Sustainable investment – EU environmental taxonomy

The European Commission (EC) has launched a consultation on a regulatory package, including
1. A proposal of a Delegated Regulation on a new set of EU Taxonomy criteria for economic activities in the sectors of manufacturing, water supply, sewerage, waste management and remediation, construction, civil engineering, disaster risk management, information and communication, environmental protection and restoration and accommodation activities, that qualify as contributing substantially to:
a) the sustainable use and protection of water and marine resources,
b) the transition to a circular economy,
c) pollution prevention and control, or
d) the protection and restoration of biodiversity and ecosystems.
The proposal that specifies the technical screening criteria is called „the Taxonomy Environmental Delegated Act“ and amends the Taxonomy Disclosures Delegated Act (Commission Delegated Regulation (EU) 2021/2178) ensuring the disclosure requirements laid down in it are consistent with the new provisions.
2. A proposed Delegated Regulation amending the Taxonomy Climate Delegated Act (Commission Delegated Regulation (EU) 2021/2139). The proposal sets out technical screening criteria for climate change mitigation and adaptation for additional economic activities not yet included in the original act. In particular regarding manufacturing activities related to low carbon transport and electrical equipment, as well as transitional activities in the transport sector where zero-carbon solutions are not yet available. The draft regulation also adds economic activities urgently needing to be adapted to the impacts of climate change to the EU Taxonomy, such as emergency services, flood risk prevention and protection infrastructure, civil engineering, or desalination.
The drafts also correct technical inconsistencies in the Taxonomy Disclosures Delegated Act and introduce limited amendments of a technical nature to the technical screening criteria for activities already included in the Taxonomy Climate Delegated Act.
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To help users better understand the EU Taxonomy in a simple and practical way, the Commission has also updated its existing website „EU Taxonomy Compass“, which is now embedded in a new website called the “EU Taxonomy Navigator“. The website offers a number of online tools that ultimately facilitate EU Taxonomy implementation and help companies with their reporting obligations.