AGM Abogados . This report sets out the TEG’s final recommendations to the European Commission. Titled ‘Taxonomy: Final report of the Technical Expert Group on Sustainable Finance’ , the report was developed by the EU’s Technical Expert Group (TEG) on Sustainable Finance, to share its final recommendations on the design of the EU Taxonomy. This tool is essential for the implementation of the EU Green Deal (TEG,2020). Current status of the EU TEG and Sustainable Finance Taxonomy (‘EU Taxonomy’) A final report on the EU Taxonomy was published in March 2020. The expected EU added value of the proposal lies in its potential to enable the mobilisation of sustainable finance across the EU, while ensuring a high level of financial stability. Thus, it is of paramount importanceto revise especially many of the set criteria thresholds in the Technical Annex /2/ in order to later on avoid frequent excess usage of the derogation mechanism included in Article 6 (1a) of the Taxonomy Framework /3/ (see text quote in Annex 1), excessive high implementation costs, etc. The EU Taxonomy. In March 2020 the European Commission’s Technical Expert Group on Sustainable Finance (TEG) published three documents entitled: EU Taxonomy Technical Report, EU Taxonomy Technical Annex and EU Taxonomy Excel Tool. Changes to the ITS on Supervisory Benchmarking of internal models which will apply from 31/12/2020 (IMV from September 2020). Link to the EU TEG Summary report . In March 2020 the European Commission’s Technical Expert Group on Sustainable Finance (TEG) published three documents entitled: EU Taxonomy Technical Report, EU Taxonomy Technical Annex and EU Taxonomy Excel Tool. 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 use and disclose against the taxonomy. Àlex Plana Paluzie, M&A Lawyer. 3 The Platform should be in a position to develop its own views on the Taxonomy, and while building on the tremendous The report is supplemented by a technical annex containing: Also, the Technical annex to the TEG final report on the EU taxonomy with screening criteria for 70 climate change mitigation and 68 climate change adaptation economic activities. Link to the EU TEG Technical annex In June 2019 based on more than 200 experts’ opinion, the Technical Expert Group on sustainable finance (TEG) published a report on the use of the Taxonomy and a first version of its technical report, proposing, for 67 economic activities, technical criteria to determine how each activity makes a substantial contribution to mitigating or adapting to climate change (technical screening criteria). On 9 March 2020, the TEG published its final report on EU Taxonomy. *This figure is fully identifiable with the gross investment from the group’s cash flow statement. Provide greater predictability and flexibility to data centres seeking to meet the taxonomy under section 8.1. EU Taxonomy, which was presented as the Draft of the Technical Expert Group on Sustainable Finance for the development of an EU classification system (Taxonomy) of environmentally sustainable economic activities. 1 Section 3.5 “Manufacture of Hydrogen”, Section 4.12 “Storage of hydrogen” in the Taxonomy Report: Technical Annex, March 2020. This report contains recommendations relating to the overarching design of the Taxonomy, as well as guidance on how users of the Taxonomy can develop Taxonomy disclosures. Although the EU Taxonomy Regulation came into force on 12 July 2020, it will not start applying in practice until 1 January 2022. Taxonomy definitions do not currently cover ICT software solutions that bring about a reduction in carbon emissions (“Context-specific digitalisation solutions for resource efficiency“) and therefore are not currently eligible or aligned. The technical expert group (TEG) advising the European Commission on sustainable finance has today published its final recommendations on the EU taxonomy, including “substantial new user guidance” to help investors and companies meet obligations for reporting against the framework. Furthermore, detailed regulatory technical standards for a corresponding disclosure is envisioned, starting from mid-2021. The technical documents available for download include the following: 1. The EU Taxonomy is a tool to help investors, companies, issuers and project promoters navigate the transition to a low-carbon, resilient and resource-efficient economy. The taxonomy is one of the key elements of the EU Action Plan, with the purpose of reorienting capital flows towards sustainable investments to achieve sustainable and inclusive growth. Interested parties may gain a glimpse into the scope and complexity of the EU-Taxonomy by inspecting the technical annex to the TEG’s final report that was already published in March 2020. The EU taxonomy offers some key benefits for users, including guidance on activities to prioritize for decarbonization, climate change adaptation and other environmental goals. GENERAL INTRODUCTION EUROMOT welcomes the Commission’s initiative to consult stakeholders on the Draft Taxonomy ... in Annex V to Directive (EU… Published in: European Commission (2019) Posted on RAND.org on October 30, 2019. by Alice Lynch, Jacopo Bellasio, Katerina Galai, Marta Kepe, Anna Knack. The following definition comes from the Final Report on Taxonomy, Technical Expert Group on Sustainable Finance (2020): The EU Taxonomy is a tool to help investors, companies, issuers and … The Taxonomy is based legally on a political agreement reached on December 17, 2019. As a new effort to reduce the critical environmental issues the world is facing, The European Commission formulated the EU Taxonomy Regulation.The Taxonomy tool requires investors, companies, and financial institutions to outline the environmental sustainability of their economic activities and defines technical screening criteria for economic activities. Current status of the EU TEG and Sustainable Finance Taxonomy (‘EU Taxonomy’) A final report on the EU Taxonomy was published in March 2020. Annex to Report: Vision on Defence-Related Skills for Europe Today and Tomorrow. Additionally, the EU Taxonomy may become under-inclusive as new technologies and science-based solutions to climate change emerge, although this concern is mitigated by the fact that the Taxonomy Regulation requires the European Commission to review all technical … The Taxonomy is a list of economic activities within different sectors with technical screening criteria to substantially contribute and not to significantly harm environmental objectives. What is the EU Taxonomy Regulation? However, they are expected to be included in future versions of the taxonomy (Technical Annex p.362). 4 (and in particular, Annex III) and to the ESEF Reporting Manual 5. 3.2 XBRL Specifications applied The ESEF taxonomy applies the following XBRL Specifications and Registries: 1 Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 as amended by Directive 2013/50/EU This document acts as a technical annex to the Technical Expert's Group on Sustainable Finance's (TEG) final recommendations to the European Commission on the EU Taxonomy of Sustainable Finance. 2. The principles of EU Taxonomy. This report is supplemented by a Technical Annex containing: It contains a summary of the economic activities covered by the technical screening criteria. Related Topics: Civilian Military Workforce, Europe, European Union, Program Evaluation The EU Taxonomy is a tool to help investors, companies, issuers and project promoters plan and report the transition to an economy that is consistent with the EU’s environmental objectives. Technical Annex: Taxonomy. data centres seeking to meet the taxonomy under section 8.1 In the draft delegated act Annex for mitigation (8.1), the reliance on the EU Code of Conduct as the primary certification scheme may limit data centres from participating in more aggressive sustainability schemes, certifications or mechanisms for proving energy efficiency. DRAFT DELEGATED REGULATION ON TAXONOMY – TECHNICAL SCREENING CRITERIA FOR CLIMATE CHANGE MITIGATION AND ADAPTATION 17 December 2020 1. Taxonomy material. Technical amendments on the Resolution framework. The EU Technical Expert Group (TEG) on Sustainable Finance has released its highly anticipated final recommendations for the EU taxonomy, including a technical annex with updated technical screening criteria.. The final EU Taxonomy Report, which describes changes to the Taxonomy since the political agreement, explains the climate adaptation activities and has extensive implementation guidance for the Taxonomy, including on the minimum safeguards included in the Taxonomy Regulation. It also offers consensus-based technical requirements for decarbonization and … Companies have to show in their financial statements which revenues, capex and opex they generated with the EU-Taxonomy aligned activities. In the draft delegated act Annex for mitigation (8.1), the reliance on the EU Code of Conduct as the primary certification scheme may limit data centres from participating in more aggressive sustainability schemes, certifications or mechanisms for proving energy efficiency. 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