Green Technical Advisory Group GTAG
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[edit] Introduction
On 9 June 2021, the Government announced the creation of the Green Technical Advisory Group (GTAG) within which there will be an Energy Working Group to provide advice on key technologies such as hydrogen, carbon capture, utilisation and storage. Other expert groups may also be established where required as work progresses.
[edit] Members of the GTAG
The group will be made up of independent, "anti-greenwashing" experts qualified to advise on standards for green investment. The work of the group will be used to support potential financiers, consumers and businesses in making green decisions.
GTAG will be chaired by the Green Finance Institute and made up of financial and business stakeholders, taxonomy and data experts, and subject matter experts drawn from academia, NGOs, the Environment Agency and the Committee on Climate Change. The GTAG will provide independent, non-binding advice to the Government on developing and implementing a green taxonomy in the UK context.
[edit] Green taxonomy
A green taxonomy is intended to support the Government’s efforts to improve the environment, accelerate the transition to net zero and create green jobs. The purpose of the taxonomy will be to provide a universal framework to define investments that are environmentally sustainable.
Designed to diffuse greenwashing claims, the taxonomy will be built on better data that exposes false statements. It will help to inform those who base their business decisions on verified environmental information. Once the taxonomy is in place, it should boost investment in projects that accelerate the transition to a sustainable economy, create green jobs and support the UK’s environmental goals.
The GTAG will also explore the issue of nuclear power in the taxonomy – a key element of the UK’s net zero plans.
The implementation of a green taxonomy was initially announced in November 2020 as part of wider plans to establish the UK at the forefront in the world of green finance, including issuing the UK’s first sovereign green bond in 2021.
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