Introduction
Dialogue and close cooperation among a wide range of stakeholders from the public and private sector will be crucial to deliver on the aims of the EU Taxonomy Regulation and ultimately of the European green deal and the EU climate targets for 2030 and 2050.
The Platform on Sustainable Finance plays a key role in enabling such cooperation by bringing together the best expertise on sustainability from the corporate and public sector, from industry as well as academia, civil society and the financial industry.
The Platform was first established in October 2020, for a two-year mandate that ended in October 2022. A call for applications for the selection of members for the new mandate of the Platform was launched in October 2022 and the new composition of the Platform was announced on 8 February 2023. The first meeting will be held on 7 March 2023.
What the Platform does
The Platform is an advisory body that has been established under Article 20 of the Taxonomy Regulation and is subject to the Commission’s horizontal rules for expert groups.
The Platform will operate in a context in which the development of technical screening criteria under the EU taxonomy has progressed significantly and the markets have started to apply the taxonomy and other sustainable finance regulations and tools.Therefore, its main purpose will be to advise the European Commission on the implementation and usability of the EU taxonomy and the sustainable finance framework more broadly. The Platform will also work on the development and possible revisions of taxonomy criteria and on monitoring of capital flows.
Based on the mandate of the Platform set out in Article 20 of the Taxonomy Regulation, and the work delivered in the previous mandate, the members and observers will start working on three main tasks to deliver key deliverables
- advising on the usability of the EU taxonomy and wider sustainable finance framework
- advising on the technical screening criteria for the EU taxonomy
- monitoring capital flows into sustainable investments
Who is in the Platform: Members and observers
The Platform brings together world leading sustainability experts across all stakeholder groups: private stakeholders from financial, non-financial and business sectors, NGOs and civil society, academia and think tanks, experts in personal capacity, as well as public and international institutions. A balanced representation of stakeholders, expertise and perspectives allows the Platform to develop its advice based on scientific evidence, expertise and deep practical experience.
In total, the Platform can draw on the expertise of 35 members and 14 observers:
- 28 members selected from more than 200 highly-qualified applications after a public call for applications on the basis of their environmental and sustainable finance expertise, and aiming for a balance in geography, gender and type of stakeholder in the Platform's membership
- 7 members of EU agencies and bodies directly appointed through Article 20 of the Taxonomy Regulation - European Environment Agency, the European Investment Bank, the European Investment Fund, the three European Supervisory Agencies and the European Agency for Fundamental Rights
- 14 invited observers, of which nine EU institutions and international organisations and five from the private sector
The 28 selected members and invited observers of the Platform have a mandate limited to two years.
- 8 OCTOBER 2024
How the Platform is organised
The Platform operates through a plenary in full composition of all 35 members and 14 observers, supported by subgroups where the technical work on its opinions, reports or recommendations takes place. The plenary serves as a forum to ensure that appropriate linkages are created between the relevant subgroups and to formally endorse advice and reports of the Platform.
The Platform is chaired by a Chairperson. The Commission has decided to appoint Ms Helena Viñes Fiestas, Commissioner of the Spanish Financial Markets Authority, as Chairperson of the Platform.
For an overview of the organisational set-up of the Platform, see the organigramme below. You can click on the organigramme to download it.
- 19 APRIL 2023
Technical work: Subgroups
Three subgroups will be operating to prepare the technical work for the tasks of the Platform.
Click on the subgroup's names below to view their tasks and composition.
Tasks
- Advise on the usability of the EU taxonomy
- Advise on the usability of the wider sustainable finance framework
- Advise on data quality, availability and market preparedness for the disclosure obligations under the Taxonomy Regulation and wider sustainable finance framework
Composition
- Co-rapporteurs: Elodie Feller and Clémence Humeau
Tasks
- Advise on the technical screening criteria on climate and environmental objectives in line with Article 19 of the Taxonomy Regulation
- Advise on the possible need to update the existing technical screening criteria
- Analyse the impact of the technical screening criteria in terms of potential costs and benefits
- Assist the Commission in analysing requests from stakeholders to develop or revise technical screening criteria for a given economic activity (taking into account stakeholder suggestions received through the stakeholder request mechanism)
Composition
- Co-rapporteurs: Astrid Matthey and Andreas Brunsgaard
Tasks
- Monitoring and regularly reporting to the Commission on EU and Member State level trends regarding capital flows towards sustainable investments
Composition
- Co-rapporteurs: Karl-Oskar Olming and Bertrand Magné
Involvement of the public: External outreach and feedback
In selecting the members, the Commission aimed to strike a balance in choosing experts with different skill sets and from a wide range of stakeholders including civil society, industry and academia. Due to a limited maximum number of Platform members, it was not possible to ensure that every sector and interest group could be directly represented in all its variety.
The Platform will therefore reach out to a wide range of external stakeholders through calls for feedback, educational webinars and targeted outreach sessions to inform and discuss preliminary findings and concepts and to receive feedback from all interested stakeholders.
When needed, the Commission may also invite experts with specific expertise in a particular area to participate in the Platform and its subgroups on an ad hoc basis, in accordance with Article 20(4) of the Taxonomy Regulation.
Stakeholder request mechanism
In accordance with Article 20 of the Taxonomy Regulation, the Platform is tasked with assisting the European Commission in analysing requests from stakeholders to develop or revise taxonomy technical screening criteria for a given economic activity.
To support the Platform in this task, the stakeholder request mechanism was launched on 17 October 2023. It allows stakeholders to submit suggestions based on scientific and/or technical evidence, on new activities that could be included in the EU taxonomy or on possible amendments to the technical screening criteria of existing activities.
A total of 646 requests were received through the stakeholder request mechanism by the first cut-off date – 15 December 2023. The Platform, together with the Commission, is currently assessing these requests.
The next cut-off date for the stakeholder request mechanism is planned for end of 2024 at the earliest.
Publications
Disclaimer: This page reflects the views of the Platform on Sustainable Finance and not the views of the Commission. The Commission can therefore not be held responsible for any use which may be made of the information this page contains.
- 27 May 2024Response - European Financial Reporting Advisory Group (EFRAG)
- 4 April 2024Report - Monitoring capital flows to sustainable investments
- 29 January 2024Report - A compendium of market practices
- 13 December 2023Draft report & call for feedback - EU taxonomy-aligning benchmarks (TABs)
- 7 July 2023Response - European Sustainability Reporting Standards (ESRS)
- 4 July 2023Response, briefing & summary - Sustainable Finance Disclosure Regulation (SFDR)
- Response of the Platform on Sustainable Finance to the joint ESAs consultation on the review of SFDR Delegated Regulation regarding PAI and financial product disclosures
- Platform briefing on Sustainable Finance Disclosure Regulation (SFDR) and summary of the Platform’s response to the joint ESAs consultation on SFDR Delegated Regulation
- Response of the Platform on Sustainable Finance to the joint ESAs consultation on the review of SFDR Delegated Regulation regarding PAI and financial product disclosures
- 3 May 2023Response - Taxonomy Delegated Acts
- 28 November 2022Report - EU taxonomy
The Commission thanks the Platform on Sustainable Finance for all their hard work on this supplementary report. This report complements the advice submitted by the Platform in March 2022. This additional advice will be carefully analysed and will inform the Commission’s continued reflections on the matter. The Platform’s advice does not bind the Commission on any decision.
- 11 Octobre 2022Reports - EU taxonomy & minimum safeguards
- Platform on Sustainable Finance’s report on Data and usability of the EU taxonomy
- Platform on Sustainable Finance’s report on Minimum safeguards
The Commission thanks the Platform on Sustainable Finance for their work over the last two years. The two reports published today provide the Commission with important insights on the implementation of the EU taxonomy and the application of minimum safeguards set out in Art. 18 of the Taxonomy Regulation. The reports will be carefully analysed by the Commission, but they do not bind the Commission on any decision on the matter.
- Platform on Sustainable Finance’s report on Data and usability of the EU taxonomy
- 11 July 2022Draft report & call for feedback - Minimum safeguards
- Platform on Sustainable Finance's draft report on minimum safeguards
- Call for feedback on the draft report on minimum safeguards (closed on 6 September 2022)
The Commission thanks the Platform on Sustainable Finance for their work over the last months. The draft report on the application of minimum safeguards set out in Art. 18 of the Taxonomy Regulation was published for feedback until 22 August 2022.
The Platform has analysed the feedback received and prepared the final report for publication. The final report will be carefully analysed by the Commission, but it does not bind the Commission on any decision on the matter.
- Platform on Sustainable Finance's draft report on minimum safeguards
- 30 March 2022Report - EU taxonomy
- Platform on Sustainable Finance’s report with recommendations on technical screening criteria for the four remaining environmental objectives of the EU taxonomy
- Annex to the Platform on Sustainable Finance’s report with recommendations on technical screening criteria for the four remaining environmental objectives of the EU taxonomy
The Commission thanks the Platform on Sustainable Finance for their work over the last 18 months on the report with recommendations on technical screening criteria for the four remaining environmental objectives of the EU taxonomy published today. It will be carefully analysed in due course. The report, that the Platform was mandated to prepare by the Commission, does not bind the European Commission on any decision on the matter.
- Platform on Sustainable Finance’s report with recommendations on technical screening criteria for the four remaining environmental objectives of the EU taxonomy
- 29 March 2022Report - EU taxonomy
The Commission thanks the Platform on Sustainable Finance for their work over the last 18 months on the report on environmental transition taxonomy published today. It will be carefully analysed in due course. The report, that the Platform was mandated to prepare by the Commission, does not bind the European Commission on any decision on the matter.
- 20 December 2021
Platform's considerations on voluntary information as part of Taxonomy-eligibility reporting
The Platform published considerations on voluntary information as part of Taxonomy-eligibility reporting.
These considerations are compiled under the aegis of the Platform on Sustainable Finance, and cannot be construed as official guidance by the Commission. This document is provided online to provide supplementary information in order to help users of the EU taxonomy with the disclosures required under Article 8 of the Taxonomy Regulation. The following voluntary guidance supplements the Commission Frequently asked questions that provides first-hand non-binding implementation guidance on the content of the mandatory disclosures under the Article 8 disclosures Delegated Act of EU Taxonomy Regulation.
Voluntary reporting should be prepared on a basis that does not contradict or misrepresent the mandatory information pursuant to the disclosures delegated act and it should not be given more prominence than the mandatory disclosures. Where an undertaking includes voluntary reporting, this should be accompanied with information on the basis used for its preparation and a clear explanation on how it differs from mandatory reporting.
EU taxonomy NACE alternate classification mapping
The Platform published the EU taxonomy NACE alternate classification mapping, updated in June 2023.
This table represents an indicative mapping of selected industry classification systems, and how they relate to the description of economic activities in the EU Taxonomy Delegated Act adopted by the Commission on 4 June 2021, including the amendments adopted thereto by the Commission on 9 March 2022. It is compiled under the aegis of the Platform on Sustainable Finance. The Commission takes no responsibility for its contents.
It is provided online to help prospective users of the EU taxonomy locate the activities they carry out among those which are included and described in the delegated act and for which technical screening criteria are established, and for which corresponding NACE codes that can be associated with that activity are provided. As set out in the delegated act, these NACE references are indicative and do not prevail over the specific definition of the activity provided in its description in the delegated act.
Accordingly, activity references and descriptions under the selected industry classifications in the table do not prevail over the activity descriptions in the delegated act. In the event of any discrepancy between information in the table and the delegated act, the latter prevails. Users should always ensure they are basing their final determination of activities included in the EU taxonomy on the information set out in the delegated act. Where the EU taxonomy expands to encompass new activities, the table will be updated accordingly.
In particular, the references under the selected industry classifications provided for section 3.6 should be considered as purely preliminary. In line with the description of the activity, which prevails over NACE codes and over indicative references, only low carbon technologies that are aimed at substantial GHG emission reductions in other sectors of the economy can be considered eligible.
Apart from the tools listed in this document, which require an element of mapping by the end user, there are other solutions available in the market which are pre-mapped to assess EU taxonomy alignment.
- 3 August 2021Draft report - Technical Working Group (TWG)
The Platform published a draft report by its Technical Working Group (TWG) for a call for feedback on preliminary recommendations on technical screening criteria for the remaining four environmental objectives and a few additional activities and according criteria for the climate objectives of the EU taxonomy.
The call for feedback ran from 3 August to 28 September 2021.
The purpose of this call for feedback was to gather further evidence and feedback on proposed draft technical screening criteria. The draft criteria presented in the report are working documents of the Platform and do not represent a final view of the Platform. They are presented to gather feedback so that the criteria can be further refined and developed before a final set of recommendations on the criteria are agreed by the Platform and proposed to the European Commission.
The draft report is not an official Commission document nor an official Commission position. Nothing in this document commits the Commission nor does it preclude any policy outcomes.
The Platform’s advice will inform the development of the Commission’s delegated act on the taxonomy technical screening criteria for the 4 remaining environmental objectives.
- 12 July 2021Draft reports - Social taxonomy and extended taxonomy to support economic transition
The Platform published two draft reports on social taxonomy and on an extended taxonomy to support economic transition.
The two drafts constitute an important step towards fulfilling one of the Platform’s main deliverables, which is to advise the Commission on a potential social and extended environmental taxonomy.
Both draft reports are advisory and the Commission has not taken a decision yet on whether to proceed in either area.
The Platform gathered stakeholder feedback on both drafts through two calls for feedback, which ran from 12 July to 6 September 2021, after the original deadline of 27 August was extended.
The Platform’s advice will feed into the Commission’s report on a potential extension of the taxonomy framework, as set out under Article 26 (2a and 2b) of the Taxonomy Regulation. The Commission will analyse and consider these reports in light of the continuing development of the EU taxonomy, as laid out in the new sustainable finance strategy.
News and events
- 27 May 2024Statement – Sustainable finance and SMEs
- 22 April 2024Event - Transition to a climate-neutral economy
- 4 April 2024Event – Report on monitoring capital flows to sustainable investments
- 6 February 2024Event - Report on a compendium of market practices
The Platform will hold a webinar present the report on a compendium of market practices.
- January 2024Platform’s Newsletter – Issue 2
- 17 October 2023Stakeholder request mechanism - EU taxonomy
- 8 February 2023Mandate - Platform on Sustainable Finance
The Commission announces members for the new mandate of the Platform on Sustainable Finance
In its first mandate, the Platform on Sustainable Finance delivered on a number of tasks and published several reports informing the further development of the EU taxonomy and of the wider EU sustainable finance agenda. Below you can find all the reports published by the Platform from October 2020 to November 2022.
- 12 October 2022Call for applications - Platform on Sustainable Finance
The Commission launched a call for applications for members for the new mandate of the Platform on Sustainable Finance.
The Platform’s current mandate ends in October 2022. The next Platform’s mandate will run from Q1 2023 to Q4 2024.
Applicants must submit their completed application, including all supporting documents, via the dedicated online form by 9 November 2022 12:00 (Central European Time).
- 11 October 2022Events - EU taxonomy & minimum safeguards
The Platform held two launch events for the publication of the reports on “data and usability of the EU taxonomy” and “minimum safeguards”.
You can find the recording of the live streaming here. - 28 February 2022Event - Social taxonomy
The Platform held a webinar to present the final report on 'social taxonomy'.
- 12 & 13 July, 17 August 2021Events - Social taxonomy & EU taxonomy
The Platform held webinars to present draft ideas on ‘social’ taxonomy and ideas on potential ‘significantly harmful & no significant impact’ taxonomy.
- 21 June - 13 July 2021Event - EU taxonomy
Other 4 webinars focused on usability aspects of the taxonomy:
- 21 April 2021Statement - EU taxonomy
- 24 & 26 February 2021Events - Platform on Sustainable Finance
Stakeholders had a first opportunity to engage with the Platform on Sustainable Finance throughout the series of 5 online webinars organised 24 and 26 February 2021. Interested stakeholders were able to engage on the approaches and key concepts developed by the Platform on Sustainable Finance so far and get an insight in the working process of the Platform.
- January 2021Statement - Transition financing
More information
- Platform's LinkedIn
- For further information on the governance of the Platform as well plenary meeting agendas and minutes, please consult the Platform’s space in the public register of Commission expert groups
- Press release on the creation of the Platform - 1 October 2020
- Frequently asked questions on the Platform - 1 October 2020
- Call for applications for the selection of members of the Platform - 12 October 2022
- Press release on the announcement of the members of the Platform - 8 February 2023