taxonomy regulation. Unsurprisingly, this added complexity has some investors asking: Is this all too much, too soon? This is particularly evident in the proposal for a directive on corporate sustainability due diligence and the final report on a possible structure of a Social Taxonomy. We are using cookies to give you the best experience on our website. a feature, rather than the main focus, of the Taxonomy Regulation, which is currently only dedicated to environmental considerations. The subgroup has proposed that the taxonomy is developed through vertical and horizontal dimensions. Whether its corporates employing thousands in activities that destroy the natural world, illegal wildlife traders exposing mankind to zoonotic diseases or workers in carbon-intensive sectors losing their jobs, many of our biggest challenges underline that S and E dont exist in isolation. As much as it can be frustrating and overwhelming for practitioners to wrap their heads around, the spike in regulation is commensurate to the challenges were facing time is of the essence. The final report continues with the two options of either designing the interaction between two taxonomies, environmental and social, or merging both dimensions into one taxonomy. The Taxonomy Regulation covers six environmental objectives, but detailed technical screening criteria have so far only been issued for the first two climate change mitigation and adaptation and debate continues about key sectors such as nuclear energy and agriculture. My colleague Leonie Dngefeld asked Antje Schneewei, rapporteur for Social Taxonomy in the responsible working group of the Platform on Sustainable Finance. 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. Environmental protection and social standards are becoming increasingly important both in terms of regulatory obligations and stakeholder expectations. There are three types of substantial contribution criteria for eligible economic activities proposed: As in the Environmental Taxonomy, the Social Taxonomy will capture so-called DNSH-criteria, which means that activities making a substantial contribution to one social objective should not significantly harm other social objectives. It also suggested coordinating the legislative processes on the social taxonomy, the sustainable finance disclosure regulation (SFDR), and the CSRD, as well as the legislative processes on corporate sustainability due diligence. The European Commission also has plans to publish a draft Sustainable Corporate Governance initiative, which will broaden the corporate governance responsibilities of companies so they cover due diligence of human rights and environmental risks within their own operations and across the value chain. A subgroup was appointed to outline what a Social Taxonomy could look like, then tasked with extending the existing taxonomy to cover other sustainability objectives including social factors, says subgroup member Signe Andreasen Lysgaard, Senior Adviser at the Danish Institute for Human Rights. At the moment, the draft is quite high-level and theoretical. Professional clients only - not for Retail use or distribution, Receive all the latest stories from the ESG Investor editorial team, Sustainable Finance Disclosure Regulation (SFDR), United Nations Guiding Principles on Business and Human Rights, Organisation for Economic Co-operation and Development (OECD) Guidelines for Multinational Enterprises, International Labour Organisations (ILO) declaration on Fundamental Rights and Principles at Work, Sustainable Corporate Governance initiative, TNFD Update Outlines Double Materiality Approach, Disparity Between Impact Initiatives Must End. These safeguards refer to social frameworks such as the United Nations Guiding Principles on Business and Human Rights, the Organisation for Economic Co-operation and Development (OECD) Guidelines for Multinational Enterprises and the International Labour Organisations (ILO) declaration on Fundamental Rights and Principles at Work. Its a question of whether its better to focus on one aspect such as the existing Taxonomy Regulation and develop that first before looking at other areas such as the Social Taxonomy.. Her answer was sobering. You can find out more about which cookies we are using or switch them off in settings. But now it seems to have shelved the project. The social taxonomy would represent, in many ways, a change in the priorities of sustainable finance. As a classification tool, it seeks to provide clarity for companies, capital markets, and policy makers on which economic activities are sustainable. By the end of the year, in turn, the Commission actually wanted to prepare its own report based on it in the meantime, it is unclear whether a proposal will materialize at all in this legislative period. In addition to . 12893343. The recommendation by the PSF is an important milestone for the EU market to push for an aligned understanding of social activities, and bring clear conditions within the market. The Taxonomy Regulation introduces a sustainability classification system through which investment . Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. But opting out of some of these cookies may have an effect on your browsing experience. . Get 30 days of free access to the Professional Briefing to read these and more quality news every day. Ultimately, the need for minimum environmental safeguards will have to be considered depending on how it is decided to combine social and environmental taxonomies, the subgroup noted. Built on the foundation of international norms and principles like thesustainable development goals (SDG)and theUNguiding principles for businesses and human rights, the draft report argues that a social taxonomy would help investors to identify opportunities to finance solutions around ensuring decent work, enabling inclusive and sustainable communities and affordable healthcare and housing. Without such an approach, pure social added value cannot be clearly determined and targeted. For example, job creation is inherently socially beneficial but that doesnt necessarily mean a corporate is driving positive social performance (e.g., fair pay). They havent really started thinking about the operational piece, such as what a reporting framework could look like. 1 The Taxonomy Regulation was published in the Official Journal of . How can access to healthcare and education or job security be measured? Right now, there are no particular efforts in the Commission to get a social taxonomy off the ground now, says Antje Schneewei. As one of the largest economic sectors, the real estate industry plays a significant role in peoples everyday lives and in the development of society as a whole and, therefore, bears a high level of responsibility to the society. With four of the Taxonomys delegated acts yet to be formally adopted, it remains unclear whether social objectives can, and should, be incorporated, experts warn. The Taxonomy Regulation1 (the "Taxonomy") defines a European Union ("EU")-wide taxonomy, or classification system, of environmentally-sustainable economic activities, . By Elizabeth Meager The Taxonomy Regulation tasks the Commission with establishing the actual list of environmentally sustainable activities by defining technical screening criteria for each . The EU Taxonomy in general is a dynamic regulation being regularly assessed. The current environment consists of: (i) the existing legislation and proposed initiatives on the EU taxonomy; (ii) the proposed corporate sustainability reporting directive; (iii . Both vertical and horizontal objectives should rest on internationally agreed standards on human rights, including labour rights. The draft report prepared by the dedicated Platform subgroup, the Technical Working Group (TWG), is an important step in the Platform's main mandate under the Taxonomy Regulation to advise the Commission on the development of the EU taxonomy, and in particular on the development of technical screening criteria (TSC) for the 6 environmental objectives as set out in the Taxonomy Regulation. It is mandatory to procure user consent prior to running these cookies on your website. According to the PSF, while environmental objectives and criteria can be based on science, a social taxonomy must be based on international authoritative standards of topical relevance, such as the International Bill of Human Rights. 12 July 2021 (Last updated on: 6 September 2021), Platform on Sustainable Finance's draft report on a social taxonomy, Platform on Sustainable Finance's draft report on taxonomy extension options linked to environmental objectives, This site is managed by the Directorate-General for Financial Stability, Financial Services and Capital Markets Union, Call for feedback on the draft reports by the Platform on Sustainable Finance on a social taxonomy and on an extended taxonomy to support economic transition, Follow the European Commission on social media, Expert groups, comitology and other committees, Supplementary supervision of financial conglomerates, International Platform on Sustainable Finance, Equivalence of non-EU financial frameworks, Directorate-General for Financial Stability, Financial Services and Capital Markets Union, UNguiding principles for businesses and human rights, strategy for financing the transition to a sustainable economy, Contact Directorate-General for Financial Stability, Financial Services and Capital Markets Union. This draft report focusses on support for the environmental transition needed in the whole economy it recommends further clarity on both: activities that are significantly harmful to environmental sustainability, and those that have no significant impact on it. It covers three objectives: decent work along the entire value chain, inclusive and sustainable communities, and adequate living standards and wellbeing for consumers and end-users. By Leonie Dngefeld Dialogue and close cooperation among a wide range of stakeholders from the public and private sector will be crucial to deliver on the aims of the EU Taxonomy Regulation and ultimately of the European green deal and the EU climate targets for 2030 and 2050. The social taxonomy will serve as a complementary classification system to the environmental taxonomy, outlining which economic activities are socially sustainable. With the Italian election likely to be won by the far-right Fratelli dItalia, the question is whether a strong right-wing alliance will soon emerge at the EU level. Right now, social factors are a feature, rather than the main focus, of this process. While the current Taxonomy regulation is limited, the EU has been clear that the list of sustainable activities will be expanded over time to cover all industries . The classification of social activities could provide an additional incentive for investors to invest in assets that have been classified as "social", because it would safeguard that financial products and economic activities which establish particular emphasis on social compatibility are in principle worthy of financial support. The six environmental pillars need to be supported by social-specific core objectives, the subgroup said. The taxonomy. This is of particular importance because the social consequences of ecological actions are often unrecognised. Enabling activities: Economic activities that offer the potential to bring substantial risk reductions in other sectors (e.g. WISF endorses the alignment within the market and sees the EU social taxonomy crucial for more capital flow toward social investments. Nevertheless, the executive wants to speed up its independence from Russian energy imports and intends to propose new measures before the crisis meeting of energy ministers on September 30. Made up of sustainability experts from business and academia, as well as civil society and the financial industry, the advisory body supports the Commission by further refining the existing green taxonomy and progressing its Sustainable Finance Strategy. Apro: Its war, but not even Russias elite wants to go there. This website uses cookies to improve your experience while you navigate through the website. will be delayed in order to include rules on the additional product disclosures introduced via Articles 6 and 7 of the Taxonomy Regulation. It has recommended to the Commission as well that a social taxonomy should be structured similar to the way it has recommended and that this could be achieved by making changes to the Taxonomy Regulation. At the same time it is important to bring organization within the increasing regulatory and reporting standards that are being issued. Article 18 describes them as minimum safeguard procedures that the entity implementing a sustainable economic activity must follow and must be aligned with the relevant international instruments. By clicking Accept, you consent to the use of ALL the cookies. According to the final report, the structure of the Social Taxonomy shall borrow various aspects of the environmental taxonomy. . Yesterday, EU foreign ministers discussed new sanctions against Russia on the sidelines of the UN General Assembly in New York a formal proposal is expected next week. 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