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TitelTesting the application of the EU Taxonomy to core banking products: High level recommendations
Zusammenfassung

This report presents key findings from the first set of comprehensive case studies on the application of the EU taxonomy to core banking products, namely retail banking, small and medium-sized enterprise (SME) lending, and corporate banking, including trade, export, and project finance. From January to August 2020, 26 banks tested the EU taxonomy on more than 40 current or recently completed transactions and existing customer relationships, covering a wide range of NACE macro sectors and industries. The test set included a diverse and balanced range of banking products, client company structures, and geographic locations. The exercise took place against the unusual and challenging backdrop of the COVID-19 pandemic and underscored the important role that banks play in integrating, planning for, and addressing sustainability challenges. In parallel with the EU Taxonomy test, banks continued to effectively engage and support their customers and communities. At the time of publication of this report, some aspects of the regulatory package have not yet been clarified (e.g., Article 8 of the EU Taxonomy Regulation), and the corporate reporting requirements aligned with the EU Taxonomy are still 12 months away from being legally enforceable. The test resulted in eight recommendations aimed at legislators, regulators, owners of environmental and social standards and frameworks, labels and certification schemes used by banks, and banks themselves. UNEP FI and the EBF are confident that this report will promote trust and facilitate the implementation of the EU taxonomy in the banking sector.

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