Category: News

January 7, 2022

Voluntary information as part of Taxonomy-eligibility reporting

Last December, the EU’s Taxonomy Platform published considerations on voluntary information as part of Taxonomy-eligibility reporting, which gives supplementary guidance for disclosures.

In addition to mandatory reporting, voluntary reporting under the Taxonomy framework can enable non-financial companies and financial institutions to explain the eligibility proportion of their entire operations, investment profile, or balance sheet since it may include both Non-Financial Reporting Directive (NFRD) and non-NFRD companies, for example.

Voluntary disclosures should be made regarding the same scope and timeline as the financial and non-financial statements of the firm and in line with the reporting obligations. Voluntary reporting should be prepared on the basis that it does not contradict or misrepresent the mandatory information according to the disclosures delegated act, and it should not be given more prominence than the mandatory disclosures. Where an undertaking includes voluntary reporting, this should be accompanied with information on the basis used for its preparation and a clear explanation of how it differs from mandatory reporting.

Ecobio Manager – Our proposal for the first-period reporting

We provide a free trial account for Ecobio Manager’s Taxonomy classification and reporting tool for non-financial companies. By which, your team can disclose according to the first period’s requirements. The offering is valid until the end of March 2022. Its value is 3000 euros.

Act now! Please contact us and request your access to Ecobio Manager and book a demo presentation: sales@ecobiomanager.com.

Text: Sanna Perkiö

Source: https://ec.europa.eu/info/files/sustainable-finance-taxonomy-eligibility-reporting-voluntary-information_en

January 5, 2022

Define total turnover, Capital expenditure and Operating expenses, of the Taxonomy-eligible economic activities in non-financial companies

Last December, The European Council adopted the Delegated Act (2021/2178/EU) related to Taxonomy methodology and disclosure obligations for financial and non-financial companies.

In 2022, non-financial companies shall disclose only information of Taxonomy-eligible activities for the environmental objectives of climate change mitigation and climate change adaptation.

From 1 January 2022 until 31 December 2022, non-financial undertakings shall only disclose the proportion of Taxonomy-eligible and Taxonomy non-eligible economic activities in their

total turnover,
capital expenditures, and
operational expenditures.

In addition, non-financial undertakings need to provide relevant qualitative information associated with the eligibility proportions.

Ecobio has published a whitepaper that provides more implementation guidance on the EU Taxonomy classification and reporting for non-financial companies. Please find the latest whitepaper here.

Upcoming for non-financial companies

In Q1/2021, the European Union will adopt

Taxonomy classification criteria for nuclear power and natural gas, and
Technical Screening Criteria for remaining environmental objectives.

Ecobio Manager – Our proposal for the first-period reporting

Act now! Please contact us and request your access to Ecobio Manager and book a demo presentation: sales@ecobiomanager.com.

With best regards,

Ecobio’s Taxonomy team

Katrine Hoset

Senior Consultant, Account Manager, PhD.

Sanna Perkiö

Head of Innovations, D.Sc.

Malena Weuerlander

Key Account Manager

January 4, 2022

Ecobio Whitepaper: EU Taxonomy Classification and Reporting in 2022 – Five Steps for Compliance

Download our EU Taxonomy Classification and Reporting in 2022 -whitepaper here!

The EU Taxonomy Regulation and related statutes direct investments towards sustainable economic activities. They formulate a robust and science-based framework for companies and investors that provides environmental criteria for determining which economic activities substantially contribute to the EU Green Deal objectives.

The EU Taxonomy Regulation (2020/852/EU) sets technical screening criteria to determine if an economic activity can be considered sustainable for six environmental objectives. Currently, the screening criteria are available for the two objectives: climate change mitigation and climate change adaptation. The screening criteria for the remaining objectives will be published in spring 2022.

Five steps for compliant EU Taxonomy classification and reporting in 2022

In 2022, the Taxonomy classification and reporting requirements are limited. Non-financial undertakings are required to disclose the share of their turnover, capital, and operational expenditure associated with environmentally sustainable economic activities. Our new whitepaper contains the five steps for compliant EU Taxonomy classification and reporting in 2022.

The whitepaper aims to provide implementation guidance on EU Taxonomy Classification and Reporting 2022. The document deals with the actions needed in non-financial undertakings. The five-step work pipeline in the whitepaper will help you fulfil the actual Taxonomy requirements in your entity.

The whitepaper additionally contains a special proposal for first-period reporting!

Download whitepaper

Digitalise your EU Taxonomy work process

As EU Taxonomy reporting is here, it is beneficial to already from the beginning take advantage of the efficiency offered by digitalisation. Ecobio Manager is the world’s first comprehensive taxonomy solution, including a smooth classification process and up-to-date legal databases, as well as an environmental risk assessment protocol. So far, there has been no service with similar coverage in the global market.

With Ecobio Manager, you can turn the complex set of EU Taxonomy reporting requirements into a smooth and straightforward digital work process for your team. The digital solution includes a demanding entity of requirements always available and effectively managed. Our easy and comprehensive tool contains everything you need to meet the requirements of EU Taxonomy classification and reporting.

Get expert advice and join our presentation

PRESENTATION OF OUR DIGITAL SOLUTION

Do you need help with EU Taxonomy classification and reporting? Join our presentation of the world’s first comprehensive digital solution for the EU Taxonomy! During our 30 min presentation, we present our easy and comprehensive tool containing all you need to meet the EU Taxonomy classification and reporting requirements.

Let us keep you updated regarding the news related to EU Taxonomy!

By subscribing to our EU Taxonomy news you will be updated regarding the updates related to the regulation. Ecobio’s EU Taxonomy News Contain:

The newest updates regarding EU Taxonomy
Information about how to report according to the regulation
Updates regarding our digital solution for EU Taxonomy classification and reporting

Subscribe to our EU Taxonomy newsletter

Read more about our EU Taxonomy digital solution here and our sustainable finance consultancy services here.

December 10, 2021

Webinar 27.1: EU Taxonomy Reporting in 2022 – What are the obligations and how to use digitalization in reporting?

Join our EU Taxonomy webinar on the 27th of January!

In our webinar, Ecobio’s EU taxonomy experts will briefly review the current environmental classification and reporting obligations of the EU Taxonomy for large companies and entities regarding 2022 reporting. The webinar focuses on the requirements of large listed companies and non-financial entities.

Why is EU taxonomy reporting timely?

The EU Taxonomy Regulation requires large organizations to assess and report annually the financial impact of environmentally classified activities. In the spring of 2022, large listed companies and other non-profit organizations will report for the first time in accordance with the regulation.

The EU Commission has created a complex system that makes it easy for companies to get lost without expert help and a systematic way of working. Our webinar presents the steps of first-year taxonomy reporting and introduces an easy and comprehensive digital solution to meet the complex requirements. The taxonomy requirements will expand next spring, making it profitable to take advantage of the efficiency offered by digitalization. As an added benefit, we offer a free trial use of Ecobio Manager for taxonomy-obliged participants for a limited time.

Webinar agenda

Our taxonomy experts will answer the following questions in the webinar:

What are the benefits of the EU taxonomy regulation?
Which entities will be affected by the EU taxonomy in 2022, and what are the obligations?
How are economic activities identified, and how do you perform an eligibility assessment?
What key performance indicators should be reported and how?
What else is required for financial reporting?
How will the EU taxonomy develop in 2023 and the future?
How can digitalization help with environmental classification and reporting?

During the event, it is possible to ask questions of our experts in the chat.

To whom?

The webinar is aimed at financial and sustainability reporting officers of listed companies and other public interest entities, financial- and sustainability experts and those in charge of EU Green Bonds.

What are the additional benefits for the webinar participants?

We offer your company a free trial (worth 3 000 €) to our digital taxonomy solution, Ecobio Manager, until the end of March 2022. During the trial, you can conveniently use digitalization to classify and report your data according to the first year’s requirements. The offer is intended for participants with taxonomy obligations.

We give you the opportunity to take advantage of the added benefit even before the webinar. Contact us by email at sales@ecobiomanager.com, and we will open the service for your company.

When?

The free webinar in English will be held on Thursday, January 27, 2022, from 11:00 to 11:40 (UTC+2)!

In case you are interested in the topic but would prefer to listen to the webinar in Finnish you can register for the Finnish webinar (27.1.2022 at 10.00-10.40) here.

Welcome to listen and ask about the current EU environmental classification!

Read more about Ecobio here and Ecobio Manager here.

December 9, 2021

The Climate Delegated Act to the EU Taxonomy Approved and Ready to Be Applied

The delegated act on the climate part of the EU regulation (2020/852) on taxonomy – the first delegated act presented by the European Commission – was approved by the majority of the Member States. The delegated act specifies the technical screening criteria for environmental objectives of climate change mitigation and climate change adaption – two of six environmental objectives included in the EU Taxonomy. The Official Journal has published the decision on Thursday, the 9th December 2021.

This approval means that the large public-interest companies with more than 500 employees can accelerate their preparations to disclose this year’s taxonomy eligible economic activities as defined in the climate delegated act.

Before the end of the year, the Commission will present a complementary delegated act concerning the inclusion of fossil gas and nuclear in the taxonomy. No official date has yet been set.

Would you like to have more information about EU Taxonomy?

Please subscribe to Ecobio’s EU Taxonomy News here and book a presentation for Ecobio Manager’s digital taxonomy tool here.

Text: Sanna Perkiö & Katrine Hoset

Picture: Shutterstock

Source: European Parliament, 9.12.2021

November 25, 2021

Three steps for EU Taxonomy Reporting – Deadline coming soon

Are you ready to report EU Taxonomy eligibility as a non-financial entity? In the EU, this year will be the first EU Taxonomy reporting period to disclose in 2022 for non-financial listed companies with over 500 employees on average during the reporting period (Prop. 2021/22:11).

During the first year, non-financial companies shall disclose the proportion of total turnover, total CapEx and total OpEx that consist of environmentally sustainable economic activities eligible with the EU Taxonomy. I.e., the activities within one of the defined categories for which the Taxonomy regulation provides sustainability criteria. Reporting on eligibility already in 2022 will ensure that companies required to report complete KPIs on Taxonomy alignment from 2023 will be better prepared for the work of classifying and defining the financial reporting level necessary to comply with the Taxonomy regulation.

Three steps for EU Taxonomy Reporting

The following three steps guides reporting for the first year:

Step 1. Economic activity. Identify each potential economic activity, including a subset of transitional and enabling economic activities

Step 2. Eligibility. Assess eligibility by comparing your economic activity with the Taxonomy defined activity category descriptions and NACE codes.

Step 3. Reporting KPIs. Report eligibility as the proportion of total turnover, total CapEx and total OpEx, including relevant contextual information on how eligibility has been determined and implemented in the necessary calculations.

The turnover KPI represents the proportion of the net turnover derived from products or services that are taxonomy eligible. The turnover KPI gives a static view of the company’s contribution to environmental goals.

The CapEx KPI represents the proportion of the capital expenditure of an activity that is either already taxonomy-aligned or is part of a credible plan to extend or reach taxonomy alignment. CapEx provides a dynamic and forward-looking view of companies’ plans to transform their business activities.

The OpEx KPI represents the proportion of the operating expenditure associated with taxonomy-aligned activities or the CapEx plan. The operating expenditure covers direct non-capitalised costs relating to research and development, renovation measures, short-term lease, maintenance, and other direct expenditures relating to the day-to-day servicing of property, plant and equipment assets that are necessary to ensure continued and effective use of such assets.

The European Council will make a final decision about the schedule on the 8^th of December, 2021.

Digitalise your EU Taxonomy work process

With the deadline for the first reporting requirements regarding EU Taxonomy is approaching, it is beneficial to already from the beginning take advantage of the efficiency offered by digitalisation. Ecobio Manager is the world’s first comprehensive taxonomy solution, including a smooth classification process and up-to-date legal databases, as well as an environmental risk assessment protocol. So far, there has been no service with similar coverage in the global market.

Get expert advice and join our presentation

Presentation of our digital solution

Expert advice and personal demo account

Do you have questions regarding EU Taxonomy and need advisory? Do you want a presentation of our digital solution regarding EU Taxonomy? Contact our EU Taxonomy expert Katrine Hoset to get expert advice and an in-depth presentation of the comprehensive solution. Do not hesitate to ask our expert about a personal demo account to try out our platform.

Please get in touch with us

Katrine Hoset

Account Manager, Senior Consultant

katrine.hoset@ecobio.fi

+358 (0)20 756 2306

Read more about our EU Taxonomy digital solution here and our sustainable finance consultancy services here.

October 18, 2021

Safer Chemicals Conference 2021

The European Chemicals Agency (ECHA) organized a virtual Safer Chemicals Conference on 6 October 2021. Ecobio attended the event.

The conference focused on the chemical strategy and several related themes, which will affect e.g. the chemicals legislation and substance restrictions. The goal is a non-toxic environment where chemicals contribute to society while avoiding harm to the environment and humans. Three core issues of the chemicals strategy are 1) increasing the protection of the environment and people 2) innovation and 3) simplifying and consolidating the current legal framework.

The issues raised by the conference presentations and speeches included:

New safe chemicals and materials are needed, and innovation is an integral part of it.
Definition and criteria for a sustainable chemical are needed. Criteria must be introduced.
Research funding should support the development of safe and sustainable chemicals.
The chemicals strategy is not only about sustainability, but also includes measures for the circular economy and digitalisation.
A full life cycle assessment of chemicals is needed to ensure safety and sustainability.

The presentations addressed the grouping of substances to speed up and harmonize restrictive measures, the replacement of hazardous solvents by less harmful ones, PFA restrictions, the new Clean Drinking Water Directive, and nanomaterials. In addition, PCN and SCIP notifications and changes made in relation to them were reviewed.

Additionally, one of the themes of the event was compliance. Conformity and enforcement of products and chemicals will be strengthened through more frequent checks. ECHA supports companies in compliance e.g. with informal reviews through the Voluntary Action Plan.

The new features of PCN notifications for hazardous mixtures were reviewed. For example, it is possible to make notifications for several mixtures at the same time, provided that they have the same classification. Discontinuation of the product may also be indicated in the notices. Furthermore, new situations where the notification needs to be updated were discussed. Updates have also been made to the PCN format and the submission of notifications has been improved, e.g. through the System-to-System (S2S) service.

Obligation for notifying on Substances of Concern In articles as such or in complex objects (Products) was discussed as well as the preparation of the notification, and the public SCIP database and its use. A SCIP notification or a Simplified SCIP notification (SSN) must be made for articles containing more than 0.1 % of any Substance of Very High Concern (SVHC). Companies’ challenges in the SCIP notification obligation include the relatively short notice that was given to prepare for the new obligation and gather the necessary information in complex supply chains. Despite the difficulties, a significant number of SCIP notifications have already been made to the SCIP database.

In addition, the concerns of the companies were heard in the discussions and chat rooms of the event. The following ideas were put forward:

Companies need clear criteria and direction to invest in as quickly as possible. It takes time to achieve the given goals and make the necessary changes.
There must also be a market for sustainable and safe chemicals. Companies may face questions such as: How much more can a sustainable chemical cost? How much of the product’s properties are allowed to deteriorate?
In companies, a decrease in the consumption of chemicals may mean a decrease in growth.

The materials and recordings of the event are available at ECHA’s website here.

Text: Anne Kallioinen & Mikael Hirn

Picture: Shutterstock

October 11, 2021

Join our presentation of the world’s first comprehensive digital solution for the EU Taxonomy!

Do you need help with EU Taxonomy classification and reporting? Join our presentation of the world’s first comprehensive digital solution for the EU Taxonomy!

Join us for a free 30 min presentation and we will show how the new section in our digital solution, Ecobio Manager, will help you to turn the complex set of EU Taxonomy requirements into a smooth and straightforward work process for your team.

With the requirements for the EU Taxonomy soon coming into effect, it is beneficial to have an innovative, efficient, and in-depth solution at hand, to get the process toward compliance started.

Join our presentation to learn:

How you can benefit from digitalization during classification and reporting
How our easy-to-use and comprehensive digital solution works
How to create a smooth and straightforward work process for your taxonomy team

During the event, you are also able to ask questions from our experts. Please register using your business email address.

The free online presentations are held on Wednesdays at 13.00-13.30 (UTC+2). You can find the presentation dates and register here.

You are warmly welcome!

Are you unsure whether you are in or out of the EU Taxonomy classification and reporting requirements?

Take our EU taxonomy quiz and determine whether your company is affected by the EU Taxonomy regulation. Take the quiz here.

Our recorded webinars can be found on our homepage

In our webinar library, you can find our recorded webinars that you can watch whenever you find most suitable for you! You can find our webinar library here.

October 8, 2021

Poison Centre Notification – 6 Steps for a Successful PCN

Download our comprehensive guide about Poison Centre Notification here!

A large number of chemical products are placed on the EU market and used both by the general public in their everyday lives as well as by professionals in their working environments. Chemical products are, in general, considered to be safe when their use instructions are followed. Nevertheless, unintentional exposure to chemicals can occur, for example, due to their inappropriate use or accidents. When this happens, immediate access to relevant information on the chemical product is crucial for medical staff and those who provide emergency responses. Poison centres play an important role in ensuring the safe use of chemicals and formulating preventive and curative measures for poison incidents.

The companies that place hazardous mixtures on the market are obliged to provide information to the poison centres in each EU member state the placing occur. The placing on the market happens when the company, e.g. formulates or imports a mixture and either sells it or uses it in its own operations. This requirement is set by law in article 45 of the Classification, Labelling and Packaging (CLP)regulation ((EC) No 1272/2008). This obligation is applicable to mixtures,e.g. to detergents, paints, glues or biocides. Substances, e.g. ethanol, hydrogen peroxide, or copper sulphate, are not in the scope of this obligation as poison centres have the required information of substances available in their databases. The information provided enables poison centres to advise the citizens or medical personnel in an emergency.

PCN plays an important role in ensuring the safe use of chemicals and formulating preventive and curative measures for poison incidents

Our guide gives an overview of Poison Centre Notification (PCN) that play an important role in ensuring the safe use of chemicals and formulating preventive and curative measures for poison incidents.

Do you want to know what a Poison Centre Notification (PCN) is? Are you curious about which mixtures require information to be submitted and how to submit a Poison Centre Notification dossier? These are just some of the questions our guide answers as well as presenting the 6 steps for a successful PCN.

Download our guide here.

Ecobio helps you to fulfil your obligations

Do you need help or wish to know more about your obligations or the poison centre notifications (PCNs)? Ecobio can help you to make Poison centre notifications and to collect the information required in notifications. Our experts will help you to meet your PCN obligations quickly and efficiently.

Get in touch with us! We are very pleased to help you.

Anne Kallioinen

Senior Consultant

anne.kallioinen@ecobio.fi

Tel.: +358 20 756 2303

Picture: Shutterstock

September 29, 2021

Ecobio launched the world’s first comprehensive digital solution to comply with the EU Taxonomy Regulation

The Ecobio team at the launch event 29.9. From left: Taru Halla, Emma Björkqvist, Katrine Hoset, Sanna Perkiö & Evelina Meski

The EU environmental classification legislation for sustainable finance, in short, EU Taxonomy Regulation, is a large-scale, regulatory-based framework that requires companies to define environmentally sustainable economic activities. The regulation is an EU tool to steer the economy towards sustainable development. Companies will have to meet the requirements gradually from the beginning of 2022.

The EU Taxonomy Regulation obliges large, listed companies and companies operating in the financial markets to classify, assess and disclose their economic activities in accordance with sustainable development criteria. In the future, the Taxonomy Regulation will apply to a broader range of business entities.

Companies are now preparing to comply with the requirements of the EU Taxonomy Regulation. To date, little assistance has been available for companies to assess the conformity of a large-scale classification system and to report data.

Ecobio Manager aims to solve the EU Taxonomy challenge of over ten thousand companies

Today, Wednesday, September 29, 2021, Ecobio announced the world’s first comprehensive and easy-to-use digital solution to meet the requirements of the EU Taxonomy Regulation. The solution is implemented as part of the Ecobio Manager SaaS service. Ecobio Manager is an environmental compliance tool for business operations, products, and subcontractors as a cloud service.

– Ecobio Manager is the world’s first comprehensive taxonomy solution including a smooth classification process and up-to-date legal databases, as well as an environmental risk assessment protocol. So far, there has been no service with similar coverage in the global market, said Sanna Perkiö, D.Sc., founder, and the Head of Development of Ecobio.

The EU Commission has created a complex system, which may result in companies getting lost in the requirement jungle without expert help and a systematic way of working.

– We offer over ten thousand companies in the EU an easy and competent digital solution to meet the requirements of EU Taxonomy. Feedback from listed companies and the financial industry has been both enthusiastic and relieved.

From the beginning, companies should take advantage of the efficiency offered by digitalization, Perkiö suggested.

– The first requirements of the taxonomy must be reported as early as next spring. We expect wide interest and customers from all over Europe.

Read more about our digital solution for EU taxonomy here.

You can find all of our recorded webinars from our webinar library here.