The development of the EU tax onomy is based on extensive input from experts from civil society, academia, business, the financial sector and the public sector. The Platform on Sustainable Finance was set up in this constellation as a committee of 57 members (each selected for two years) and 11 observers and is tasked, among other things, with advising the European Commission on the further development of the EU taxonomy, improving its usability and examining its extension to social objectives and activities that cause significant harm to the environment or environmentally neutral activities. It also monitors the development of capital flows towards sustainable investments.
The precursor to the Platform on Sustainable Finance was the Technical Expert Group (TEG) on Sustainable Finance, which was set up by the European Commission in 2018 to support the work on the EU Action Plan, including the EU Taxonomy. As part of the Taxonomy Regulation, the TEG was asked to develop recommendations for technical assessment criteria for economic activities that can make a significant contribution to climate change mitigation and adaptation while not significantly compromising the other four environmental objectives.
In 2020, the TEG published its final report on the EU taxonomy and its mandate ended.
