The Treasury has announced details of the new Green Technical Advisory Group (GTAG) that will provide the UK government with non-binding advice on how to adapt the EU taxonomy for UK purposes.
GTAG will be chaired by Ingrid Holmes from the Green Finance Institute and includes representatives from trade bodies, NGOs, and academia, as well as organisations that will use the taxonomy and members who were involved in the development of the EU taxonomy.
It is not yet clear to what extent the UK's taxonomy will differ from the EU taxonomy but Ms Holmes is quoted as saying:
"We’re very aware that, for companies that work across multiple jurisdictions, any deviation from the EU’s regulatory expectations will create a potential burden, So we’ll be weighing up the case for any divergence. But we know that the UK Government wants a rigorous science-based taxonomy."
According to this press release, GTAG will provide initial recommendations to the UK government in September 2021.
The Green Technical Advisory Group will oversee the Government’s delivery of a Green Taxonomy – a framework setting the bar for investments that can be defined as environmentally sustainable.