Comments by Shift on the Draft Report on Minimum Safeguards

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Submitted by Simone Galimberti 09Dec

https://shiftproject.org/comments-draft-report-minimum-safeguards/

https://finance.ec.europa.eu/sustainable-finance/overview-sustainable-fi...

 

Platform on Sustainable Finance

The Platform is an advisory body subject to the Commission’s horizontal rules for expert groups


 

Introduction

Dialogue and close cooperation among a wide range of stakeholders from the public and private sector will be crucial to deliver on the aims of the EU Taxonomy RegulationSearch for available translations of the preceding link and ultimately of the European green dealSearch for available translations of the preceding link and the EU climate targets for 2030 and 2050.

The Platform on Sustainable Finance plays a key role in enabling such cooperation by bringing together the best expertise on sustainability from the corporate and public sector, from industry as well as academia, civil society and the financial industry join forces.

As a permanent expert group of the European Commission that has been established under Article 20 of the Taxonomy RegulationSearch for available translations of the preceding link, the Platform will assist the Commission in developing its sustainable finance policies, notably the further development of the EU taxonomySearch for available translations of the preceding link.

In the following video you can watch an interview between Martin Špolc – Head of Unit Sustainable finance, Directorate General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) – and Nathan Fabian – Chair of the Platform on sustainable finance.

There is no single or simple way to meet this challenge, not least because current data in the public arena on companies’ social performance is not up to the task. At the same time, the report rightly notes that developments relating to EU reporting requirements are set to change that reality, and should increase the availability of high-value information. Of course, in many cases, this will still require that analysts and assurance providers have the skills to contextualize and assess that information.

We believe the report’s recommendations point in the right direction, but may require further elaboration in some instances. We also recognize that a first version of the safeguards will be – and should be explicitly acknowledged as – a starting point grounded in today’s best ‘art of the possible’, that will need to further evolve in the years to come, as available data and experience with social indicators improve.

This document contains our comments on the Draft Report on Minimum Safeguards, which were submitted to the Platform on Sustainable Finance.

 

Description

The Platform on Sustainable Finance seeks public feedback on its draft report on minimum safeguards. The minimum safeguards set out in Article 18 of the Taxonomy Regulation require that companies implement procedures to comply with OECD Guidelines for multinational enterprises and the UN guiding principles on business and human rights. The report on minimum safeguards aims to provide advice on how compliance with minimum safeguards could be assessed. The Platform’s advice will feed into Commission work on the usability of the EU taxonomy.

The Platform invites stakeholders to provide feedback on the draft reportuntil 6 September 2022.

After considering the stakeholders’ input, the Platform will submit a final report with their advice to the Commission in September 2022.

The Platform on Sustainable Finance is an independent advisory body to the Commission. The Platform’s report informs but does not prejudge any decision by the Commission on the matter. The Commission will analyse and consider these reports and will assess the possible need for additional guidance regarding the application of Article 18 of the Taxonomy Regulation.

Respond to the call for feedback

 

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Simone Galimberti
Position: Co -Founder of ENGAGE,a new social venture for the promotion of volunteerism and service and Ideator of Sharing4Good

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