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The EU Taxonomy Regulation (2020/852) was published in the Official Journal in June 2020, and is a classification system that will be used to determine which economic activities can be considered ‘sustainable’.
The Taxonomy is a list of activities along with specific performance criteria with regards to their contribution to the six environmental objectives, as set out by the European Commission’s Technical Expert Group (TEG) on sustainable finance.
It will create a common language for financial institutions, investors, and policy makers, with an initial focus around environmental sustainability. The TEG published its final report on the EU Taxonomy in March 2020, which includes recommendations on the design of the taxonomy as well as implementation guidance.
Key EU Environmental Aims & Objectives
In order for an activity (not a firm or asset) to be deemed environmentally sustainable, it must: