GTAG welcomes the clarity today’s written ministerial statement [Commons: Written statements – Written questions, answers and statements – UK Parliament] provides with regards to how the Government will address the impending legislative deadline for implementing the UK’s Green Taxonomy. While disappointing the deadline will be missed, the priority should be to ensure the design and implementation of such a complex policy instrument is done in a way that maximises its usability and usefulness for the market.
GTAG has already stated that given recent political changes, Government should give serious consideration to amending its original implementation timeline. It is an important endeavour to design a robust and science-based Green Taxonomy for the UK and significant refinements and streamlining will need to be considered, including in relation to do no significant harm requirements, as outlined in GTAG’s advice paper [Advice on the development of a UK Green Taxonomy, October 2022].
Done well the prize of a scientifically rigorous and practical taxonomy will be significant for the UK’s globally focused financial sector. Thus, GTAG remains committed to providing ongoing independent advice to the UK Government on the market, regulatory and scientific considerations for developing and implementing a Green Taxonomy, which we will continue to share publicly over the coming months and ahead of final implementation decisions being made by Government later in 2023.