High-level recommendations on the voluntary application
of the EU taxonomy to core banking products

The European Banking Federation (EBF) and the United Nations Environment Programme Finance Initiative (UNEP FI) are launching a project to assess the extent to which the EU Taxonomy on Sustainable Activities could be applied to core banking products.

The objective of the project is to:

  1. Provide a high-level feasibility assessment of the EU Taxonomy to core banking products
  2. Share best practices
  3. Develop use cases where appropriate
  4. Issue recommendations based on the project findings

A Working Group composed of 23 banks, 5 banking associations and 4 observers is working on developing these guidelines. The project is sponsored by BBVA, BNP Paribas, Credit Suisse, Deutsche Bank, FMO, ING, SEB, Societe Generale, Standard Chartered, UBS and UniCredit.

The Working Group is expecting to issue recommendations around Q3 2020. It may adjust its timeline in line with EC-related Taxonomy developments and processes in 2020.

The Working Group is composed of:

Banks

  • ABN AMRO
  • Barclays
  • BBVA
  • BNP Paribas
  • BPCE
  • CaixaBank
  • Credit Agricole
  • Credit Suisse
  • Deutsche Bank
  • FMO
  • ING
  • Intesa Sanpaolo
  • Jyske Bank
  • KB Financial Group (Korea)
  • OP Financial Group
  • Piraeus Bank
  • SEB
  • Santander
  • Société Générale
  • Standard Chartered
  • Swedbank Group
  • UBS
  • Unicredit

Banking Associations

  • ABI
  • Finance Denmark
  • Finance Norway
  • Finance Latvia
  • Swiss Banking Association

Observers

  • European Commission
  • European Banking Authority
  • EFRAG
  • European Investment Bank

Sponsored by:

Contacts:

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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