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Consultation of first draft delegated regulation EU Taxonomy published

Consultation of first draft delegated regulation EU Taxonomy published

Consultation of first draft delegated regulation EU Taxonomy published

23.11.2020 NL law

On 20 November 2020, the European Commission launched a consultation on the Delegated Regulation covering the first two sets of technical screening criteria for determining which economic activities qualify as environmentally sustainable, under the EU Taxonomy Regulation.

Annex I covers the technical screening criteria for determining the conditions under which an economic activity qualifies as contributing substantially to climate change mitigation and for determining whether that economic activity does no significant harm (DNSH) to any of the other environmental objectives. Annex II covers the technical screening criteria for determining the conditions under which an economic activity qualifies as contributing substantially to climate change adaptation and whether that economic activity DNSH to any of the other environmental objectives.

The technical screening criteria for determining under which conditions an economic activity qualifies as contributing substantially to climate change mitigation should reflect the need to avoid producing greenhouse gas emissions, to reduce such emissions or to increase greenhouse gas removals and long-term carbon storage. The EC finds it therefore appropriate to focus first on those economic activities and sectors that have the greatest potential to achieve those aims. The technical screening criteria for determining under which conditions an economic activity qualifies as contributing substantially to climate change adaptation should reflect the fact that climate change is likely to affect all sectors of the economy. As a result, all sectors will need to be adapted to the impact of climate change. It needs to be ensured, however, that an economic activity that contributes substantially to climate change adaptation DNSH to any of the other environmental objectives laid down in the Taxonomy regulation. In view of this the EC first established technical screening criteria for climate change adaptation for those sectors that are covered by the technical screening criteria for climate change mitigation, including the DNSH criteria to the environmental objectives.

The activities and criteria are based on the recommendations of the Technical Expert Group on Sustainable Finance (TEG) published in March 2020.

The public consultation is open for four weeks. The final delegated act will apply as of 1 January 2022.

This delegated act is relevant for financial market participants that are subject to the SFDR and that invest in sustainable investment products or make them available. For financial products investing in an economic activity that contributes to climate change mitigation or adaption as covered by this delegated act, additional information requirements apply on top of disclosures to be made under the SFDR.

The delegated act covering the four other environmental objectives, should be established by the end of 2021 and will apply by the end of 2022. Furthermore, the Commission will adopt a delegated act by June 2021 specifying the information companies subject to the non-financial reporting directive will have to disclose on how, and to what extent, their activities align with those considered environmentally sustainable in the Taxonomy.

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