Testing the application of the EU Taxonomy to core banking products:
High level recommendations

Testing the application of the EU Taxonomy to core banking products
High level recommendations

The European Banking Federation, together with the United Nations Environment Programme Finance Initiative (UNEP FI), on 26 January 2021 launched a report that for the first time assesses how the EU Taxonomy can be applied to core banking products. The report is based on case studies analysing transactions and existing client relationships across a large spectrum of sectors, economic activities and geographical locations.

Official launch and the high-level recommendations

26 January 2021

In-depth session 1: Corporate loans & data challenges

In-depth session 2: Retail and SME lending

27 January 2021

Says Wim Mijs, Chief Executive Officer of the European Banking Federation:

“The EU Taxonomy sets ambitious goals and steep challenges for businesses and banks alike. Our report for the first time analyses the Taxonomy from a banking perspective. One thing is clear: significant efforts will be required on all sides. We need to improve the data availability and we need lots of innovative thinking. This to make sure that the EU objectives of climate neutrality and those of the EU Green Deal are successfully met. The Taxonomy will be a driver of sustainability discussions within our industry and will undoubtedly contribute to accelerating the green transition. We are committed to continuous engagement with the Commission as the Taxonomy continues to expand and evolve, especially now that transition finance becomes increasingly important.” 


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About the EBF:

The European Banking Federation is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. The EBF serves as the voice of the European banking sector, bringing together national banking associations from across Europe. Website: www.ebf.eu Twitter: @EBFeu.

About UN Environment Programme Finance Initiative (UNEP FI)

UNEP FI is a partnership  between UNEP and the global financial sector to  mobilize private sector finance for sustainable  development. UNEP FI works with more than 300  members – banks, insurers, and investors – and  over 100 supporting institutions – to help create a  financial sector that serves people and planet  while delivering positive impacts. We aim to  inspire, inform and enable financial institutions to  improve people’s quality of life without  compromising that of future generations. By  leveraging the UN’s role, UNEP FI accelerates  sustainable finance. Find out more about UNEP FI’s bankinginvestment and climate change work.

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