The final report on EU taxonomy, developed by the Technical Expert Group (TEG) on Sustainable Finance, contains recommendations relating to the overarching design of the Taxonomy, as well as guidance on how companies and financial institutions can make disclosures using the taxonomy. 10 June 2020 The introduction of the EU Taxonomy is getting closer and the impact will be significant * To directly request the webinar recordings, click here. To accommodate the possible inclusion of nuclear in the taxonomy later on, the Commission has said it would consider amending the delegated act on the TSC for climate change mitigation and adaptation by the end of 2021. The same goes for the definition of “financial products”: these include funds, portfolio management, insurance-based investment products and pension schemes. Weblinks. The EU's taxonomy of sustainable activities is a "powerful tool" for impact reporting, but the data is not always there to enable reporting in alignment with it, Environmental Finance's ESG in Fixed Income Europe 2020 virtual conference heard. For this COP, all countries must review their Nationally Determined Contributions (NDCs) and submit mid-century decarbonisation plans in line with their commitments under the Paris Agreement. The NFRD at present applies to large public interest entities (PIEs)) – which can include organisations in the financial and non-financial sectors. 130 NGOs and experts are sounding the alarm on the EU’s green finance rules, the ‘Taxonomy’, and calling for them to be rooted in science. EU Commission should listen to science. On 9 March 2020, the TEG published its final report on EU taxonomy. The delegated acts for the TSC for the first two environmental objectives (climate change adaptation and climate change mitigation) must be adopted by 31 December 2020 so that the taxonomy can start to apply from 1 January 2022 to those two environmental objectives. Browse and register for our upcoming events and explore materials from past events. This will be done through delegated acts. Article 8 of the Taxonomy Regulation requires financial and non-financial organisations covered by the Non-Financial Reporting Directive (NFRD) to include information in their non-financial information statements on how, and to what extent, their activities are “associated with” environmentally sustainable economic activities. Some of the products are offered on a subscription basis. The introduction of the EU Taxonomy is getting closer and the impact will be significant * To directly request the webinar recordings, click here. You are using an outdated browser. The EU Green Deal is the Von der Leyen Commission’s program to make Europe’s economy more sustainable. Official Press Release on the approval of the … PE 635.597 – July 2020 . When it comes to conversations about sustainable finance in 2020, there is no escaping the EU Taxonomy. However, it will not start applying in practice until 1 January 2022 at the earliest. On 22 June 2020, the EU Regulation on the Establishment of a Framework to Facilitate Sustainable Investment (widely referred to as the Taxonomy Regulation) was published in the Official Journal of the EU, marking a significant step in the realisation of the European Commission's Action Plan on Financing Sustainable Growth (the EU Action Plan). Die EU-Taxonomie legt Kriterien für klimaverträgliche Investments fest. Legislative proposal – linking actors from finance across sectors . information on how, and to what extent, the investments that underlie their financial product support economic activities that meet the four tests for environmental sustainability under the Taxonomy Regulation, or. Stockholm (NordSIP) - On Friday, November 20, the EU Commission published the first draft delegated act on the EU Taxonomy, the bloc's classification system for The framework may seem overwhelming, which is why we have broken it down into a short and digestible guide, covering the EU Taxonomy on a basic level, summarizing the most important key takeaways of the framework. To begin with, the taxonomy will therefore only apply to certain stakeholders in the market, but we expect it to become the dictionary for financial services and business activities more broadly in due course (either due to legal or market intervention). Clean Energy Wire. Im Rahmen dieses Aktionsplans ist sie ein zentrales Element, auf der andere legislative und nicht-legislative Maßnahmen in den nächsten Jahren aufbauen werden. Organisations have the new challenge of being a step ahead of the new EU Taxonomy Regulation. This will give those affected by the Regulation a year to prepare for it in relation to those objectives. The initial focus has been on defining what is sustainable in climate terms but the intention is to come up with rules on other environmental sustainability objectives, and to extend this to social objectives at a later stage. Prior to this regulation there was no harmonised standard in Europe to classify green investments. EU Taxonomy by applying the methodology of the Draft of the Technical Expert Group on Sustainable Finance. That’s what the EU sustainable finance agenda and the European Green Deal are all aiming for. To help inform the delegated act, the Commission also requested advice from the European Supervisory Authorities in September 2020. Please upgrade your browser to improve your experience. from 1 January 2023, to the other four environmental objectives. But what is the EU Taxonomy, exactly? To help you navigate regulatory requirements across regions, we have collated a range of key cross-border content. For the four other environmental objectives, the taxonomy should be established by the end of 2021 and will apply by the end of 2022. An idea first pitched by the High Level Expert Group (HLEG) on Sustainable Finance – appointed by the European Commission in 2016 to advise on ‘greening’ financial markets – the EU Taxonomy was approved by the European Parliament in June of this year. II (Non-legislative acts) REGULATIONS COMMISSION DELEGATED REGULATION (EU) 2020/1989 of 6 November 2020 amending Delegated Regulation (EU) 2019/815 as regards the 2020 update of t The EU Taxonomy is a noteworthy milestone that sets a common language for collaboration in sustainable finance. The legislative text of the EU taxonomy, the classification system for environmentally sustainable economic activities, was adopted in June 2020. Im März 2018 hat die Europäische Kommission den Aktionsplan „Finanzierung nachhaltigen Wachstums“ veröffentlicht. The TEG’s recommendations are designed to support the European Commission in the development of the delegated act on climate change mitigation and climate change adaptation under the Taxonomy Regulation. Ten areas range from fossil fuels, bioenergy and hydropower to livestock and hydrogen. On 18 June 2020, the European Parliament formally adopted the EU's Sustainability Taxonomy Regulation.The aim of the Regulation is to provide an EU-wide framework for classifying economic activity as environmentally sustainable (an overview of the Regulation can be found in our memo on the subject). The TEG today also published a guide for financial market participants on using the EU green bond standard that it has proposed. The EU Taxonomy was … The Sustainable Finance Taxonomy Regulation was published in the Official Journal of the European Union on 22 June 2020 and came into force on 12 July 2020. Ökologische Nachhaltigkeit aus Sicht der EU-Regulierung. Furthermore, a three-year certification timeline is onerous for data centre operators, especially SMEs. FMPs are defined in the Disclosure Regulation, and include institutional investors and asset managers. A framework to facilitate sustainable investment . You are going to need it. Mag. Updated technical screening criteria for 70 climate change mitigation and 68 climate change adaptation activities, including criteria f… 2019/2088 Offenlegungsverordnung auf EUR-Lex (PDF) SFDR-Hauptseite auf EUR-Lex The taxonomy cannot apply in practice until the TSC for the relevant objectives have been adopted. And in order to do that, the EU needs investors to redirect a vast amount of capital into the right type of projects and companies. Who should read this paper? It is a classification system that enables categorization of economic activities/sectors that play key roles in climate change mitigation and adaptation. What is … On 15 April 2020 the Council adopted by written procedure its position at first reading with respect to the Taxonomy regulation. achieve. On 22 June 2020, the Taxonomy Regulation was published in the Official Journal of the European Union and entered into force on 12 July 2020. In addition, the Technical Expert Group defined the technical criteria for the first two objectives (climate), which will be adopted through delegated acts by the European Commission by 31 December 2020. An idea first pitched by the High Level Expert Group (HLEG) on Sustainable Finance – appointed by the European Commission in 2016 to advise on ‘greening’ financial markets – the EU Taxonomy was approved by the European Parliament in June of this year. März 2020. Bild: Pixabay Die von der Europäischen Kommission eingesetzte Expertengruppe TEG für Sustainable Finance hat Empfehlungen zur EU-Taxonomie vorgelegt. For more information on the Disclosure Regulation, see our publication: ESG Disclosure Regulation. An EU Taxonomy is indispensable in making the EU climate targets implementable in practice. Action 1 of the action plan calls for the establishment of an EU classification system for sustainable activities, i.e. EU consultations on inception impact assessments/roadmaps are typically very high-level, designed to indicate the general direction of travel that the Commission is thinking of taking and are usually followed by a more detailed consultation on the proposals afterwards. One year after the initial report, the European Parliament and European Council adopted the Taxonomy Regulation in December 2019. The EU Green Deal is the Von der Leyen Commission’s program to make Europe’s economy more sustainable. Taxonomy Regulation. The taxonomy also matters because it’s underpinned by regulation. The Regulation does not explain what is meant by “associated with”. Bron WWF Europe. Geplaatst op 15 december 2020. By Fiona Reynolds (@Fireynolds), CEO, PRI. The Taxonomy Regulation was published in the Official Journal of the EU on 22 June 2020 and entered into force on 12 July 2020. An EU Sustainable Taxonomy must be produced that is based on scientific evidence, supports fully sustainable economic activities, accelerates the shift from unsustainable to sustainable activities, truly reduces the risk of greenwashing, and is aligned with the European … The report is supplemented by a technical annexcontaining: 1. The TE… The delegated acts for the TSC for the remaining four environmental objectives (water, circular economy, pollution control and biodiversity) must be adopted by 31 December 2021 so that the taxonomy can start to apply to those objectives from 1 January 2023. The European Commission said in an FAQ that we can expect a consultation on the draft delegated act for the climate TSC in September/October 2020. The Commission has asked the Joint Research Centre (JRC), its in-house research body, to assess whether nuclear power should be included in the EU taxonomy as an environmentally sustainable activity. However, so much attention has been focused on how the taxonomy will be defined and the TEG reports on this that some may have missed, or failed to fully appreciate, the other requirements in the Taxonomy Regulation - including the changes that the Regulation will make to the NFRD and the impact this will have on large corporates by requiring clear disclosure of the proportion of corporate activities that are or are not taxonomy compliant. The first company reports and investor disclosures using the EU Taxonomy are due at the start of 2022. We, the signatories of this statement, represent sectors of major importance for European economic development and wealth. The aim of the Regulation is to provide an EU-wide framework for classifying economic activity as environmentally sustainable (an overview of the Regulation can be found in our memo on the subject). WHY ACCIONA DEVELOPED THIS EXERCISE Global investment in sustainable infrastructure is required to meet 72% of … In July 2020, the Commission published a consultation on an inception impact assessment (also known as a “roadmap”) on the delegated act needed under Article 8. I will shed light on the design, advantage and challenges of the taxonomy. According to the EU Commission, the Taxonomy for climate change mitigation and climate change adaptation ought to be established by the end of 2020, and applied by end of 2021. On 12 July 2020, Regulation (EU) 2020/852 (the Taxonomy Regulation) came into force, bringing with it an exhaustive list of environmental objectives being: climate change mitigation; climate change adaptation; the sustainable use and protection of water and marine resources; the transition to a circular economy; The EU Taxonomy is a new ‘green language’ that helps to identify sustainable investments. COP26 has been badged the ‘net zero’ COP. Die EU-Taxonomy. März 2018 von der EU-Kommission veröffentlichten Aktionsplan zur Finanzierung von nachhaltigem Wachstum zurückzuführen. This site is managed by the Directorate-General for Communication, Final report of the TEG on the EU taxonomy, action plan on financing sustainable growth, proposal for a regulation on the establishment of a framework to facilitate sustainable investment, political agreement on the Taxonomy Regulation, adopted by written procedure its position at first reading with respect to the Taxonomy regulation, Technical Expert Group (TEG) on sustainable finance, excel tools to help users of the Taxonomy to implement it in their own activities, early feedback report published in December 2018, responses to the second round of feedback on the June 2019 report, joint document with frequently asked questions, is currently subject to stakeholder feedback for a period of four weeks, Commission also requested advice from the European Supervisory Authorities, Press release on the draft delegated act - 20 November 2020, Text and annexes of the draft delegated act, Give us your feedback on the draft delegated act, Press release on the final report on EU taxonomy, Technical annex to the final report on EU taxonomy, Text of the political agreement reached by the European Parliament and the Council on 18 December 2019, Council adopts the first reading position on 15 April 2020, Technical expert group on sustainable finance (TEG), Aid, Development cooperation, Fundamental rights, Follow the European Commission on social media. On 9 March 2020, the TEG published its final report on EU taxonomy. Nachhaltige Finanzen: Experten legen Berichte zur „grünen Liste“ und zum EU-Standard für grüne Anleihen vor Der heutige Expertenbericht über die Taxonomie enthält Empfehlungen zur Gestaltung der „grünen Liste“ der EU, einschließlich einer Anleitung, wie Unternehmen und Finanzdienstleister sie … ECOS has joined 130 NGOs and experts who are sounding the alarm on the EU’s green finance rules, the ‘Taxonomy’, and calling for them to be rooted in science – led by WWF. On 18 June 2020, the European Parliament formally adopted the EU's Sustainability Taxonomy Regulation. But what is the EU Taxonomy, exactly? Article 8 also requires non-financial undertakings (i.e. comply with technical screening criteria to be adopted under the Regulation (see below). This so-called ‘EU Taxonomy for green investments’ is a regulation approved by the European Parliament and the EU Council in December that establishes the criteria for determining whether an economic activity (for example a manufacturing company) and any investment products associated to it (for example shares of corporate bonds) can be classified as environmentally sustainable. Organisations covered by the Non-Financial Reporting Directive (see below). So it is relevant to banks, insurers and companies with securities traded on a regulated market, in each case if they have more than 500 employees. The EU Taxonomy in Focus Webinar Thursday, September 24 2020. These criteria will be established through delegated acts. large banks and insurance companies). The delegated act will be accompanied by an impact assessment and is currently subject to stakeholder feedback for a period of four weeks before adoption. They proposed a ‘Climate Law’ to achieve their aims, leading to an updated report in March 2020. Links/References. The Taxonomy Regulation sets out categories of economic activities that are considered environmentally sustainable and is a cornerstone of the European Commission's Sustainable Finance Action Plan. Hydropower plants, especially small hydro, are one of the main causes for the increasingly long Red Lists of fishes. 2020-03-09T13:12:00+00:00. Which in turn would have a knock-on impact on which organisations need to comply with the disclosure requirements in Article 8 of the Taxonomy Regulation. Information on data protection can be found at www.esma.europa.eu under the heading ‘Data protection’. Adopted by the Council of the EU on April 15, 2020, with specific criteria being developed throughout 2020 and 2021, the “EU Taxonomy” aims to provide a unified classification system for “green” and “sustainable” economic activities under the EU’s sustainable finance regulations. In the meantime, work on adoption of the TSC for the other economic activities that can substantially contribute towards climate change mitigation and adaptation will continue irrespective of the separate assessment on nuclear energy. March 2020: TEG released its final report on the EU taxonomy as well as a technical annex with updated screening criteria for climate change mitigation and adaptation activities. For more information on those two Regulations and the EU’s sustainable finance strategy, see our publications: Trio of new EU rules will shake up how funds approach ESG: what you need to know and European Commission Consultation on the Renewed Sustainable Finance Strategy. This Consultation Paper may be of particular interest to non-financial undertakings and asset managers covered by Article 8 of Regulation (EU) 2020/852 (the ‘Taxonomy Regulation’) as well as to investors and other users of non-financial information. Die RTS referenzieren u. a. auf den technischen Bericht und seinen 593 Seiten umfassenden Anhang der TEG (Technical Expert Group) – häufig EU-Taxonomie genannt – vom 9. Seit Juli 2018 arbeitete eine Sachverständigengruppe der … EU finalises Sustainable Finance Taxonomy: New obligations for financial market participants and large public-interest entities 24 January 2020 Political agreement was reached in December 2019 on the Taxonomy Regulation following intense negotiations. It also clarifies that this delegated act is separate from the other delegated act needed under the Taxonomy Regulation to implement the TSC, and that it will complement the wider NFRD review (mentioned above). Adopting a consistent framework is expected to reduce "greenwashing", where … EU Taxonomy: ECOS joins 130 organisations in a call for science-based green finance rules. The ultimate aim is to encourage investment flows from the financial sector to companies engaged in or transitioning to more sustainable activities so that the EU can become carbon neutral by 2050 and meet its climate change goals. It also introduces a requirement on FMPs and large public interest entities to disclose information on how, and to what extent, their products and businesses are aligned with the taxonomy - so that investors can make more informed decisions. Work on the TSC for climate change adaptation and mitigation is already quite advanced (see TEG final report and TEG technical annex) – but by no means finalised. Proponents argue that it should be included because it is a low-carbon source of energy, whilst critics claim the problems associated with radioactive waste mean it does not meet the “do no significant harm” principle under the Regulation. Die EU-Taxonomie ist auf den am 8. You can browse, search or filter our publications, seminars and webinars, multimedia and collections of curated content from across our global network. Title and reference Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (Text with EEA relevance) PE/20/2020/INIT The European Parliament approved the text pursuant to the "early second reading agreement" procedure on 18 June 2020. The European Parliament will have to vote on the text pursuant to the “early second reading agreement” procedure. To help you stay up-to-date with key regulatory developments in a time of accelerating change, we have collated a range of crucial horizon scanning content. Diese Plattform wird in den kommenden Jahren eine entscheidende Rolle für die Weiterentwicklung der EU-Taxonomie und unserer Strategie für ein nachhaltiges Finanzwesen spielen.“ Bewerbungen für die Plattform für ein nachhaltiges Finanzwesen können vier Wochen lang eingereicht werden. Brussels, 14 December 2020. The list of economic activities and performance thresholds will be issued as part of the explicit legal requirements from the European Commission by the end of 2020. Explore our latest insights to keep abreast of key legal developments. We … Die Bewerbungsfrist endet am 16. The European Commission's forthcoming climate taxonomy could deliver on its promise to become the world's first unitary system for classifying the sustainability of investments, the German Institute for Economic Research has said. Much of the work on the TSC for climate change adaptation and mitigation has been done by the Commission’s Technical Expert Group (TEG) but the TEG’s mandate is due to run out in September 2020 and the TEG will be replaced by a new Platform on Sustainable Finance – which will develop the TSC for the other four environmental objectives. We make the move to a competitive, climate neutral economy in Europe possible and support an EU taxonomy that helps accelerate investments in sustainable solutions. The JRC will submit a technical report on the “do no significant harm” aspects of nuclear energy in 2021. 16 December 2020. from 1 January 2022, as regards the first two environmental objectives; and. We would advise you pour yourself a large glass of your favourite tipple and wrap a nicely chilled towel around your head before delving into that detail. However, the Commission is currently carrying out a wider review of the NFRD and one of the issues being considered is whether the NFRD should be extended to cover other types of companies. For more information on the wider NFRD review, see our blog post: Non-Financial Reporting Directive: the pursuit of data that is relevant, reliable and comparable. It directly affects all regulations i… What investors need to know now and how ISS ESG can help them implement it. companies) to disclose the proportion of their turnover derived from products or services associated with environmentally sustainable economic activities and the proportion of their capital and operating expenditure related to assets or processes associated with environmentally sustainable economic activities. On June 18, 2020 the EU Taxonomy Regulation was made official, starting a new era of sustainable financial regulations. 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