EU Taxonomy Timeline


The EU taxonomy regulation sets a clear framework within the European Union (EU) and defines when a company's economic activity is sustainable or environmentally friendly based on six environmental objects. The companies that comply with those sustainability regulations distinguish themselves in a positive manner. This aims to promote sustainable economic activity, environmentally friendly technology and intends to increase the focus on sustainable investment.

An explanation of the EU taxonomy can be found here


Timeline for release & application

The six environmental objectives are the basis of the EU taxonomy for a sustainability evaluation and are currently formulated by the EU. As shown in the following provisional overview, they are expected to be published at different times and therefore also differ according to their mandatory application deadline.


Environmental objectives
Release date by the EU
Mandatory application date

Climate change mitigation

April 2021

January 2022

Climate change adaptation

April 2021

January 2022

Sustainable use and protection of water and marine resources

December 2021

January 2023

Transition to a circular economy

December 2021

January 2023

Pollution prevention and control

December 2021

January 2023

The protection and restoration of biodiversity and ecosystems

December 2021

January 2023


The announcement of the environmental objectives and their application guidelines are an elementary part of the EU taxonomy regulation. Yet, in the Green Deal further regulations promoting sustainability are implemented, for example, an ecolabel for retail investment products. A selection of these additional milestones and intermediate steps are listed in the timeline below:


Date
Topic
Explanation

08.01.2021

Study - Rating of sustainability

The European Commission releases study regarding the ranking of sustainability (Link)

24.02.2021

Green Deal

The European Commission enacts the Green Deal (Link)

01.03.2021

EU taxonomy recommendations

The European Commission receives different suggestions on the EU taxonomy regulation (Links of ESMA, EBA, EIOPA)

April 2021

EU taxonomy Environmental objectives

Release of the technical criteria on the environmental objectives climate change mitigation and adaptation

May 2021

Neutral and brown EU taxonomy recommendations

Release of recommendation guidelines on the neutral and brown taxonomy (low or negative sustainability influence of economic activity)

June 2021

EU taxonomy

The European Commission adopts guidelines on the content and display of non-financial information to be disclosed under EU taxonomy regulation

June 2021

EU ecolabel for financial products

The European Commission receives criteria suggestions for an ecolabel for retail investment products

June 2021

EU taxonomy

Draft of the technical criteria for the remaining four economic objectives

September 2021

EU ecolabel for financial products

Decision for the final ecolabel criteria for retail investment products

December 2021

Neutral and brown EU taxonomy

Reporting by the European Commission on a possible extension of the EU taxonomy regulation to include social and brown taxonomy

December 2021

EU taxonomy

Release of the technical criteria of the remaining four environmental objectives

January 2022

Environmental objectives

Disclosure of the environmental objectives climate change mitigation and adaptation are mandatory for companies

July 2022

EU taxonomy

European Commission reports on the status of the taxonomy regulation application (afterward adaptations/changes possible)

January 2023

Environmental objectives

Disclosure of the remaining four environmental objectives are mandatory for companies


Note: The shown information is only a summary of selected regulatory topics and dates. It is not binding and there is no claim to completeness. Please note, that information may be changed at short or without notice. Adjustments and extensions may emerge at any time.



Sources:

https://ec.europa.eu/info/sites/default/files/business_economy_euro/banking_and_finance/documents/200309-sustainable-finance-teg-final-report-taxonomy_en.pdf

https://ec.europa.eu/info/publications/sustainable-finance-renewed-strategy_en


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