Taxonomy Regulation. On 22 June 2020, the Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment (Taxonomy Regulation), and amending Regulation (EU) 2019/2088 was published in the Official Journal. 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 Taxonomy Regulation establishes a framework to facilitate sustainable investment, introducing an EU-wide taxonomy of environmentally sustainable activities. The European Parliament will have to vote on the text pursuant to the “early second reading agreement” procedure. On 15 April 2020 the European Council adopted by written procedure its position at first reading with respect to the Taxonomy regulation. EU Publishes Final Taxonomy Report to Support its Sustainable Finance Regulations By Betty Moy Huber, David Zilberberg and Cristina Harshman on March 17, 2020 Posted in Climate Change, Disclosure, ESG, Greenhouse Gas, Sustainable Finance Such ... “The activity is a transitional activity as referred to in Article 10(2) of Regulation (EU) 2020/852 where it complies with the technical screening criteria set out in this Section. significant harm to any of the other environmental objectives of the EU Taxonomy Regulation). The Taxonomy Regulation is expected to bring markets towards a more environmentally sustainable model. On April 15th, the European Commission launched a public gathering on a Renewed Sustainable Finance Strategy, with the intention to progress with the Action Plan on Sustainable Finance, which is a key element of the EU Taxonomy. 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. Central to the flagship Green Deal plan, the European Union (EU) has set the ambitious goal of achieving net zero greenhouse gas emissions (or ‘climate neutrality’) by 2050. The European Union Taxonomy Regulation (the “Taxonomy”) entered into force on July 12, 2020, as part of the European Commission’s (the “Commission”) broader action plan on sustainable finance initiated in March 2018. The EU Taxonomy Regulation, which entered into force on 12 July 2020, introduces an EU-wide taxonomy (or combined glossary and classification system) of environmentally sustainable activities, as well as new disclosure requirements for certain financial services firms and … On 12 July 2020, Regulation (EU) 2020/852 3 (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; Regulation 2020/852 also amends Regulation 2019/2088 on sustainability‐related disclosures in the financial services sector. 17 Dezember 2020 EU taxonomy should be led by science to drive sustainable investment Meeting climate goals requires the rapid realignment and mobilisation of finance at a massive scale. Adopting a consistent framework is expected to reduce "greenwashing", where … This initiative creates a classification system for sustainable economic activities (‘taxonomy’), and focuses on the EU’s environmental objectives on climate change mitigation and adaptation. 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. One major impact on business is the upcoming Taxonomy Regulation, adopted by the European Parliament in June 2020. The Taxonomy Regulation will enter into force on 12 July 2020. In May 2020, the Economic Secretary to the Treasury, John Glen, replied to the House of Commons European Scrutiny Committee, which had asked whether the UK intends to implement the EU Taxonomy Regulation into UK law after the end of the Brexit transition period on 31 … This disclosure should include details on the respective proportions of “enabling” and “transition” activities, as defined by Taxonomy Regulation. The Taxonomy Regulation was published in the Official Journal of the EU on 22 June 2020 and entered into force on 12 July 2020. Nevertheless, earlier in the year, one of the two largest credit rating agencies noted that “a lack of standardization of definitions and processes” was impeding the growth of the ESG sector. On 18 June 2020, the European Parliament formally adopted the EU's Sustainability Taxonomy Regulation. ... Data protection 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 European flat glass sector takes it as its role to produce the materials essential for conducting energy-efficient renovations of buildings, for supporting clean mobility with lighter and thermally efficient automotive glazing, and for increasing the share of renewable solar energy in Europe. The European Commission will use the TEG Report to develop explicit legal requirements for climate change mitigation and adaptation by the end of 2020. A first delegated act on climate change sustainable activities, which will supplement the EU Taxonomy Regulation (EU/2020/852), can further incentivise financial flows towards economic sectors and activities compliant with the climate change mitigation and adaptation objectives, provided the … Next Steps for the EU Taxonomy. On 22 June 2020, the Taxonomy Regulation was published in the Official Journal of the European Union following adoption by the European Parliament, which means the Taxonomy Regulation will enter into force on 12 July 2020. O n 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. reading of 15 Apr il 2020 (OJ C 184, 3.6.2020, p. 1). On 18 June 2020, the European Parliament adopted the regulation on the establishment of a framework to facilitate sustainable investment [1] (the Taxonomy Regulation), a milestone in the EU’s Action Plan on Sustainable Finance (the Action Plan). EC published the Delegated Regulation 2020/1989, which amends Regulation 2019/815 with regard to the 2020 updates of the taxonomy laid down in the regulatory technical standards for the single electronic reporting format. The EU has set climate and energy targets for 2030, and aims to be climate-neutral by 2050. The Taxonomy Regulation applies to: 1. On June 22, the Taxonomy Regulation was published in the Official Journal of the European Union and it will go into effect on July 12, 2020. It has since been published in the Official Journal and entered into force on 12 July 2020. A key element of recent EU measures designed to encourage environmentally sustainable investment decision making is the Taxonomy Regulation (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) (the “ Taxonomy ”). The Taxonomy Regulation will come into force 20 days after its publication in the Official Journal. Position of the European Parliament of 17 June 2020 (not yet published in the Official Jour nal). "Financial market participants" who offer "financial products": financial market participants (as defined in the Disclosure Regulation, and including most insurance, pension and portfolio management providers) will be required to provide in pre-contractual disclosures … 24 January 2020 Political agreement was reached in December 2019 on the Taxonomy Regulation following intense negotiations. The legislative text of the EU taxonomy, the classification system for environmentally sustainable economic activities, was adopted in June 2020. Tagged to EU, Regulation, Sustainable Finance. There is no denying that that the EU has lofty and commendable ambitions when it comes to sustainability. Posted by Ronan Mellon on 16 October 2020. The EU Taxonomy Regulation - giving sustainable investing a good name. Sustainable finance: TEG final report on the EU taxonomy Publication | 9 March 2020 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. Thursday, September 24 2020. 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 … CEPF feedback on the Delegated Act addressing Climate Change in Taxonomy Regulation. 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. 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