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Three steps for EU Taxonomy Reporting – Deadline coming soon

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 8th 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.

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.

Register here!

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.

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

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!

Register here

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 26.10 (13.00-13.30, UTC+3), 16.11 (9.30-10.00, UTC+2) and 7.12 (13.00-13.30, UTC+2).

You are warmly welcome!

Read more and register here.

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.

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

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.

Join the launch of Ecobio’s new digital solution for EU Taxonomy

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Register for the event

The EU’s environmental classification legislation for sustainable finance, in short EU Taxonomy Regulation (2020/852), is a large-scale, regulatory-based framework that encourages companies to define environmentally sustainable economic activities. The Regulation is an EU tool to steer the economy towards sustainable development.

The Regulation obliges financial market companies and large listed companies to classify, assess and publish their economic activities following sustainable development criteria. Companies have to meet the requirements gradually from the beginning of 2022. In the future, the Taxonomy Regulation will apply to a broader range of business entities.

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

Join the launch of the digital solution

On Wednesday, September 29, 2021, the sustainability consultancy company Ecobio will be the first in the world to provide a comprehensive and easy-to-use digital solution for complying with the EU Taxonomy Regulation.

Welcome to the launch of Ecobio’s digital taxonomy service as a part of Ecobio Manager on Wednesday, September 29, 2021, at 9:30 AM (UTC+3)!

At the event, Ecobio’s founder and Head of Development, Dr. Sanna Perkiö, will shed light on the origin and significance of the solution for both the EU economy and companies. Ecobio’s experts, Ph.D. Katrine Hoset and Director Evelina Meski will review the EU taxonomy regulation and how companies can adequately meet the new sustainability classification and reporting requirements with a digital solution right from the start.

Before the launch, welcome to take part in the webinar at 9.00 AM (UTC+3)  if you want to have detailed information on the EU taxonomy.

Register for the event

Read more about EU Taxonomy Classification and Reporting here.

Are you in or out of the Taxonomy classification and reporting requirements? The Taxonomy quiz by Ecobio helps you determine whether your company is affected by the Taxonomy classification and reporting requirements. Test here.

Webinar 29.9: Comply With the EU Taxonomy Regulation

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Are you trying to comprehend the EU Taxonomy regulation and what it means for your company? Do you want to find out the benefits of digitalisation in meeting the requirements? This event is for you.

Register here!

In our webinar, our senior consultant Katrine Hoset, PhD, will go through the EU Taxonomy Regulation and how financial and large companies can fulfil the new classification and reporting requirements in sustainability. The Taxonomy Regulation is already in force, and reporting against two of the objectives is required already in 2022 for the financial year of 2021. As the regulation is constantly being updated, we will present the newest details covered by the legislation.

Additionally, we will launch Ecobio’s new digital solution to ensure compliance with EU Taxonomy classification and reporting requirements. We will present the new SaaS in Ecobio Manager that turns the complex set of requirements into a simple and smooth work process for your team. With the requirements for EU Taxonomy soon coming into effect, it is beneficial to have an innovative, efficient, and in-depth solution in mind already now to get the process toward compliance started. The launch includes a panel discussion among the creators of the tool, and questions from the audience will be discussed live.

What

Watch our event to learn:

  1. What the EU Taxonomy Regulation implicates
  2. What the current timeline for the Taxonomy looks like
  3. Which requirements apply to your company and when
  4. What the compliance process looks like
  5. About our new digital solution for EU’s Taxonomy Classification and Reporting

During the event, you will get an opportunity to ask questions from our experts.

To Whom

The intended audience of this webinar is corporate board members and management teams in sustainability, finance, and communication. Both financial market participants (FMPs) and large companies that already need to provide a non-financial statement according to the non-financial reporting directive (NFRD) will be affected by the regulation.

Are you unsure whether you are in or out of the EU Taxonomy classification and reporting requirements? Take our quiz and determine whether your company is affected by the EU Taxonomy regulation. Test here.

When

The free online event will be held in English on Wednesday, 29.9.2021, from 9.00-10.00. Timetable:

  • 9.00-9.30: Comply With the EU Taxonomy Regulation (webinar)
  • 9.30-10.00: Launch of Ecobio’s new digital solution to ensure compliance with EU Taxonomy classification and reporting requirements

You can register 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.

The EU’s Taxonomy and KPIs

The EU's Taxonomy and KPIs

The European Commission has published a draft version of a Delegated Act to supplement article 8 in the Taxonomy Regulation (EU) 2020/852. This supplementation specifies the content and presentation of the information concerning environmentally sustainable economic activities and specifying the methodology to comply with that disclosure obligation.

EU strives to channel capital towards sustainable investment

One of the key objectives of the European Commission’s action plan on financing sustainable growth is to reorient capital flows towards sustainable investment and ensure market transparency. To achieve this, EU Taxonomy (EU 2020/852) was created, a classification system for sustainable activities. The EU Taxonomy is a robust and science-based tool for companies and investors that provides criteria for determining which economic activities substantially contributes to the Green Deal objectives.

Common KPIs to help understand companies’ sustainability

The drafted Delegated Act further specifies the content, methodology, and presentation of the information in the Taxonomy Regulation. The Delegated Act allows companies to translate the technical screening criteria of the Climate Delegated Act (and in the future Environmental Delegated Act) into quantitative economic performance indicators, KPIs, which will be publicly disclosed. This helps investors and the public to better understand the companies’ impact towards sustainability trough the annual publication of their KPIs. This will increase transparency on the market and help prevent greenwashing.

The Taxonomy Regulation and the published Delegated act complement the NFRD (Non-Financial Reporting-Directive) and SFDR (Sustainable Finance Disclosure Regulation) by providing a common reference point for reporting the degree of alignment with sustainable activities.

Market fields receive separate instructions for reporting

The Taxonomy-related disclosures will create an entire ecosystem of sustainable finance tools, including standards, labels, and access to a coherent and relevant set of sustainability data. These on the other hand are necessary to channel capital towards the investments needed to reach the EU’s sustainability goals.

The Delegated Act includes separate instructions for different market fields regarding sustainable reporting with KPIs. These fields are non-financial undertakings, asset managers, credit institutions, investment firms, and insurance and reinsurance undertakings.

The drafted delegated act was open for feedback until 2 June. A lot of the feedback highlights the need to simplify and clarify the KPIs that should be reported, inconsistencies between reporting deadlines and availability of data, and a potential need for a longer transition period before reporting starts. Commentaries have also commented on the need to better align the reporting scope and application timelines in this delegated act with the CSRD (Corporate Sustainability Reporting Directive, the proposed amendment of the NFRD).

The challenge of reaching compliance with the Taxonomy Regulation

Many of the respondents that commented on the Commission’s publishment mentioned the challenge of collecting Taxonomy compliance data within companies and assigning this data to specific business lines. Ecobio’s sustainability experts familiar with the Taxonomy requirements and experts in EHS requirements will help your company meet the expectations of the Taxonomy Regulation. Ecobio’s sustainable finance services helps you to identify your sustainable economic activities and report your alignment with the Taxonomy. Read more about our services regarding Sustainable Finance here!

With our Ecobio Manager legislation compliance tool, companies can assess compliance with the do-no-significant-harm requirements and minimum safeguards as well as follow up on relevant legislation development. Read more about Ecobio Manager here!

Do you want to hear more? Kindly contact us:

Katrine Hoset

Katrine Hoset

Account Manager, Senior Consultant

katrine.hoset@ecobio.fi

+358 (0)20 756 2306

Five steps to comply with the Taxonomy Regulation – Whitepaper

Our comprehensive and concise free whitepaper helps your company reach and maintain compliance with EU’s Taxonomy Regulation in a constantly moving situation.

Do you want to know what the EU’s Taxonomy Regulation implicates and who are affected by it? Are you curious about the current timeline and what requirements apply to your company? These are just some of the questions our whitepaper answers as well as presenting the five steps to meet the requirements!

You can download our whitepaper here!


Text: Emma Björkqvist

Picture: Shutterstock

Five Steps to Comply with the Taxonomy Regulation

Five Steps to Comply with the Taxonomy Regulation

DOWNLOAD OUR COMPREHENSIVE AND CONCISE WHITEPAPER TO LEARN THE FIVE STEPS NEEDED TO COMPLY WITH EU’S TAXONOMY REGULATION HERE!

Through the European Green Deal, EU aims to improve the well-being and health of citizens, make Europe climate-neutral by 2050, and protect, conserve, and enhance EU’s natural capital and biodiversity. Reaching these goals require a financial system that is more sustainable than it is today as EU aims to channel private investment into the transition to a climate neutral, climate resilient, resource-efficient, and fair economy. The EU’s Sustainable Finance package is one of the instruments of the EU Commission for delivering the policy objectives defined under the European Green Deal, and for delivering on EU’s international commitments on climate and sustainability.

To accommodate the need for a more sustainable finance sector, EU released the EU Taxonomy Regulation on the 12th of July 2020. The EU Taxonomy Regulation and EU’s Sustainable Finance Strategy was strengthened with the release of the Sustainable Finance Package on the 21st of April 2021. The package included, among others, the release of the EU Taxonomy Climate Delegated Act and a proposal for a Corporate Sustainability Reporting Directive which revises the NFRD.

The EU Taxonomy is a robust and science-based tool for companies and investors that provides criteria for determining which economic activities substantially contributes to the Green Deal objectives. The criteria also provide a common language that allows companies and investors to communicate credibly about green activities and assist the transition to a low-carbon economy.

Reach and maintain compliance with EU’s Taxonomy Regulation in a constantly moving situation

We have published a comprehensive and concise free whitepaper that helps your company reach and maintain compliance with EU’s Taxonomy Regulation in a constantly moving situation.

Do you want to know what the EU’s Taxonomy Regulation implicates and who are affected by it? Are you curious about the current timeline and what requirements apply to your company? These are just some of the questions our whitepaper answers as well as presenting the five steps to meet the requirements!

You can download our whitepaper here!

Ecobio helps meet the Taxonomy Requirements

Do you need expert help? Do you consider software solutions? Ecobio’s sustainability experts familiar with the Taxonomy requirements and experts in EHS requirements will help your company meet the expectations of the Taxonomy Regulation. Ecobio’s sustainable finance services helps you to identify your sustainable economic activities and report your alignment with the Taxonomy. Read more about our services regarding Sustainable Finance here!

With Ecobio Manager legislation compliance tool, companies can assess compliance with the do-no-significant-harm requirements and minimum safeguards as well as follow up on relevant legislation development. Read more about Ecobio Manager here!

Do you want to hear more? Kindly contact us:

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Katrine Hoset

Account Manager, Senior Consultant

katrine.hoset@ecobio.fi

+358 (0)20 756 2306


Text: Katrine Hoset & Emma Björkqvist

Picture: Shutterstock