Legal & Regulatory News

IRSG publishes recommendations for reviewing the EU Taxonomy for UK application

On 28 May 2021, the International Regulatory Strategy Group (IRSG) published a paper setting out recommendations for reviewing the EU Taxonomy for UK application. The paper considers the purpose and usability of the EU Taxonomy, as well as the practical challenges of implementing a version of the EU Taxonomy that reflects the needs and specificities of the UK economy.

In its paper, the IRSG has strongly agreed with the approach that the UK Government has set out for the UK to stay aligned to the principles of the EU Taxonomy in the short-term, and to review the requirements as it moves towards reinforcing its existing advantages in the field of sustainable finance. As part of its recommendations, the IRSG also urged the UK government to accelerate progress, with a view to providing significant clarity to UK issuers and financial market participants in advance of COP26 in November.

Click here to access the paper.