- Why it needs to be part of the EU Taxonomy Art. This report summarises the key initial observations and recommendations on this task. above.) Inclusive and sustainable communities and societies. . The draft report argues that in the face of a pandemic, unanswered social questions around a sustainable transition, continuing human rights abuses and continuously rising costs for housing, it is important to identify economic activities that contribute to advancing social objectives. The taxonomy contained only limited reference to social sustainability. Find out more about our upcoming events at http://www.eesc.europa.eu/en/agenda/our-events/upcoming-events. As a classification tool, it seeks to provide clarity for companies, capital markets, and policy makers on which . The structure draws on three stakeholder groups: workers; consumers; and communities. Find out more about our Members and groups at http://www.eesc.europa.eu/en/members-groups. The report considers the types of activities that might be deemed socially sustainable and sets out a proposed structure for a social taxonomy within the current EU legislative framework on sustainable finance and sustainable governance. Read the latest EESC news http://www.eesc.europa.eu/en/news-media/news and press releases http://www.eesc.europa.eu/en/news-media/press-releases. This aims to promote sustainable economic activity, environmentally friendly technology and intends to increase the focus on sustainable investment. Learn more about our policy areas and policy highlights at http://www.eesc.europa.eu/en/policies. Find out more at http://www.eesc.europa.eu/en/sections-other-bodies, Adopted on 21/09/2022 - Bureau decision date: 20/01/2022, Social taxonomy Challenges and Opportunities, Priorities during the European Presidencies, Czech presidency of the Council of the EU, Rules of Procedure and Code of Conduct of the Members of the EESC, Follow-up to EESC opinions (European Commission), Youth Climate and Sustainability Round Tables, Agriculture, Rural Development & Fisheries, The European Circular Economy Stakeholder Platform, MSMEs, Crafts and Family Business Category, Economic and Monetary Union and Economic and Social Cohesion (ECO), Single Market, Production and Consumption (INT), Transport, Energy, Infrastructure and Information Society (TEN), Employment, Social Affairs and Citizenship (SOC), Agriculture, Rural Development and Environment (NAT), Consultative Commission on Industrial Change (CCMI), Observatory of the Digital Transition and the Single Market (DSMO), Sustainable Development Observatory (SDO), Ad hoc Group on Fundamental Rights and the Rule of Law, EESC stands with Ukraine organised civil society in solidarity and action, http://www.eesc.europa.eu/en/our-work/opinions-information-reports/opinions, http://www.eesc.europa.eu/en/our-work/publications-other-work/publications, http://www.eesc.europa.eu/en/agenda/our-events/upcoming-events, http://www.eesc.europa.eu/en/news-media/news, http://www.eesc.europa.eu/en/news-media/press-releases, http://www.eesc.europa.eu/en/members-groups, http://www.eesc.europa.eu/en/sections-other-bodies, Social taxonomy Challenges and opportunities - Timeline, EESC in cooperation with other institutions, Economic, Social and Environmental Council (France). However, it differs from the environmental taxonomy by containing sub-objectives that specify different aspects of three social objectives: Decent work (including for value-chain workers); Adequate living standards and wellbeing for end-users; and. The Report suggests the following seven criteria for social taxonomy indicators: Indicator should be related to a norm, process or goal in an internationally recognized standard, like the UN guiding principles, the SDGs or the EU pillar of social rights. As of March 2022, this had not been issued (given that the PSF's late input), the EU Commission is now expected to issue its own report during 2022. The Taxonomy is part of a suite of sustainability reporting legislation, designed to encourage material change in business activities across the EU. The EU Platform on Sustainable Finance (the " Platform ") published its final report on a social taxonomy on Monday (28 February). Opinion Type: The Social Taxonomy proposal has been aligned with existing and upcoming standards to the highest degree possible. The report however risks death by commission neglect. The European Economic and Social Committee (EESC) is the voice of organised civil society in Europe. The announcement of the environmental objectives and their application guidelines are an elementary part of the EU taxonomy regulation. "To avoid blue-washing (social-washing), we need a social taxonomy just as . A wonk's guide to the Czech EU presidency policy agenda Find out more about its role and structure at http://www.eesc.europa.eu/en/about. We support a Social and a Significant Harm Taxonomy but we harbor reservations on the Intermediate Performance and the No Significant Impact categories, as the usability of the Taxonomy remains [] The EESC brings together representatives from all areas of organised civil society, who give their independent advice on EU policies and legislation. Three main objectives. The EESC brings together representatives from all areas of organised civil society, who give their independent advice on EU policies and legislation. Keep a step ahead of your key competitors and benchmark against them. : The proportion of women on board is a proxy for board diversity but . It could play an important role helping the EU scale up sustainable investment and implement the European green deal. Find out more about our upcoming events at http://www.eesc.europa.eu/en/agenda/our-events/upcoming-events. Specifically, the platform highlighted that it was key that the three stakeholder . Effective in 2023, companies need to start reporting their own Taxonomy alignment, and the latest rules lay down the KPIs, content and presentation in detail. The Platform's reports on the environmental transition taxonomy, social taxonomy, and recommendations on technical screening criteria for the remaining environmental objectives are now planned for Q1 2022. The EESC holds nine plenary sessions per year. The EESC holds nine plenary sessions per year. An explanation of the EU taxonomy can be found here. . Email: info@envoria.com. The EESC issues between 160 and 190 opinions and information reports a year. Just send us a message. It proposes to use screening criteria to identify socially sustainable economic activities that contribute substantiallyto at least one social objective of the EU Social Taxonomy, do not significantly harm any other social objective, and are carried out in compliance with (social or environmental) minimum safeguards. Review your content's performance and reach. It also organises many conferences, public hearings and high-level debates related to its work. The EESC's 329 Members are organised into three groups: Employers, Workers and Civil Society Organisations. Initially, only selected economic activities from prioritised sectors are to be considered by the EU Social Taxonomy. The report was expected last year but we understand that it was delayed by the extended timeline for the work being completed on the environmental taxonomy. Here you can find news and information about the EESC's work, including its social media accounts, the EESC Info newsletter, photo galleries and videos. Reference: ECO/581-EESC-2022. Please contact [emailprotected]. You can read all about the basics of the EU Taxonomy in our previous post.As of this January 2022, approximately 12,000 public interest companies are required to indicate whether their economic activities are eligible for the EU Taxonomy. The EESC has six sections, specialising in concrete topics of relevance to the citizens of the European Union, ranging from social to economic affairs, energy, environment, external relations or the internal market. The EESC has six sections, specialising in concrete topics of relevance to the citizens of the European Union, ranging from social to economic affairs, energy, environment, external relations or the internal market. Friedenheimer Brcke 20, 80639 Munich, Germany, Phone: +49 89 9974 0901 0 Become your target audiences go-to resource for todays hottest topics. The companies that comply with those sustainability regulations distinguish themselves in a positive manner. Update on Fit for 55 and REPowerEU: fast-tracking of renewable energy projects remains a priority amid initiatives to decarbonise all sectors, Instant euro credit transfers: Commission proposes new Regulation, The liquidity squeeze - Volatility and margin calls impacting pension funds and energy companies, Banking Package: 'Daisy Chain' Regulation published in Official Journal, How-to guide: How to negotiate and draft governing law and court jurisdiction clauses in a commercial agreement (UK), Checklist: Modern slavery in supply chains (USA), Checklist: Anti-bribery and corruption risk assessment (UK). Sirpa Pietikinen, a member of European parliament, thinks the social taxonomy should remain in the pipeline. It also organises several annual initiatives and events with a focus on civil society and citizens participation such as the Civil Society Prize, the Civil Society Days, the Your Europe, Your Say youth plenary and the ECI Day. Note: The shown information is only a summary of selected regulatory topics and dates. The EU taxonomy is a classification system, establishing a list of environmentally sustainable economic activities. In addition, the ASCG fora on the application of the EU Environmental Taxonomy and the submissions to the European Commission will be continued. The Commissions report will define what the next steps will be. A decision on whether and in what form an EU Social Taxonomy should be developed has not yet been taken. Find out more about its role and structure at http://www.eesc.europa.eu/en/about. ; The Indicator must be a good proxy for the objective it addresses (e.g. : You can unsubscribe at any time by clicking the link in the footer of our emails. Find out more at http://www.eesc.europa.eu/en/sections-other-bodies, Adopted on 21/09/2022 - Bureau decision date: 20/01/2022, Social taxonomy Challenges and Opportunities, Priorities during the European Presidencies, Czech presidency of the Council of the EU, Rules of Procedure and Code of Conduct of the Members of the EESC, Follow-up to EESC opinions (European Commission), Youth Climate and Sustainability Round Tables, Agriculture, Rural Development & Fisheries, The European Circular Economy Stakeholder Platform, MSMEs, Crafts and Family Business Category, Economic and Monetary Union and Economic and Social Cohesion (ECO), Single Market, Production and Consumption (INT), Transport, Energy, Infrastructure and Information Society (TEN), Employment, Social Affairs and Citizenship (SOC), Agriculture, Rural Development and Environment (NAT), Consultative Commission on Industrial Change (CCMI), Observatory of the Digital Transition and the Single Market (DSMO), Sustainable Development Observatory (SDO), Ad hoc Group on Fundamental Rights and the Rule of Law, , http://www.eesc.europa.eu/en/our-work/opinions-information-reports/opinions, http://www.eesc.europa.eu/en/our-work/publications-other-work/publications, http://www.eesc.europa.eu/en/agenda/our-events/upcoming-events, http://www.eesc.europa.eu/en/news-media/news, http://www.eesc.europa.eu/en/news-media/press-releases, http://www.eesc.europa.eu/en/members-groups, http://www.eesc.europa.eu/en/sections-other-bodies, Social taxonomy Challenges and opportunities - Timeline, EESC in cooperation with other institutions, Economic, Social and Environmental Council (France). The recent publication of a draft Social Taxonomy signals that the European Commission is expanding its scope beyond environmental factors. The EU taxonomy is a framework which classifies 'green' economic activities in order to foster and accelerate investments that are truly sustainable. February 2022 EU Social Taxonomy: Report of the Platform on Sustainable Finance On 28 February 2022, the Platform on Sustainable Finance (Platform) published its final report on the possible structure of an EU Social Taxonomy, following the publication of a preliminary report in July 2021. Yet, in the Green Deal further regulations promoting sustainability are implemented, for example, an ecolabel for retail investment products. With just over a year left on its term and facing a deepening energy crisis, the current European Commission is prioritising regulatory initiatives other than the social taxonomy. It also organises several annual initiatives and events with a focus on civil society and citizens participation such as the Civil Society Prize, the Civil Society Days, the Your Europe, Your Say youth plenary and the ECI Day. Most important was the alignment with CSRD/SFDR and the recently published EU proposal for a Directive on Corporate Sustainability Due Diligence. The EESC's 329 Members are organised into three groups: Employers, Workers and Civil Society Organisations. Ongoing (updated on 09/06/2022) - Bureau decision date: 20/01/2022. ", https://ec.europa.eu/info/files/280222-sustainable-finance-platform-finance-report-social-taxonomy_en. Taxonomy should not divide the EU in time of crisis July 4, 2022 5:00 am By Aristotel Marius Jude, CEO of Romgaz Stand united, with solid EU taxonomy, to face of short-term energy security crisis, medium-term global tech challenge and long-term climate-change threat, says FPPG.