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Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

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EU Social Taxonomy

EU Social Taxonomy

Keith Mullin

35 years: Capital markets editorial

In this video, Keith talks us through the main points of the EU Social Taxonomy draft, a taxonomy being developed alongside the Sustainable Taxonomy, in order to encourage social investment. 

In this video, Keith talks us through the main points of the EU Social Taxonomy draft, a taxonomy being developed alongside the Sustainable Taxonomy, in order to encourage social investment. 

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EU Social Taxonomy

5 mins 10 secs

Overview

The centrepiece of the EU’s ambitions to become carbon-neutral by 2050 is the EU Taxonomy for Sustainable Activities. However, policymakers have already started work on another project; drafting a Social Taxonomy. The Taxonomy will be designed to work in parallel with the Sustainable Taxonomy and it will create a framework that accelerates the flow of private capital to social projects.

Key learning objectives:

  • Understand the purpose of the proposed Social Taxonomy

  • Outline how it is similar and differs from the Sustainable Taxonomy

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Summary

What is the proposed Social Taxonomy?

The EU is attempting to create a second Taxonomy to run parallel to the Sustainable Taxonomy, a Social Taxonomy. It will create a framework that accelerates the flow of private capital to social projects. 

Coming up with a blueprint for social activities is challenging because it covers difficult areas to resolve such as poverty, human rights, slavery and child labour; areas that can’t be quantitatively assessed by science like greenhouse gas emissions can.

The Social Taxonomy working group has mapped out 8 headings to define the scope of its work: 

  • Labour rights and working conditions
  • Social protection and inclusion
  • Non-discrimination
  • The right to healthcare, housing, education and food
  • Unemployment assistance
  • Consumer protection
  • Peaceful and inclusive societies
  • Fighting corruption and tax evasion

The Social Taxonomy blueprint has been built around 3 beneficiary groups, under 3 overarching social objectives:

  • Decent work, people in their working lives or as workers
  • Adequate living standards and wellbeing for end-users
  • Inclusive and sustainable communities and societies

Each of these key objectives has several sub-objectives. 

How does the proposed Social Taxonomy complement the Sustainable Taxonomy?

The idea is that the Social Taxonomy will have a structure that dovetails with its sustainable cousin. However, there is also a contradiction – which policymakers are aware of – arising from the fact that while most economic activity has an adverse impact on the environment; creating decent jobs, improving human wellness, and producing socially beneficial goods and services all lead to social benefits. All sounds great, but it will come at a cost to the environment. 

 

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Keith Mullin

Keith Mullin

Keith is the founder and director of KM Capital Markets, a media and thought-leadership consultancy. He spent the past 35 years working in specialist capital markets media and has had a ring-side seat at all of the major market events. Prior to setting up KM Capital Markets in 2017, Keith worked at Thomson Reuters.

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