Amsterdam, 9 February 2022 – The Global Alliance for Banking on Values (GABV), an international movement of frontrunner banks and leaders in sustainable and inclusive finance, asks the European Commission for a more ambitious and comprehensive approach to the development of a Social Taxonomy. The network wants the Commission to go further than compliance with limited criteria and respect for human and labour rights. 

Work in progress to include social impact in the EU Taxonomy should not be derailed by the controversy surrounding the decision to ignore the advice of the expert group in the Platform on Sustainable Finance to define nuclear and gas as green energies, says the GABV.

The final Social Taxonomy should follow the July 2021 recommendation of the Social Taxonomy Working Group team in the Platform to extend the EU Taxonomy to social objectives beyond environmentally sustainable activities. The GABV supports this advice but recommends embedding social impact themes in a broader real economy-focused approach. With that in mind, the social impact model of values-based banks can assist other institutions and regulators to advance the sustainable finance agenda.

Read More here: https://www.gabv.org/news/gabv-asks-for-a-socialtaxonomy/