UKSIF comment, GTAG’s initial advice to government on UK’s Green Taxonomy

Comment from our Chief Executive, James Alexander, on the initial advice published this morning by the Green Technical Advisory Group (GTAG) to government on the UK’s ‘green taxonomy’.

UKSIF comment

“We very much welcome the publication of the Green Technical Advisory Group’s initial advice to government, which we hope provides some clarity for our members who have been closely following the UK’s progress in delivering a ‘green taxonomy’. It is positive to see confirmation of the GTAG’s recommendations emphasising the importance of the taxonomy’s usability for investors, and for the UK in its initial approach to onshore the majority of the EU’s Technical Screening Criteria (TSC) to minimise the costs of divergence for firms.

Going forward, we would like to see the GTAG’s work continue at pace with regular transparency on its advice provided to the market and other stakeholders. The government now needs to quickly restate the UK’s commitment to moving ahead with implementing a taxonomy, with further delays leaving the UK further behind the EU and other jurisdictions in its leadership on green finance.” James Alexander, Chief Executive, UK Sustainable Investment and Finance Association (UKSIF)

Today’s initial advice from the GTAG provides a summary of the first stage of analysis undertaken by the GTAG and the policy recommendations provided to date to government. They cover the following areas: the UK’s approach to onshoring the EU’s taxonomy, international interoperability, the ‘Do No Significant Harm’ (DNSH) principle, and the taxonomy’s ‘use-cases’ and policy links.