NEXT GENERATIONTREASURY private sector initiatives toward sustainable finance by reducing costs and uncertainty in classifying a core set of green activities.” The Green Finance Taxonomy can also provide a uniform framework against which to assess assets and activities.The Taxonomy is based on three key principles3: l Principle 1: Substantially contribute to at least one of the six objectives of the taxonomy l Principle 2: Do no significant harm to any of the other objectives l Principle 3: Comply with minimum social safeguards The taxonomy sets out six key objectives (as defined under Section 2.4 of the taxonomy), and the 1st edition focuses on two key objectives, namely: l Climate Change Mitigation l Climate Change Adaption STEVE FARRELL Partner, Financial Services, Deloitte UK Steve is the Head of Deloitte’s ESG Audit & Assurance Group in the Audit and Assurance practice for Deloitte’s UK and North and South Europe partnership. He also chairs the working group at the ICAEW focused on the future of ESG Assurance Reporting. Steve is a chartered accountant and has extensive experience in audit, internal audit and regulatory implementation programs. He has worked with a wide range of companies, having developed a thorough technical understanding of products and control practices for non-financial risk management. Steve has significant experience in partnering engagements for the provision of ISAE 3000 independent assurance over sustainability information and in relation to the sufficiency of design and operating effectiveness of processes and controls to report on non-financial information. His clients include a wide variety of listed and non-listed clients, across a wide range of industries, including energy and utility companies, financial services companies and other corporates. Notes 1 Forbes ‘Green Bond Market Will Reach $1 Trillion With German New Issuance’ https://www.forbes.com/sites/ emanuelabarbiroglio/2020/09/02/green-bond-market-will-reach-1-trillion-with-german-new-issuance/#379cbd4e2e97. 2 https://sustainablefinanceinitiative.org.za/wp-content/downloads/SA-Green-Finance-Taxonomy-1st-EditionFinal-01-04-2022.pdf 3 http://www.treasury.gov.za/comm_media/press/2022/SA%20Green%20Finance%20Taxonomy%20-%201st% 20Edition.pdf These objectives are further categorised according to various macro sector and economic activities. The classification of activities as well as the abovementioned principles are used to assess the alignment of different activities to the taxonomy. n Monique de Waal Director: Financial Services Advisory Deloitte Africa modewaal@deloitte.co.za © 2022. For information, contact Deloitte Touche Tohmatsu Limited. Benchmarking your treasury against industry best practice Optimal and robust financial risk management and hedging – FX, commodity, interest rate and credit risk Optimal & cost-effective cash/ bank account management, structures and processes Treasury structure and operating model Getting value for money out of your relationships with your banks Strengthening treasury governance and policies, as well as implementing robust processes and controls Getting maximum value out of your treasury system Reduce your treasury operational and financial risk profile, while optimising costs and returns. Deloitte Corporate Treasury Service Advisory can offer you the following: Financial instrument and derivative valuations, as well as hedge accounting (IFRS 2, 7, 9 and 13) “We specialise in implementing optimal treasury functions that leverage in-house skill sets, technology and banking relationships to optimise returns whilst reducing risk at the same time.”
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