Roadmap for Advancing Interoperability and Comparability of Sustainable Finance Taxonomies

Year Published

2024

Contributing Organizations

United Nations Development Programme (UNDP)

Sustainable Banking and Finance Network (SBFN)

Central Bank of the Azerbaijan Republic (CBAR)

International Platform on Sustainable Finance (IPSF)

Type of Resource

Guidance

Languages

English

Relevant Topics

Core Topic

Taxonomies

Target Audience

All

Relevant Geography

Global

Resource Description

This roadmap outlines a considered approach to improve the interoperability and comparability of sustainable finance taxonomies. It aims to align classification systems and reduce fragmentation to accelerate global climate finance.

Why This Matters

Interoperable taxonomies can reduce costs, improve confidence, and enable cross-border capital flows aligned with sustainability goals.

Key Insights

Proposes identifying a common core of economic activities, particularly for emerging markets
Recommends harmonizing technical approaches to sustainability criteria, drawing on frameworks like DNSH and ESG safeguards
Encourages consistent use of taxonomy-based transition finance to support decarbonization in high-emission sectors
Promotes global knowledge sharing and inclusive practices that support SMEs and vulnerable groups
Highlights the need for credible and flexible verification and assurance mechanisms

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