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Taxonomy Technical Report June 2019

Taxonomy Technical Report June 2019. Disclaimer This Report represents the overall view of the members of the Technical Expert Group, and although it represents such a consensus, it may not necessarily, on all details, represent the individual views of member institutions or experts. The views reflected in this Report are the views of the experts only. This Report does not reflect the views of the European Commission or it services. 2. About this document This document sets out the results of the work to date undertaken by the Technical Expert Group on Sustainable Finance (hereafter, TEG') in relation to the development of an EU classification system for environmentally sustainable economic activities (hereafter Taxonomy ').

3 A out this do ument This document sets out the results of the work to date undertaken by the Technical Expert Group on Sustainable Finance (hereafter, ‘TEG’) in relation to the development of an EU classification system

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Transcription of Taxonomy Technical Report June 2019

1 Taxonomy Technical Report June 2019. Disclaimer This Report represents the overall view of the members of the Technical Expert Group, and although it represents such a consensus, it may not necessarily, on all details, represent the individual views of member institutions or experts. The views reflected in this Report are the views of the experts only. This Report does not reflect the views of the European Commission or it services. 2. About this document This document sets out the results of the work to date undertaken by the Technical Expert Group on Sustainable Finance (hereafter, TEG') in relation to the development of an EU classification system for environmentally sustainable economic activities (hereafter Taxonomy ').

2 It has six parts: PART A Explanation of the Taxonomy approach. This section sets out the role and importance of sustainable finance in Europe from a policy and investment perspective, the rationale for the development of an EU Taxonomy , the daft regulation and the mandate of the TEG. PART B Methodology. This explains the methodologies for developing Technical screening criteria for climate change mitigation objectives, adaptation objectives and do no significant harm' to other environmental objectives in the legislative proposal. PART C Taxonomy user and use case analysis.

3 This section provides practical guidance to potential users of the Taxonomy , including case studies. PART D Economic impacts of the Taxonomy . This section provides the TEG's analysis of the likely economic impacts of establishing an EU Taxonomy . PART E Next steps for the Taxonomy . This section elaborates on unresolved issues and potential ways forward for the Taxonomy and the Technical work of the Platform on Sustainable Finance. PART F Full list of Technical screening criteria. This annex sets out the sector- and economic activity-specific Technical screening criteria and rationale for the TEG's analysis.

4 3. Contents 1. Context and rationale .. 10. An introduction - Why have an EU Taxonomy ? .. 10. Background - The EU environment and climate action framework .. 11. The role of sustainable finance .. 12. 2. The Technical Expert Group .. 16. Mandate and work to date .. 16. 3. Principles for Taxonomy development .. 19. Principles enshrined in regulation .. 19. Additional principles developed by TEG .. 22. 4. Sector framework .. 23. 5. Economic and environmental systems .. 24. 6. Climate change mitigation .. 26. Work process conceptual approach .. 26. Methodology for selecting sectors and economic activities.

5 27. Defining substantial contribution to climate change mitigation .. 29. Eligibility of finance for activities contributing substantially to mitigation .. 31. Mitigation activities table .. 34. 7. Climate change adaptation .. 36. Work process conceptual approach .. 36. Defining substantial contribution to climate change adaptation .. 38. Adaptation screening criteria .. 40. Eligibility of finance for activities contributing substantially to adaptation .. 41. Classification of climate-related hazards .. 41. Sectoral sensitivity to climate hazards.

6 42. Adaptation activities table .. 44. 8. Do no significant harm (DNSH) .. 45. DNSH to climate change adaptation (for other environmental objectives) .. 45. DNSH to environmental objectives 3-6 .. 46. 9. Climate change mitigation worked example .. 49. 10. Climate change adaptation worked example .. 52. 4. 11. Users of the Taxonomy .. 56. Defining the users .. 57. Obligations for Taxonomy users .. 61. 12. Implementation 62. General implementation approach .. 62. Differences by asset classes .. 65. Case Studies .. 66. 13. Data: availability analysis and results.

7 71. Revenue breakdown by Taxonomy -related activities .. 71. Environmental data .. 71. 14. Role of companies .. 75. Advantages of reporting to facilitate the implementation of the Taxonomy .. 75. 15. Role of data providers .. 77. 16. Expected impacts of the Taxonomy .. 79. Coverage of the Taxonomy and financial quantitative impact assessment .. 79. Qualitative analysis of the transmission channels of the Taxonomy .. 95. Cost and benefit analysis for relevant stakeholders .. 97. Conclusions .. 103. 17. The extension of the TEG and development after TEG.

8 104. TEG extension .. 104. Ongoing development beyond the TEG .. 105. 5. 18. List of activities with Technical screening 107. Summary: climate change mitigation .. 107. Summary: climate change adaptation .. 110. 19. Agriculture .. 111. 20. Forestry .. 156. 21. Manufacturing .. 183. 22. Electricity, gas, steam and air conditioning supply .. 232. 23. Water, Sewerage, Waste and Remediation .. 292. 24. Transportation .. 324. 25. Information and communication .. 357. 26. Construction, Real estate activities .. 363. 27. Agriculture, Forestry and Fishing.

9 387. 28. Electricity, gas, steam and air conditioning supply .. 393. 29. Water supply; sewerage; waste management and remediation activities .. 401. 30. Information and communication .. 406. 31. Financial and insurance activities .. 408. 32. Professional, scientific and Technical activities .. 411. 6. List of Technical Expert Group Members Members of the Technical Expert Group are listed below. Taxonomy Working Group members are in bold. Organisation Name AIG Europe Dawn SLEVIN. Allianz Global Investors Steffen HOERTER. Bloomberg Curtis RAVENEL1. BNP Paribas asset management Helena VI ES FIESTAS.

10 Borsa Italiana Sara LOVISOLO. Carbone 4 Jean-Yves WILMOTTE. Cassa Depositi e Prestiti Pierfrancesco LATINI. CDP (Carbon Disclosure Project) Nico FETTES. Climate Bond Initiative Sean KIDNEY. Climate KIC Sandrine DIXSON-DECLEVE. EACB Tanguy CLAQUIN. EFFAS Jos Luis BLASCO. EnBW AG Thomas KUSTERER. Eurelectric Jes s MART NEZ P REZ. Finance Watch Ludovic SUTTOR SOREL2. Green Finance Cluster Frankfurt Karsten LOEFFLER. GRI (Global Reporting Initiative) Eszter VITORINO. ICMA Nicolas PFAFF. KfW Bankengruppe Karl Ludwig BROCKMANN. Luxembourg Stock Exchange Flavia MICILOTTA3.


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