Mairead McGuiness says making sustainability rules easier to apply is a top priority

The top priority of the European Union’s financial services chief Mairead McGuiness (pictured) was on Monday (5 December) to say that making it easier for investors to use the ‘taxonomy,’ which allows them to classify sustainable investments and activities, is now a top priority. The bloc is taking measures to ensure that the economy reaches net-zero emission targets by 2050. This includes disclosures by asset managers and companies. These disclosures are supported by a taxonomy. McGuinness stated that the taxonomy is still a work in progress and she was aware company concerns about its “useability”. Next year, rules will need to be applied. She told the European Parliament that she would publish more than 200 frequently asked questions in order to assist businesses with their reporting obligations under the taxonomy. “The goal is to make taxonomy work efficiently. This issue of usability will be carefully examined. She will also publish guidance in 2023 to clarify some points in the bloc’s sustainability related disclosures, or SFDR. She said that “we may need to look at this regulation in a more comprehensive way.” She also stated that a public consultation would be held in 2023 in order to examine the role of [...]

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