The EU taxonomy should provide a transparent classification system for investors and companies. In doing so, it is supposed to channel investments towards sustainability. Currently, the taxonomy focuses on environmental goals, while a social taxonomy is not even in its infancy. But there are good reasons to revive the debate. If well-designed, a social taxonomy has the potential to improve the consideration of the social impact of investments and help to prevent social washing. Therefore, the involvement of trade unions must be ensured and it should provide a gold standard. Respect for human and workers´ rights are imperative.