The European Commission is continuing its work to complete the EU taxonomy on sustainable finance. It published, on Tuesday 28 July, its roadmap for a delegated regulation requiring entities subject to the Non-Financial Reporting Directive to disclose information on how their activities align with those considered environmentally sustainable in the EU taxonomy.
This requirement should apply to large listed undertakings, banks and insurance undertakings subject to the Directive: from 1 January 2022 for the two climate-related taxonomy objectives and from 1 January 2023 for the other four environmental objectives.
The Regulation laying down the basis for the taxonomy (see EUROPE 12393/20) already specifies that non-financial undertakings covered by this Directive are legally obliged to disclose the proportion of their turnover derived from products or services associated with environmentally sustainable economic activities as well as the proportion of their total investments (CapEx) and expenditure (OpEx) related to assets or processes associated with environmentally sustainable economic activities.
The delegated act aims to define whether these indicators for non-financial undertakings need to be further specified and whether different indicators for financial companies need to be developed, explains the Commission. In addition, it will develop a methodology to help undertakings disclose information according to those indicators.
The delegated act, which should be adopted by June 2021, is separate from the other two delegated acts that set technical selection criteria for the six environmental objectives of the taxonomy (see EUROPE 12453/25). It will also complement the ongoing review of the Non-Financial Reporting Directive (see EUROPE 12430/22).
Interested parties have until 8 September to provide comments on the roadmap at: https://bit.ly/3f8G1tI (Original version in French by Marion Fontana)