Platform on sustainable finance: Consultation response: Taxonomy draft Delegated Act setting out technical screening criteria for climate change mitigation and adaptation

Description

This paper sets out feedback from the Platform to the European Commission regarding the first draft Delegated Act supplementing the EU Taxonomy Regulation (Regulation (EU) 2020/852).

In November 2020, the Commission released the draft Delegated Act which sets out technical screening criteria for determining when economic activities can contribute substantially to climate change mitigation and adaptation, and when they can be considered to cause significant harm to other environmental objectives within the context of the EU Taxonomy.

The Platform has focused its comments in this response on the draft Delegated Act establishing the technical screening criteria for the climate change objectives. The Platform also notes a limited number of usability issues which arise because of this draft Delegated Act, but which may be relevant to other initiatives underway. The Commission will adopt subsequent rules and guidance regarding the Taxonomy, including: Delegated Act setting out the content, presentation and methodologies for complying with the disclosure requirements under Article 8 of the Taxonomy Regulation, to be adopted by 1 June 2021; Regulatory Technical Standards specifying the details of the content and presentation of the disclosure requirements under Article 5 and 6 of the Taxonomy Regulation, to be adopted by 1 June 2021 for the climate change objectives. The Platform’s mandate includes provision of ongoing advice regarding the usability of the Taxonomy. In this context, the Platform is currently assessing market preparedness for the disclosure obligations and identifying data availability and limitations.

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