The report contains recommendations relating to the overarching design of the EU taxonomy, as well as extensive implementation guidance on how companies and financial institutions can … The Taxonomy Regulation does not require parties to invest in taxonomy-eligible activities. The Taxonomy Regulation (TR), agreed at the political level in December 2019, creates a legal basis for the EU Taxonomy. 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. Verordnung (EU) Nr. The same goes for the definition of “financial products”: these include funds, portfolio management, insurance-based investment products and pension schemes. 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). Officially called “Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088,” nowhere is the term “taxonomy” used. 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. large banks and insurance companies). ESMA, EBA and EIOPA) to develop, jointly, regulatory technical standards specifying the details of the presentation and content of the information in relation to the principle of “do no significant harm”. EU Commission should listen to science. Technical screening criteria Substantial contribution to climate change mitigation The activity complies with either of the following criteria: 1. The Taxonomy Regulation sets out an EU-wide framework (a classification system known as a “taxonomy”) according to which investors and businesses can assess whether certain economic activities are “sustainable”. 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 Pensions and ESG: where are we now and what can we expect in the future? Benjamin Wehrmann. To help you navigate and control risk in a challenging legal landscape, we have collated a range of key advice and guidance. 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. For the four other environmental objectives, the taxonomy should be established by the end of 2021 and will apply by the end of 2022. During its mandate, the TEG also engaged with over 200 additional experts to develop their recommendations for the technical screening criteria. Taxonomy Regulation. from 1 January 2023, to the other four environmental objectives. On 9 March 2020, the TEG published its final report on EU taxonomy. 24 January 2020 Political agreement was reached in December 2019 on the Taxonomy Regulation following intense negotiations. The report is supplemented by a technical annexcontaining: 1. The TEG published the first set of climate change mitigation activities with associated technical screening criteria in December 2018. On June 18, 2020 the EU Taxonomy Regulation was made official, starting a new era of sustainable financial regulations. The first company reports and investor disclosures using the EU Taxonomy are due at the start of 2022. 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. Seit Juli 2018 arbeitete eine Sachverständigengruppe der … On 22 June 2020, the long-awaited Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment (the “EU Taxonomy Regulation”), and amending Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (the “SFDR”) was published on the Official Journal of the European Union. Welcome to the Knowledge Portal. 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. 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. Mag. And although this consultation document is particularly light on detail, it does say that the Commission will consider whether the three indicators (turnover, Capex and Opex) against which companies are to disclose the proportion of their activities which are sustainable need to be specified in more detail and whether different indicators should be developed for financial undertakings disclosing under the NFRD (i.e. A … It directly affects all regulations i… Die EU-Taxonomie ist auf den am 8. Contract lawyers from Linklaters, consultation on an inception impact assessment. On 9 March 2020, the TEG published its final report on EU taxonomy. An inception impact assessment was published for feedback in July 2020. 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). contribute substantially to at least one of the environmental objectives; “do no significant harm” to any of the other environmental objectives; be carried out in compliance with minimum social and governance safeguards; and. The Regulation does not explain what is meant by “associated with”. The responses authorised for publication can be found below: In order to respond to the most frequently asked questions by stakeholders about the TEG’s final report and the Commission’s next steps, a joint document with frequently asked questions has been published by the Commission and the TEG. Furthermore, a three-year certification timeline is onerous for data centre operators, especially SMEs. On 15 April 2020 the Council adopted by written procedure its position at first reading with respect to the Taxonomy regulation. An EU Taxonomy is indispensable in making the EU climate targets implementable in practice. To help you navigate regulatory requirements across regions, we have collated a range of key cross-border content. What investors need to know now and how ISS ESG can help them implement it. März 2018 von der EU-Kommission veröffentlichten Aktionsplan zur Finanzierung von nachhaltigem Wachstum zurückzuführen. Ökologische Nachhaltigkeit aus Sicht der EU-Regulierung. That’s what the EU sustainable finance agenda and the European Green Deal are all aiming for. EU Taxonomy: 130 organisations call for science-based green finance rules. On June 18, 2020 the EU Taxonomy Regulation was made official, starting a new era of sustainable financial regulations. 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. The Taxonomy Regulation is one of the pillars of the EU’s sustainable finance and climate change agenda and forms part of a wider package of sustainable finance legislation, which includes the Disclosure Regulation and the Low Carbon Benchmarks Regulation. Browse and register for our upcoming events and explore materials from past events. Subsequent feedback led to the first draft of a taxonomy … On 9 March 2020, the Technical Expert Group on sustainable finance (TEG) issued a final report setting out the TEG’s final recommendations to the overarching design of the EU Taxonomy as well as guidance for its users. This report builds on the work that the TEG published in June 2019 and the early feedback report published in December 2018. 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. Please enter your email address and if we recognise it, we will send you an email to reset your password. Haufe Online Redaktion. The European Parliament will have to vote on the text pursuant to the “early second reading agreement” procedure. 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