A new group has been appointed by the government to advise on standards for green investment and tackle ‘greenwashing’.
The Green Technical Advisory Group (GTAG) will oversee the government’s delivery of a “Green Taxonomy” – a framework setting the bar for investments that can be defined as environmentally sustainable.
It is hoped that the group will help to tackle the issue of ‘greenwashing’ – where companies convey a false impression or provide misleading information about how sustainable its products and business practices are.
John Glen, Economic Secretary to the Treasury, commented: “We want investors and businesses to play their part in greening our economy and transitioning to net zero, so it’s crucial we have a clear common definition of what green means.
“A UK green taxonomy will provide better data on the environmental impact of firms, supporting investors, businesses and consumers to make green financial decisions and accelerating the transition to net zero.
“I look forward to receiving the advice of the expert Green Technical Advisory Group as we put in place a rigorous taxonomy that works for the UK and sets a high standard globally.”
UK Energy Minister Anne-Marie Trevelyan added: “Transforming our financial system for a greener future is vital so we can protect the planet, reach net zero and grow our economy, and establishing a Green Technical Advisory Group and Energy Working Group are both crucial steps forward in developing our green UK taxonomy.
“This will help the financial sector invest in the projects, technologies, and services of the future, strengthening the UK’s position as global leader in green finance and tackling climate change.”
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