The EU is joining forces with Argentina, Canada, Chile, China, India, Kenya, and Morocco to develop ways of boosting private investment into sustainable finance, it said Oct. 18.

Under a new international platform for sustainable finance, it will work with the authorities of the seven countries to develop classification schemes for defining green finance and set standards and labels, it said.

The countries will look at ways of increasing international cooperation and exchange information to promote green finance through working groups and committees.

The EU has developed its own taxonomy, or classification system for green investments, designed to set a clear standard for green finance and boost its adoption. The classification system has been heralded as a potential blueprint for green finance worldwide.