New legislation stemming from the EU Action Plan for a greener economy requires asset managers to classify all their investment products on the basis of sustainability by March 2021. Book a free demo with us to determine your organisation’s needs and we will find the best solutions for your company. The EU Taxonomy is primed to reshape the landscape for responsible investment in Europe and accelerate the shifting of capital towards the objectives of European Commissions’ Sustainable Finance Action Plan. European asset managers and financial market advisors have a daunting task ahead of them in the coming four months. With this in mind, the TEG’s climate-related disclosures guidelines will upgrade the Non-Financial Reporting Directive (NFRD) on the social and environmental impacts of company activities. For this COP, all countries must review their Nationally Determined Contributions (NDCs) and submit mid-century decarbonisation plans in line with their commitments under the Paris Agreement. COP26 has been badged the ‘net zero’ COP. The European Council is the EU institution that defines the general political direction and priorities of the European Union. The Taxonomy also plays a crucial role in Europe’s ‘Green Deal’ implementation, as it will help to attract billions of euros needed for the sustainable transition and to achieve carbon neutrality by 2050. Clarmondial and Versant Vision are supporting investors in assessing the EU Taxonomy and adapting their policies, procedures and strategies accordingly. With introducing the taxonomy, the EU hopes to reorient capital flows towards a more sustainable economy, ultimately supporting the objectives of the EU Green Deal. This ensures the framework’s flexibility, which will enable investors to put the tool into practice. By the end of 2021, Financial Products on sale in the EU will have to reference the EU Taxonomy for Sustainable Activities. Financial market participants and companies will be required to complete their first set of taxonomy disclosures, covering activities that substantially contribute to climate change mitigation and adaptation by 31 December 2021. Lastly, as one of the main targets of the Taxonomy framework is to avoid greenwashing, Will Martindale, director of policy and research at the PRI, brings another issue to light. The EU Taxonomy is an implementation tool that can enable capital markets to identify and respond to investment opportunities that contribute to environmental policy objectives. Source: “Taxonomy Technical Report,” Technical Expert Group (TEG) on Sustainable Finance, EC, June 18, 2019. There will be intensive scrutiny of these commitments and it’s good to see that there are signs of global action in some of the world’s major economies, with the EU proposing a new climate law mandating a commitment to net zero by 2050, the US Democratic presidential candidates debating their response to climate change, US states and cities taking action, Germany banning coal by 2038, Japan reviewing its support for coal and the UK already moving up its date for phasing-out vehicles with internal combustion engines. ... Nordea presentation to the PRI EU Practitioners Group on EU taxonomy implementation. 16 December 2020. To illustrate this, Hedén gives the example of nuclear energy. In this case, the climate change mitigation target is Europe’s commitment to net zero carbon emissions by 2050. Action Learning Values: How Can Companies Benefit From It? For the four other environmental objectives, economic agents will have to outline the Taxonomy by the end of 2021 and put it into practice by the end of 2022. In essence, it is a list of economic activities that can be considered (environmentally) sustainable when fulfilling certain criteria. Questions regarding DPM and XBRL technical questions please … Our target is to apply the EU taxonomy to all funds and mandates as soon as possible. The EU Taxonomy 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. 2020-03-09T13:12:00+00:00. Agenda. Provisional agenda for the fifth ordinary meeting of the Withdrawal Agreement Joint Committee. Taxonomy implementation Principles, criteria, thresholds. To be environmentally sustainable, an activity must satisfy four tests under the proposed Regulation8: 1. it must substantially contribute to the one or more of the specified environmental objectives outlined in the Proposed Taxonomy Regulation, being climate change mitigation; climate change adaptation; sustainable use and protection of water and mari… Your email address will not be published. Supporting policy makers and regulators to build a sustainable financial system, Key sustainable investment policies in 2020, The PRI is an investor initiative in partnership with, PRI Association, 25 Camperdown Street, London, E1 8DZ, UK. Necessary cookies are absolutely essential for the website to function properly. On 10 November 2020, the Commission adopted the first Action Plan’s milestone: a proposal for a Regulation to modernise EU legislation on batteries. To learn more, including how to block cookies, read our privacy policy. Your email address will not be published. The EU Taxonomy already came into effect in July 2020. However, Flemming Hedén also outlines some trade-offs. Register now. We used Bloomberg eligibility data. The expanded set of disclosures covering activities that substantially contribute to six environmental objectives will be required by the end of 2022. The European Green Deal Investment Plan aims to create an attractive framework for private investors and the public sector to facilitate sustainable investments. Clarmondial and Versant Vision are supporting investors in assessing the EU Taxonomy and adapting their policies, procedures and strategies accordingly. The group will develop case studies on taxonomy implementation over the coming months and share their best practice with the wider PRI signatory base to be published later this year. Political direction and priorities of the sustainable Finance, EC, June 18, Contact. On sale in the future, the climate change mitigation and adaptation assessing the EU:... 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