The Green Technical Advisory Group or “GTAG” is an expert group chaired by the Green Finance Institute, made up of key financial market stakeholders and subject matter experts that will provide independent, non-binding advice to the Government on developing and implementing a green taxonomy in the UK context, comprised of technical screening criteria (“TSC”) on particular economic activities.
A robust, science-based taxonomy will accelerate investment in
“A UK green taxonomy will provide better data on the environmental impact of firms, supporting investors, businesses and consumers to make green financial decisions and accelerating the transition to net zero.”
John Glen MP, Economic Secretary to the Treasury
Role of the GTAG
The role of the GTAG will be to provide non-binding advice to HMG on market, regulatory and scientific considerations for developing and implementing a UK taxonomy which facilitates more informed investment decisions. This includes advising on:
- Approach to developing a UK taxonomy that is usable and practicable for financial and non-financial firms.
- UK taxonomy requirements which drive informed decision-making for investors whilst placing a proportionate burden on business.
- Drawing together scientific and subject matter expertise to assist HMG in determining TSC.
- The rationale, implications and recommendations for any deviations from existing international frameworks or taxonomies.
- How to manage any data gaps.
- How the UK Taxonomy can best support the UK’s transition to Net Zero.
- How the taxonomy could be used to align and accelerate the delivery of wider HMG policy, including its Net Zero Strategy, Green Finance Strategy and 25 Year Environment Plan.
- The role the taxonomy could play in tracking green financial flows.
In addition, the Group may advise HMG on other issues if identified by HMG. The GTAG’s role is advisory. It will feed into but not replace the Government’s policy development process, and the TSC will be subject to appropriate, open consultation prior to making. Further details about the role of GTAG can be found in the Terms of Reference.
The GTAG consists of 18 members, plus a chair, made up of financial and business stakeholders, taxonomy and data experts, and subject matter experts drawn from academia, NGOs, the Environment Agency and the Committee on Climate Change.
Green Finance Institute
Users of the taxonomy – Financial Services
Institutional Investors Group on Climate Change
UK Sustainable Investment and Finance Association
International Regulatory Strategy Group
Users of the taxonomy – Non-Financial Services
Confederation of British Industry
Taxonomy & Data Experts
Committee on Climate Change
FTSE Russell, London Stock Exchange Group
Principles for Responsible Investment
Climate Bonds Initiative
Academia & Subject Matter Experts
Cambridge Institute for Sustainability Leadership
Centre for Greening Finance and Investment
Taskforce on Nature-Related Financial Disclosures (TNFD)
- HM Treasury
- Financial Conduct Authority
- Bank of England
- Other relevant HMG departments and regulators
Taxonomies have been developed in the EU, China, Malaysia, Bangladesh and Russia. The UK taxonomy will build on these existing taxonomies, including the EU taxonomy and will focus on net-zero in the UK context. This is an opportunity for the UK to set a high bar globally with a science-based taxonomy. For more information please contact email@example.com.
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