Standardization of data is accomplished through a custom taxonomy. Regardless of the topic or subject, taxonomies make findability of content easy and consistent. Markets Media brought this interesting information to our attention in their article, “Taxonomy, Data Crucial For Sustainable Finance.”
An economic taxonomy is a system of classification of economic activity, including products, companies and industries. Most economists believe that the study of economic policy demands the use of a taxonomic approach.
In a specific manner, standardization of data and taxonomy are critical to ensure that green finance becomes permanently embedded in global capital markets according to a conference at the London Stock Exchange. Green finance can refer to financial investments flowing into sustainable development projects and initiatives, environmental products, and policies that encourage the development of a more sustainable economy.
Building a classification system to provide market clarity on what is sustainable in the financial market, identifies the need for common global standards for green finance, even beyond bonds.
Melody K. Smith
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