On 26 January 2021, the European Banking Federation and the United Nations Environment Programme Finance Initiative co-launched a report that assesses how the EU Taxonomy can be applied to core banking products. The report is based on case studies analysing transactions and existing client relationships across a large spectrum of sectors, economic activities and geographical locations. The report is the result of 26 major banks, seven banking associations and five observing organisations working together to test, pilot and assess the complexities of applying the EU Taxonomy to core banking products. The testing of the EU Taxonomy has led to eight recommendations set out in the report that are addressed to legislators, regulators, owners of environmental and social standards and frameworks, labels and certification schemes used by banks, and banks themselves.