{"id":1123513,"date":"2026-08-01T05:18:40","date_gmt":"2026-08-01T05:18:40","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/1123513\/"},"modified":"2026-08-01T05:18:40","modified_gmt":"2026-08-01T05:18:40","slug":"eu-steps-back-from-taxonomy-project-with-china-and-singapore","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/1123513\/","title":{"rendered":"EU steps back from taxonomy project with China and Singapore"},"content":{"rendered":"<p>        <img loading=\"lazy\" decoding=\"async\" width=\"716\" height=\"477\" class=\"entry-thumb\" src=\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2026\/03\/GettyImages-2162222363-716x477.jpg\"   alt=\"EU flags near of European Commission building\" title=\"EU flags\"\/><\/p>\n<p>The European Commission is no longer an active participant in the \u201ccontinuation or expansion\u201d of the Common Ground Taxonomy (CGT) or Multi-Jurisdiction Common Ground Taxonomy (M-CGT) exercises, Responsible Investor understands from EU sources.<\/p>\n<p>The two frameworks serve as a multilateral mapping exercise of sustainable finance taxonomies instigated by the European Commission and the People\u2019s Bank of China (PBOC), with the Monetary Authority of Singapore (MAS) joining later.<\/p>\n<p>The bilateral EU-China CGT was <a href=\"https:\/\/www.responsible-investor.com\/international-platform-on-sustainable-finance-calls-for-feedback-on-report-ahead-of-common-ground-taxonomy\/\" rel=\"nofollow noopener\" target=\"_blank\">launched in 2021<\/a> and maps 72 climate change mitigation activities that are aligned in both jurisdictions. The M-CGT, released in 2024, expands on the CGT to <a href=\"https:\/\/www.responsible-investor.com\/esg-round-up-eu-china-common-ground-taxonomy-adds-singapore-asia-framework\/\" rel=\"nofollow noopener\" target=\"_blank\">include the Singapore-Asia taxonomy<\/a>, to cover a total of 110 common activities.<\/p>\n<p>The Commission declined to comment on its decision to exit initiatives relating to the CGT and M-CGT, and the current governance structure of the frameworks. The PBOC and MAS did not respond to requests for comment.<\/p>\n<p>Brussels sources close to the process stressed that the frameworks do not establish a harmonised international rulebook or create an equivalence regime, nor do they enable operational or regulatory interoperability between the taxonomies.<\/p>\n<p>Despite this, the CGT has emerged as a popular touchstone within China\u2019s labelled bond market. The China Society for Finance and Banking \u2013 a non-profit academic organisation \u2013 tracked a total of 578 <a href=\"https:\/\/www.chinabondconnect.com\/en\/Resource\/Cgt-aligned-Bonds\/List-Of-Cgt-Aligned-Chinese-Outstanding-Green-Bonds--June-2026-Version.html\" target=\"_blank\" rel=\"noopener nofollow\">\u201cCGT-aligned\u201d Chinese green bonds<\/a>, 339 of which remain outstanding, as at May 2026.<\/p>\n<p>They account for 26.9 percent of the total number of outstanding Chinese green bonds, with a valuation of RMB 374.803 billion ($55 billion; \u20ac48 billion).<\/p>\n<p>Last year, ICBC Financial Leasing <a href=\"https:\/\/www.ca-cib.com\/en\/news\/icbc-financial-leasing-issues-first-international-green-bond-aligned-updated-common-ground\" target=\"_blank\" rel=\"noopener nofollow\">issued the first international green bond<\/a> labelled as aligned to the CGT. Sources familiar with the deal noted that, while the CGT is not a formal mechanism in its own right, such deals \u201ccreate actual use cases in the market for the CGT\u201d.<\/p>\n<p>An independent review of the deal confirmed alignment to activities in the CGT, \u201coften citing the more stringent criteria among the taxonomies for common activities\u201d, it said.<\/p>\n<p>Despite the Commission\u2019s departure from the CGT and M-CGT initiatives, it remains a member of the International Platform for Sustainable Finance (IPSF), under whose auspices the CGT and M-CGT were developed.<\/p>\n<p>The IPSF was launched in 2019 by the EU as a policymaking forum for 22 jurisdictions including Australia, the UK, China and Singapore. Its secretariat and chair remains with the European Commission.<\/p>\n","protected":false},"excerpt":{"rendered":"The European Commission is no longer an active participant in the \u201ccontinuation or expansion\u201d of the Common Ground&hellip;\n","protected":false},"author":2,"featured_media":832077,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[5174],"tags":[2311,77553,2000,299,5187,1699,2443,61253],"class_list":["post-1123513","post","type-post","status-publish","format-standard","has-post-thumbnail","category-eu","tag-climate-change","tag-data-disclosure","tag-eu","tag-europe","tag-european","tag-european-union","tag-regulation","tag-taxonomy"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/117018566625736425","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/1123513","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=1123513"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/1123513\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/832077"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=1123513"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=1123513"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=1123513"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}