Fuelled first by the climate crisis and since then by COVID-19, the European Union (EU, the Union) is actively pursuing an ambition of making the financial system sustainable for the planet as well as for people. An innovative policy instrument is that of a Sustainable Finance Taxonomy aiming to combat ‘sustainability washing’ and direct capital towards economic activities that contribute to sustainable development. Aside from a minimum safeguard clause in the current Taxonomy Regulation ((EU) 2020/852), international law and standards on human rights and respect for human rights by business have yet to feature as central components of the approach taken. This might change, however, as the European Commission considers extending the Taxonomy Regulation, currently focused on environmental sustainability, to social sustainability. This contribution examines the relationship between human rights and social sustainability, including in the context of EU regulation and policy. It identifies challenges and opportunities associated with incorporating human rights more firmly in the context of the taxonomy. Finally, it makes the case for human rights as key to ensuring policy coherence across EU level approaches to promoting responsible business conduct and private sector contributions to sustainable development.