The European Commission has announced members of the new Technical Expert Group on Sustainable Finance.

It consists of 35 members from civil society, academia, business and the finance sector from organisations, including Allianz Global Investors, Climate Bond Initiative, Luxembourg Stock Exchange, Unilever and WWF.

They will develop an EU classification system, or so-called taxonomy, for environmentally sustainable initiatives and support the Commission in the creation of a Green Bond Standard to improve the disclosure of climate-related information.

Valdis Dombrovskis, Vice President responsible for Financial Stability, Financial Services and Capital Markets Union said: “Today’s launch of the Technical Expert Group is another step in our ambitious timetable to lay the foundations for a more sustainable financial system.

“Already as of July, this diverse and highly qualified group of experts will get to work, helping us determine which economic activities are truly green, define an EU standard for green bonds and more.”