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ARTICLE · 03 FEBRUARY 2022

The Additional Taxonomy Regulation Disclosures For Climate Objectives: The Kick-off

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The first Delegated Act on sustainable activities for climate change adaptation and mitigation objectives has been published in the EU Official Journal in December 2021.

European UnionEnvironment
Vanessa Marquette
Vanessa Marquette
Caro Van den Broeck
Caro Van den Broeck

The first Delegated Act on sustainable activities for climate change adaptation and mitigation objectives has been published in the EU Official Journal in December 2021. This was the necessary step for the Taxonomy Regulation to (partially) enter into force. Besides a classification system, the EU Taxonomy Regulation establishes additional mandatory disclosure obligations under the Sustainable Finance Disclosure Directive ('SFRD') and the Non-Financial Reporting Directive ('NFRD').

Since 1 January 2022 Financial Markets Participants will have to make additional ('Level 1' compliant) SFDR disclosures on the taxonomy-alignment of a financial product. In addition, Large Public-Interest Entities must include in their non-financial report a disclosure on the proportion of taxonomy-eligible economic activities in relation to certain KPIs.

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