The taxonomy regulation empowers the Commission to adopt delegated and implementing acts to specify how competent authorities and market participants shall comply with the obligations laid down in the directive.
The Taxonomy Regulation tasks the Commission with establishing the actual list of environmentally sustainable activities by defining technical screening criteria for each environmental objective through delegated acts.
The Commission services are currently preparing the first delegated act, taking into account the requirements of the Taxonomy Regulation, the final recommendations by the Technical Expert Group on sustainable finance, the stakeholder feedback received on the inception impact assessment and especially the feedback received from the 4-week ‘Have your say’ feedback that closed on 18 December 2020. The delegated act will be accompanied by an impact assessment and should be adopted in the second half of April 2021. For the four other environmental objectives, the taxonomy should be established by the end of 2021 and will apply by the end of 2022. The first company reports and investor disclosures using the EU taxonomy are due at the start of 2022, covering the financial year 2021.
The Commission will further adopt a delegated act by June 2021 specifying the information companies subject to the non-financial reporting directive will have to disclose on how, and to what extent, their activities align with those considered environmentally sustainable in the taxonomy. An inception impact assessment was published for feedback in July 2020. To help inform the delegated act, the Commission also requested advice from the European Supervisory Authorities in September 2020.