Commissioner McGuinness attends events on taxonomy and sustainable finance at COP26

On 4 November, Commissioner for Financial Services, Financial Stability and Capital Markets Union, Mairead McGuinness, will participate via videoconference in three side events at COP26. First, the Commissioner will take part in the annual event of the International Platform on Sustainable Finance (IPSF) ‘Driving the transition to a sustainable economy: towards more globally interoperable sustainable finance approaches’, co-organised by the Commission and the IPSF. The Commissioner will then join an event on ‘The role of taxonomies to drive market alignment with the Paris Agreement’, co-organised by the Commission, the European Investment Bank and the European Bank for Reconstruction and Development. Finally, she will take part in an event on ‘EU Sustainability Reporting Standards and the future of sustainability reporting’, organised by the Commission. The full programme of side events is available online. On the same day the Commission will publish three reports: the Annual Report of the IPSF, the report on sustainability disclosures and the report on the Common Ground Taxonomy. The IPSF annual report stakes stock of the progress on sustainable finance across member jurisdictions/observers, showing their continued commitment to steering money towards sustainable activities. The report also welcomes work on this issue at G20 level, and the acknowledgement of the IPSF as an important contributor.  The IPSF report on sustainability disclosures aims at supporting global efforts to improve these disclosures as a key cornerstone of sustainable finance, and at facilitating co-operation amongst members of the IPSF – and beyond. The Common Ground Taxonomy report is an important milestone towards the achievement of more globally comparable taxonomies. It provides more clarity and transparency about the commonalities and differences between EU and China taxonomies. The report on the Common Ground Taxonomy is a first step towards providing a solid methodology in view of broadening the scope of comparison to other taxonomy features and other jurisdictions’ taxonomies.

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