The EU Taxonomy: Financing the Transition through Sustainable Investing

Resumen

La taxonomía de la UE es la piedra angular de la Estrategia Europea de Finanzas Sostenibles. Es una herramienta de transparencia sólida y con base científica para determinar las actividades económicas sostenibles desde el punto de vista medioambiental. Desempeña un papel crucial a la hora de permitir la toma de decisiones de inversión informadas e impulsar inversiones adicionales hacia una economía climáticamente neutra y sostenible. Pero la taxonomía es, ante todo, una herramienta para que las empresas accedan al capital que necesitan para financiar su transición hacia la neutralidad climática y la ecologización de sus actividades

Palabras clave:

actividades económicas sostenibles, taxonomía, finanzas sostenibles

Citas

Commission Delegated Directive (EU) 2021/1269 of 21 April 2021 amending Delegated Directive (EU) 2017/593 as regards the integration of sustainability factors into the product governance obligations. Official Journal of the European Union, L 277, 2.08.2021, pp. 137-140.

Commission Delegated Directive (EU) 2021/1270 of 21 April 2021 amending Directive 2010/43/EU as regards the sustainability risks and sustainability factors to be taken into account for Undertakings for Collective Investment in Transferable Securities (UCITS). Official Journal of the European Union, L 277, 2.08.2021, pp. 141-144.

Commission Delegated Regulation (EU) 2021/1253 of 21 April 2021 amending Delegated Regulation (EU) 2017/565 as regards the integration of sustainability factors, risks and preferences into certain organisational requirements and operating conditions for investment firms. Official Journal of the European Union, L 277, 2.08.2021, pp. 1-5.

Commission Delegated Regulation (EU) 2021/1255 of 21 April 2021 amending Delegated Regulation (EU) No 231/2013 as regards the sustainability risks and sustainability factors to be taken into account by Alternative Investment Fund Managers. Official Journal of the European Union, L 277, 2.08.2021, pp. 11-13.

Commission Delegated Regulation (EU) 2021/1256 of 21 April 2021 amending Delegated Regulation (EU) 2015/35 as regards the integration of sustainability risks in the governance of insurance and reinsurance undertakings. Official Journal of the European Union, L 277, 2.08.2021, pp. 14-17.

Commission Delegated Regulation (EU) 2021/1257 of 21 April 2021 amending Delegated Regulations (EU) 2017/2358 and (EU) 2017/2359 as regards the integration of sustainability factors, risks and preferences into the product oversight and governance requirements for insurance undertakings and insurance distributors and into the rules on conduct of business and investment advice for insurance-based investment products. Official Journal of the European Union, L 277, 2.08.2021, pp. 18-24.

Commission Delegated Regulation (EU) 2021/2139 of 4 June 2021 supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council by establishing the technical screening criteria for determining the conditions under which an economic activity qualifies as contributing substantially to climate change mitigation or climate change adaptation and for determining whether that economic activity causes no significant harm to any of the other environmental objectives. Official Journal of the European Union, L 442, 9.12.2021, pp. 1-349.

Commission Delegated Regulation (EU) 2021/2178 of 6 July 2021 supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and presentation of information to be disclosed by undertakings subject to Articles 19a or 29a of Directive 2013/34/EU concerning environmentally sustainable economic activities, and specifying the methodology to comply with that disclosure obligation. Official Journal of the European Union, L 443, 10.12.2021, pp. 9-67.

Commission Delegated Regulation (EU) 2022/1214 of 9 March 2022 amending Delegated Regulation (EU) 2021/2139 as regards economic activities in certain energy sectors and Delegated Regulation (EU) 2021/2178 as regards specific public disclosures for those economic activities. Official Journal of the European Union, L 188, 15.07.2022, pp. 1-45.

Commission Delegated Regulation of 27.6.2023 amending Delegated Regulation (EU) 2021/2139 establishing additional technical screening criteria for determining the conditions under which certain economic activities qualify as contributing substantially to climate change mitigation or climate change adaptation and for determining whether those activities cause no significant harm to any of the other environmental objectives. European Commission, C(2023) 3850 final.

Commission Delegated Regulation (EU) …/… of 27.6.2023 supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council by establishing the technical screening criteria for determining the conditions under which an economic activity qualifies as contributing substantially to the sustainable use and protection of water and marine resources, to the transition to a circular economy, to pollution prevention and control, or to the protection and restoration of biodiversity and ecosystems and for determining whether that economic activity causes no significant harm to any of the other environmental objectives and amending Delegated Regulation (EU) 2021/2178 as regards specific public disclosures for those economic activities. European Commission, C(2023) 3851 final.

European Union. (2019a). Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector. Official Journal of the European Union, L 317, 9.12.2019, pp. 1-16.

European Union. (2019b). Regulation (EU) 2019/2089 of the European Parliament and of the Council of 27 November 2019 amending Regulation (EU) 2016/1011 as regards EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks. Official Journal of the European Union, L 317, 09.12.2019, pp. 17-27.

European Union. (2020). Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088. Official Journal of the European Union, L 198, 22.06.2020, pp. 13-43.

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European Commission following Communications and documents

Belloni, M., Giuzio, M., Kördel, S., Radulova, P., Salakhova, D., & Wicknig, F. (2020). The performance and resilience of green finance instruments. ESG funds and green bonds. ECB Financial Stability Review.

Commission Notice on the interpretation and implementation of certain legal provisions of the EU Taxonomy Regulation and links to the Sustainable Finance Disclosure Regulation. Official Journal of the European Union, C 211, 16.06.2023, pp. 1-5.

Commission Recommendation (EU) 2023/1425 of 27 June 2023 on facilitating finance for the transition to a sustainable economy. Official Journal of the European Union, L 174, 7.7.2023, pp. 19-46.

ESMA. (2023). TRV Risk Monitor: ESMA Report on Trends, Risks and Vulnerabilities, No. 1. European Securities and Markets Authority.

European Commission. (2018). Communication from the Commission to the European Parliament, the European Council, the Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions. Action Plan: Financing Sustainable Growth. COM(2018) 97 final, 8.3.2018.

European Commission. (2019). Communication from the Commission to the European Parliament, the European Council, the Council, the European Economic and Social Committee and the Committee of the Regions. The European Green Deal. COM/2019/640 final, 11.12.2019.

European Commission. (2023). Communication from the Commission to the European Parliament and the Council. 2023 Strategic Foresight Report: Sustainability and people's wellbeing at the heart of Europe's Open Strategic Autonomy. COM(2023) 376 final, 6.7.2023.

Platform on Sustainable Finance. (2022a, March). Platform on Sustainable Finance’s report with recommendations on technical screening criteria for the four remaining environmental objectives of the EU taxonomy.

Platform on Sustainable Finance. (2022b, March). Platform on Sustainable Finance’s report on environmental transition taxonomy.

Platform on Sustainable Finance. (2022c, October). Platform on Sustainable Finance’s report on Data and usability of the EU Taxonomy.

Platform on Sustainable Finance. (2022d, October). Platform on Sustainable Finance’s report on Minimum safeguards.

Platform on Sustainable Finance. (2023, July). Platform briefing on Sustainable Finance Disclosure Regulation (SFDR) and summary of the Platform’s response to the joint ESAs consultation on SFDR Delegated Regulation.