Key points

  • The Taxonomy Regulation ( Regulation (EU) 2020/852 of 18 June 2020) is an essential component of the European Commission’s “Action Plan: Financing Sustainable Growth” of March 2018. It represents an important step in the EU's pursuit of the goals of the Paris Agreement, according to which climate neutrality is to be achieved by 2050. One of the objectives of the Sustainable Finance Action Plan is to reorient capital flows towards a more sustainable economy. Such a shift of capital flows has to be underpinned by a shared understanding of what “sustainable” means. Therefore, the EU Taxonomy provides for a unified classification system of activities that can be considered “sustainable”.
  • This In depth document provides a deep dive into the newly published Art. 8 Delegated Act and highlights the most relevant requirements for undertakings to fulfill their new disclosure obligations under Art. 8 of the Taxonomy Regulation. It should be particularly emphasised in this context that, compared to the draft Art. 8 Delegated Act, published on 7 May 2021, the simplification provisions for the first-time reporting have been made clear.
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