The UK’s Green Technical Advisory Group (GTAG) has published its final paper on a UK green taxonomy, with its Chair, Ingrid Holmes, calling on the the government to urgently implement. The GTAG has published nine papers since 2021 that together form independent advice to the UK government on creating a green taxonomy. In a statement, Holmes said that since GTAG’s establishment, an additional 21 taxonomies, reaching 47 countries, had been announced or are set to come into force globally. “GTAG’s membership remain convinced of the need for a usable and scientifically robust green taxonomy, aligned to the UK’s net zero investment and wider environmental needs, within the increasingly busy disclosures landscape,” said Holmes. “Designed well, it will be an invaluable transparency tool, helping to ensure the integrity of disclosures and enabling reporting on objective measures of environmental sustainability.” She added that a UK taxonomy would play an important role in tackling greenwashing, with UK capital markets – which are some of the deepest in the world and internationally focused – concerned about the number of taxonomies proliferating globally that they may have to report against. A government consultation on a UK green taxonomy is expected in Autumn 2023.
Today, GTAG, chaired by the GFI, publishes its final advice to the @hmtreasury on the design and implementation of a UK Green #Taxonomy. It focuses on the long term “institutional home” for a Taxonomy, completing the suite of papers summarising the group's independent advice. pic.twitter.com/IQHgBOqA2Z
— Green Finance Institute (@GFI_green) October 5, 2023