Legal & Regulatory News

GTAG and GFI publish advice on the implementation of a UK Green Taxonomy

07 October 2022

On 7 October 2022, the UK's Green Technical Advisory Group (GTAG), chaired by the Green Finance Institute, published part one of their advice to the UK Government on the development of a UK green taxonomy (the Report).

GTAG was established in 2021 to provide independent advice to the UK Government on implementing a green taxonomy, including how the UK can build upon existing taxonomies, such as the EU Taxonomy.

The Report provides a summary of the first stage of analysis undertaken by GTAG and recommends a number of key areas of focus for the development of the UK taxonomy, including: onshoring the EU Taxonomy; international interoperability; 'Do No Significant Harm' language; and taxonomy use cases. In the Report, GTAG sets out clearly its ambition to ensure that any taxonomy developed is both highly usable and linked to science-based targets.

It is hoped that the UK taxonomy will aid businesses and financial institutions in their transition to net zero, and will also play an important role in tackling greenwashing as a disclosure tool that can be used to report on progress towards greening the economy.

Click here to view the press release.

Click here to view the Report.