{"id":3579,"date":"2023-09-21T00:43:04","date_gmt":"2023-09-20T22:43:04","guid":{"rendered":"https:\/\/csr-tools.com\/uncategorized\/eu-taxonomy-csrd-what-companies-need-to-know\/"},"modified":"2025-09-01T12:25:14","modified_gmt":"2025-09-01T10:25:14","slug":"eu-taxonomy-csrd-what-companies-need-to-know","status":"publish","type":"post","link":"https:\/\/csr-tools.eu\/en\/blog-en\/eu-taxonomy-csrd-what-companies-need-to-know\/","title":{"rendered":"EU Taxonomy + CSRD: What companies need to know"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3579\" class=\"elementor elementor-3579 elementor-845\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5975114 e-flex e-con-boxed e-con e-parent\" data-id=\"5975114\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0f706b1 elementor-widget elementor-widget-text-editor\" data-id=\"0f706b1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"text-decoration: underline;\"><strong>Important note (26.02.2025):<\/strong><\/span> <br>Some details of this article may be outdated due to the <strong>current EU omnibus proposal<\/strong>. This applies in particular to the scope and deadlines of the CSRD. For up-to-date information and implications for companies, please read our blog post on CSRD Omnibus: <a href=\"https:\/\/csr-tools.com\/en\/blog-en\/sustainability-reporting\/csrd-omnibus-what-the-eu-proposal-means-for-companies\/\">CSRD Omnibus &#8211; What the EU proposal means for companies.<\/a> All other content remains valid.  <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b5807b2 e-flex e-con-boxed e-con e-parent\" data-id=\"b5807b2\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f13a88f elementor-widget elementor-widget-text-editor\" data-id=\"f13a88f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tCSR, ESG, <a href=\"https:\/\/csr-tools.com\/en\/csrd\/\">CSRD<\/a>, <a href=\"https:\/\/csr-tools.com\/en\/esrs\/\">ESRS<\/a>, EU Taxonomy could also be phrases from the <a href=\"https:\/\/www.youtube.com\/watch?v=uUV3KvnvT-w\" target=\"_blank\" rel=\"noopener\">song &#8216;Mit freundlichen Gr\u00fc\u00dfen&#8217; by Die Fantastischen Vier<\/a>. These abbreviations are all related, yet they have very different meanings. But what exactly do these terms entail? And how does the EU Taxonomy connect with other regulatory measures and concepts?   \n\nIn this blog post, we will embark on a journey through the world of the Taxonomy Regulation. The focus will be on the EU taxonomy and how it relates to the <a href=\"https:\/\/csr-tools.com\/en\/blog-en\/corporate-sustainability-reporting-directive-csrd-explained-simply\/\">CSRD (Corporate Sustainability Reporting Directive)<\/a>. \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a421ec6 e-flex e-con-boxed e-con e-parent\" data-id=\"a421ec6\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b9275a6 elementor-widget elementor-widget-heading\" data-id=\"b9275a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Basics of the EU taxonomy<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5e7447e elementor-widget elementor-widget-text-editor\" data-id=\"5e7447e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A &#8216;taxonomy&#8217; is a standardized procedure with which objects are classified according to certain criteria and can be categorized.  <span style=\"font-style: inherit; font-weight: inherit; text-align: var(--text-align); background-color: var(--ast-global-color-5); color: var(--ast-global-color-3);\">The EU taxonomy is more than just another term in the jumble of financial and sustainability terminology. It forms the foundation for  <\/span><b style=\"font-style: inherit; text-align: var(--text-align); background-color: var(--ast-global-color-5); color: var(--ast-global-color-3);\">sustainable finance in Europe<\/b><span style=\"font-style: inherit; font-weight: inherit; text-align: var(--text-align); background-color: var(--ast-global-color-5); color: var(--ast-global-color-3);\"> and defines the criteria according to which activities can be classified as environmentally friendly.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0c36bea elementor-widget elementor-widget-heading\" data-id=\"0c36bea\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">What is the EU taxonomy?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-49f7c69 elementor-widget elementor-widget-text-editor\" data-id=\"49f7c69\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The EU Taxonomy is a classification system developed to determine which economic activities can be considered environmentally sustainable. The main objective of this system is to steer financial flows and investments towards sustainable projects and activities by establishing clear and binding criteria for environmental sustainability. It serves as a guide for companies and investors to ensure that they act in accordance with sustainability goals such as the EU&#8217;s European Green Deal.    <span style=\"text-align: var(--text-align); background-color: var(--ast-global-color-5); color: var(--ast-global-color-3); font-size: 1rem;\">Companies can achieve up to 100 points depending on how closely their business activities match the taxonomy.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-511ba87 elementor-widget elementor-widget-heading\" data-id=\"511ba87\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">History and development of the EU taxonomy<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1f8b7a4 elementor-widget elementor-widget-text-editor\" data-id=\"1f8b7a4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The idea of a taxonomy for sustainable finance in Europe arose in response to the growing realization that the financial sector plays a crucial role in the implementation of global and European environmental and sustainability goals.  <\/p><p><span style=\"font-style: inherit; font-weight: inherit; text-align: var(--text-align); background-color: var(--ast-global-color-5); color: var(--ast-global-color-3);\">The <\/span><a style=\"font-style: inherit; font-weight: inherit; text-align: var(--text-align);\" href=\"https:\/\/finance.ec.europa.eu\/sustainable-finance\/tools-and-standards\/eu-taxonomy-sustainable-activities_de\" target=\"_blank\" rel=\"noopener\">EU Taxonomy was introduced as part of the <b>European Commission<\/b>&#8216;s Action Plan for Financing Sustainable Growth<\/a><span style=\"font-style: inherit; font-weight: inherit; text-align: var(--text-align); background-color: var(--ast-global-color-5); color: var(--ast-global-color-3);\"> which was <\/span><b style=\"font-style: inherit; text-align: var(--text-align); background-color: var(--ast-global-color-5); color: var(--ast-global-color-3);\">presented in 2018<\/b><span style=\"font-style: inherit; font-weight: inherit; text-align: var(--text-align); background-color: var(--ast-global-color-5); color: var(--ast-global-color-3);\">  was launched. Since then, it has gone through several stages of development, with stakeholders, experts and policy makers working together to create a robust and effective system. <\/span><\/p><p><span style=\"font-style: inherit; font-weight: inherit; text-align: var(--text-align); background-color: var(--ast-global-color-5); color: var(--ast-global-color-3);\">The EU taxonomy is related to the <\/span><span style=\"text-align: var(--text-align); background-color: var(--ast-global-color-5);\"><a href=\"https:\/\/www.bgbl.de\/xaver\/bgbl\/start.xav?start=\/\/*%5B@attr_id=%27bgbl117s0802.pdf%27%5D#__bgbl__%2F%2F*%5B%40attr_id%3D%27bgbl117s0802.pdf%27%5D__1695243583321\" target=\"_blank\" rel=\"noopener\">CSR Directive Implementation Act (CSR-RUG)<\/a>, which is the German implementation of the EU requirements on the <\/span> <span style=\"text-align: var(--text-align); background-color: var(--ast-global-color-5);\"><a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/?uri=CELEX%3A32022L2464\" target=\"_blank\" rel=\"noopener\">Non-Financial Reporting Directive (NFRD)<\/a>. The taxonomy also provides the classification system used in the   <\/span><span style=\"text-align: var(--text-align); background-color: var(--ast-global-color-5);\"><a href=\"https:\/\/finance.ec.europa.eu\/regulation-and-supervision\/financial-services-legislation\/implementing-and-delegated-acts\/sustainable-finance-disclosures-regulation_en\" target=\"_blank\" rel=\"noopener\">Sustainable Finance Disclosure Regulation (SFDR)<\/a> and the CSRD.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dc8065b elementor-widget elementor-widget-heading\" data-id=\"dc8065b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">EU Taxonomy 2023: What's new?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ee61f02 elementor-widget elementor-widget-text-editor\" data-id=\"ee61f02\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>On <a href=\"https:\/\/finance.ec.europa.eu\/publications\/sustainable-finance-package-2023_de\" target=\"_blank\" rel=\"noopener\">June 13, 2023, the EU Commission presented a new package of measures<\/a> to build on and strengthen the foundations of the EU sustainable finance framework. It approved in principle a new set of EU taxonomy criteria for economic activities that make a significant contribution to one or more of the <b>non-climate-related environmental objectives<\/b>: <\/p><ul><li>Sustainable use and protection of <b>water and marine resources<\/b>,<\/li><li>Transition to a <b>circular economy<\/b>,<\/li><li>Prevention and reduction of <b>environmental pollution<\/b>,<\/li><li>Protection and restoration of <b>biodiversity<\/b> and <b>ecosystems<\/b>.<\/li><\/ul><p>In addition, changes have been made to the EU taxonomy to <b>mitigate climate change<\/b> and <b>adapt to new climatic conditions<\/b>. The inclusion of more economic activities covering all six environmental objectives, and consequently more economic sectors and companies, will increase the usability and potential of the EU taxonomy in scaling up sustainable investment in the EU. Further information can be found in the <a href=\"https:\/\/csr-tools.com\/wp-content\/uploads\/230613-sustainable-finance-factsheet_de.pdf\" target=\"_blank\" rel=\"noopener\">EU Commission&#8217;s factsheet &#8216;Sustainable Finance&#8217;<\/a>.  <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-525e73b elementor-widget elementor-widget-image\" data-id=\"525e73b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"651\" src=\"https:\/\/csr-tools.eu\/wp-content\/uploads\/Screenshot-2023-09-20-at-22.06.20-1024x651.png\" class=\"attachment-large size-large wp-image-3246\" alt=\"\" srcset=\"https:\/\/csr-tools.eu\/wp-content\/uploads\/Screenshot-2023-09-20-at-22.06.20-1024x651.png 1024w, https:\/\/csr-tools.eu\/wp-content\/uploads\/Screenshot-2023-09-20-at-22.06.20-300x191.png 300w, https:\/\/csr-tools.eu\/wp-content\/uploads\/Screenshot-2023-09-20-at-22.06.20-768x488.png 768w, https:\/\/csr-tools.eu\/wp-content\/uploads\/Screenshot-2023-09-20-at-22.06.20-1536x977.png 1536w, https:\/\/csr-tools.eu\/wp-content\/uploads\/Screenshot-2023-09-20-at-22.06.20-600x382.png 600w, https:\/\/csr-tools.eu\/wp-content\/uploads\/Screenshot-2023-09-20-at-22.06.20.png 1763w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">EU-Taxonomie - \u00dcbersicht \u00fcber die betroffenen Wirtschaftszweige und T\u00e4tigkeiten<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d0ba738 elementor-widget elementor-widget-heading\" data-id=\"d0ba738\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Relevance of the EU taxonomy in the European context<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7735e9f elementor-widget elementor-widget-text-editor\" data-id=\"7735e9f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>In Europe, the pressure on companies and financial institutions to act more sustainably and transparently is increasing. The EU taxonomy <span style=\"text-align: var(--text-align); background-color: var(--ast-global-color-5); color: var(--ast-global-color-3); font-size: 1rem;\">(EU Tax Regulation) <\/span>  <span style=\"font-style: inherit; font-weight: inherit; text-align: var(--text-align); background-color: var(--ast-global-color-5); color: var(--ast-global-color-3);\">provides a uniform language and a clear framework for this. It helps to avoid &#8220;greenwashing&#8221; &#8211; the pretense of environmental friendliness &#8211; and ensures that investments actually have a positive ecological impact. In a continent that is becoming    <\/span><b style=\"font-style: inherit; text-align: var(--text-align); background-color: var(--ast-global-color-5); color: var(--ast-global-color-3);\">global pioneer in sustainability<\/b><span style=\"font-style: inherit; font-weight: inherit; text-align: var(--text-align); background-color: var(--ast-global-color-5); color: var(--ast-global-color-3);\"> the EU Tax Regulation plays a central role in creating clarity, trust and credibility in the green financial market.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-046766f elementor-widget elementor-widget-heading\" data-id=\"046766f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Main elements and key aspects of the EU Taxonomy Regulation<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a5e6690 elementor-widget elementor-widget-text-editor\" data-id=\"a5e6690\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The main purpose of the regulation is to provide a clear and consistent basis for the definition of sustainability and to ensure that investments labeled as &#8220;green&#8221; or &#8220;sustainable&#8221; actually meet such criteria.<br>The EU Taxonomy Regulation is complex and detailed, but <span style=\"font-weight: bold;\">four main elements<\/span> stand out:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9e66105 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"9e66105\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-leaf\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><b>Definition of environmentally sustainable activities<\/b>: The ordinance defines which economic activities can be considered environmentally sustainable based on specified criteria.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-crosshairs\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><b>Six environmental objectives<\/b>: The regulation identifies 6 environmental objectives that an activity must fulfill in order to be classified as sustainable. These include climate protection and the protection of water and marine resources. <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-tasks\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><b>Technical screening criteria<\/b>: Specific technical criteria are defined for each sustainable activity to determine whether and to what extent this activity contributes to the environmental objectives.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-clipboard\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><b>Reporting obligations<\/b>: Companies and financial institutions must disclose the extent to which their activities and investments comply with the EU taxonomy.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8b19099 elementor-widget elementor-widget-heading\" data-id=\"8b19099\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Which companies are affected by the EU taxonomy reporting obligation?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8fbd6d0 elementor-widget elementor-widget-text-editor\" data-id=\"8fbd6d0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Since <span style=\"text-align: var(--text-align); background-color: var(--ast-global-color-5); color: var(--ast-global-color-3); font-size: 1rem;\">January 1, 2022 for the 2021 financial year, the<\/span><span style=\"font-style: inherit; font-weight: inherit; text-align: var(--text-align); background-color: var(--ast-global-color-5); color: var(--ast-global-color-3);\">  EU Tax Regulation comes into force. The following companies are affected by the EU Taxonomy: <\/span><\/p><ul><li><b>Capital market-oriented companies<\/b> (which must publish a non-financial company report in accordance with the Non-Financial Reporting Directive (NFRD))<\/li><li><b>Financial market participants<\/b> (e.g. banks and insurance companies)<\/li><\/ul><p>With the gradual entry into force of the <strong><a href=\"https:\/\/csr-tools.com\/en\/blog-en\/corporate-sustainability-reporting-directive-csrd-explained-simply\/\"><span style=\"text-align: var(--text-align); background-color: var(--ast-global-color-5); color: var(--ast-global-color-3); font-size: 1rem;\">Corporate Sustainability Reporting Directive<\/span><\/a><\/strong><span style=\"font-style: inherit; font-weight: inherit; text-align: var(--text-align); background-color: var(--ast-global-color-5); color: var(--ast-global-color-3);\"> from 2024, more and more companies will be affected by the Taxonomy Regulation and will be obliged to publish sustainability reports <\/span><span style=\"font-size: 1rem; font-style: inherit; font-weight: inherit; text-align: var(--text-align); color: var(--ast-global-color-3); background-color: var(--ast-global-color-5);\">(Art. 8 (1) EU Tax Regulation)<\/span><span style=\"font-style: inherit; font-weight: inherit; text-align: var(--text-align); color: var(--ast-global-color-3); background-color: var(--ast-global-color-5);\">. From the <\/span><a href=\"https:\/\/csr-tools.com\/en\/blog-en\/csrd-explained-in-under-100-words\/\">CSRD <\/a><span style=\"font-style: inherit; font-weight: inherit; text-align: var(--text-align); color: var(--ast-global-color-3); background-color: var(--ast-global-color-5);\">affected are <\/span><span style=\"font-style: inherit; font-weight: inherit; text-align: var(--text-align); color: var(--ast-global-color-3); background-color: var(--ast-global-color-5);\">all &#8220;large companies&#8221;, s<\/span><span style=\"font-style: inherit; font-weight: inherit; text-align: var(--text-align); color: var(--ast-global-color-3); background-color: var(--ast-global-color-5);\">mall and medium-sized enterprises (SMEs) and, under certain circumstances, non-European companies. <\/span><span style=\"font-style: inherit; font-weight: inherit; text-align: var(--text-align); color: var(--ast-global-color-3); background-color: var(--ast-global-color-5);\">European companies.<\/span><\/p><p><span style=\"background-color: var(--ast-global-color-5); color: var(--ast-global-color-3); font-style: inherit; font-weight: inherit; text-align: var(--text-align);\">The EU taxonomy and which companies are affected by it is briefly explained in the following video:<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c7b5bbc elementor-widget elementor-widget-video\" data-id=\"c7b5bbc\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;youtube_url&quot;:&quot;https:\\\/\\\/www.youtube.com\\\/watch?v=DfoXSnvrVhc&quot;,&quot;yt_privacy&quot;:&quot;yes&quot;,&quot;lazy_load&quot;:&quot;yes&quot;,&quot;video_type&quot;:&quot;youtube&quot;,&quot;controls&quot;:&quot;yes&quot;}\" data-widget_type=\"video.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-wrapper elementor-open-inline\">\n\t\t\t<div class=\"elementor-video\"><\/div>\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-09def34 elementor-widget elementor-widget-heading\" data-id=\"09def34\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">What specifically needs to be reported?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b80f1d6 elementor-widget elementor-widget-text-editor\" data-id=\"b80f1d6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ol><li><strong>Turnover<\/strong>: The proportion of business turnover from economic activities classified as ecologically sustainable (&#8220;taxonomy-compliant&#8221;) in relation to the company&#8217;s total turnover.<\/li><li><strong>Capital expenditure (CapEx)<\/strong>: Share of &#8220;sustainable&#8221; investments as a percentage of the company&#8217;s total investments. Investments are considered sustainable if they meet the following criteria: (i) investments in processes and assets from taxonomy-compliant economic activities; (ii) expenditures for the planned expansion of such &#8216;green&#8217; economic activities; and (iii) expenditures for economic activities and individual measures that can achieve decarbonization or greenhouse gas reduction within 1.5 years.    <\/li><li><strong>Operating expenses (OpEx)<\/strong>: The share of taxonomy-compliant operating expenses (incl. training costs and R&amp;D) analogous to &#8216;sustainable CapEx&#8217; in relation to direct operating expenses (R&amp;D; building renovation; short-term rental; maintenance &amp; repairs; ongoing maintenance of property, plant and equipment).<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4a2ebda elementor-widget elementor-widget-heading\" data-id=\"4a2ebda\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">How companies can ensure their compliance<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-79e0d9c elementor-widget elementor-widget-text-editor\" data-id=\"79e0d9c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li><strong>Internal review<\/strong>: Companies should establish internal processes to ensure that their activities meet the criteria of the EU taxonomy.<\/li><li><strong>External consultants<\/strong>: The involvement of external experts or consultancies can help to ensure compliance with these new regulations and ensure that reporting meets the requirements.<\/li><li><strong>Training and education<\/strong>: It is important that both managers and employees are informed about the EU regulation and its implications to ensure correct reporting.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0eba5d1 elementor-widget elementor-widget-heading\" data-id=\"0eba5d1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">When does the EU taxonomy apply?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4f4b63f elementor-widget elementor-widget-text-editor\" data-id=\"4f4b63f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>One of the most common misconceptions about the EU Tax Regulation is that it applies immediately and in full to all companies. In fact, the implementation was planned in stages to give companies the necessary time to adapt. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ed070c4 elementor-widget elementor-widget-heading\" data-id=\"ed070c4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Timeline of taxonomy implementation and application<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9cadd25 elementor-widget elementor-widget-text-editor\" data-id=\"9cadd25\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ol><li><strong>Introduction and adoption<\/strong>: The EU Taxonomy Regulation was adopted in June 2020 and provides the legal framework for the future development of the taxonomy.<\/li><li><strong>Technical screening criteria<\/strong>: Following the adoption of the regulation, work began on the technical screening criteria for various economic activities to determine which can be considered environmentally sustainable.<\/li><li><strong> First mandatory application<\/strong>: Since 2022, companies have had to report for the first time on the extent to which their activities meet the criteria of the EU taxonomy. This relates in particular to the goals of climate protection and adaptation to climate change. A transition period has been set up for reporting on climate targets, which enables companies to gradually fulfill all requirements. This period lasts from 2022 until the end of 2023.   <\/li><li><b>Expanding the taxonomy<\/b>: Since 2023, the taxonomy has been expanded to cover four more environment-related goals: sustainable use and protection of water and marine resources, transition to a circular economy, pollution prevention and control, and protection and restoration of biodiversity and ecosystems.<\/li><li><p><span style=\"font-style: inherit; font-weight: inherit; text-align: var(--text-align); color: var(--ast-global-color-3); background-color: var(--ast-global-color-5);\"><b>Full application<\/b><\/span><span style=\"font-style: inherit; font-weight: inherit; text-align: var(--text-align); color: var(--ast-global-color-3); background-color: var(--ast-global-color-5);\">By the end of 2023, all affected companies should have fully aligned their reporting and business practices with the Taxonomy Regulation, including the additional environmental targets.<\/span><\/p><\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f122197 elementor-widget elementor-widget-heading\" data-id=\"f122197\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Relationship between CSRD and EU taxonomy<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-45e8db9 elementor-widget elementor-widget-text-editor\" data-id=\"45e8db9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tThe issue of sustainability in the corporate world is undoubtedly complex, and instruments such as the EU Taxonomy and the Corporate Sustainability Reporting Directive (CSRD) play a crucial role in bringing clarity and consistency to this area. A key feature of the CSRD is its <a href=\"https:\/\/csr-tools.com\/en\/blog-en\/double-materiality-explained-simply\/\">double materiality<\/a>. But how exactly are these two instruments connected? And what does this mean for companies in Europe?   \n\nWhile the EU taxonomy provides a classification system to determine what qualifies as an environmentally sustainable economic activity, the CSRD ensures that companies report transparently on these activities. In a way, they work hand in hand: \n<ul>\n \t<li><strong>Uniform criteria<\/strong>: The CSRD refers to the criteria of the EU taxonomy when it comes to how companies should report on their environmentally sustainable activities. Accordingly, CSRD-compliant companies must include the above-mentioned key figures in their sustainability report. <\/li>\n \t<li><strong>Avoiding greenwashing<\/strong>: The combination of CSRD and the EU taxonomy ensures that companies not only report correctly on their green activities, but that these actually meet the defined criteria. See also our <a href=\"https:\/\/csr-tools.com\/en\/blog-en\/green-claims-checklist-for-avoiding-greenwashing\/\">Green Claims Checklist<\/a>. <\/li>\n<\/ul>\n<div>Ultimately, EU Taxonomy key figures form part of companies&#8217; CSRD reporting obligations. Further reporting obligations arise from the <strong><a href=\"https:\/\/csr-tools.com\/en\/blog-en\/the-most-important-facts-about-esrs-european-sustainability-reporting-standards\/\">European Sustainability Reporting Standards (ESRS)<\/a><\/strong>. <\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d75241c elementor-widget elementor-widget-heading\" data-id=\"d75241c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Sources and further information<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-090ea00 elementor-widget elementor-widget-text-editor\" data-id=\"090ea00\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>For those who want to delve deeper into the topic of EU taxonomy, there are a variety of resources that provide both a general overview and specific details.<\/p>\n<ul>\n<li><b>Wikipedia<\/b>: A good starting point for a comprehensive overview of the <a href=\"https:\/\/de.wikipedia.org\/wiki\/Verordnung_(EU)_2020\/852_(Taxonomieverordnung)\" target=\"_blank\" rel=\"noopener\">EU taxonomy is the Wikipedia article<\/a>. Here you will find a detailed description of the taxonomy, its history and the content of the regulation. <\/li>\n<li><b>Official EU resources<\/b>: The <a href=\"https:\/\/ec.europa.eu\/sustainable-finance-taxonomy\/home\" target=\"_blank\" rel=\"noopener\">European Commission has extensive information on the EU taxonomy on its website<\/a>, including official documents, FAQs, a <a href=\"https:\/\/ec.europa.eu\/sustainable-finance-taxonomy\/wizard\" target=\"_blank\" rel=\"noopener\">taxonomy calculator<\/a> and technical guidelines. It&#8217;s worth a visit for anyone who wants to delve deeper into the subject. <\/li>\n<li><b>Specialist literature and studies<\/b>: Numerous specialist publications, studies and white papers deal with the EU taxonomy, its impact on the market and the challenges involved in its implementation.<\/li>\n<li><strong>Webinars and seminars<\/strong>: Many organizations, consulting firms and universities offer training and information events on this taxonomy regulation. This is an excellent opportunity to learn from experts and exchange ideas with other interested parties. <\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3adb70a elementor-widget elementor-widget-heading\" data-id=\"3adb70a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Conclusion and outlook<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-de0aa1b elementor-widget elementor-widget-text-editor\" data-id=\"de0aa1b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The introduction and implementation of the EU Taxonomy marks a turning point in Europe&#8217;s quest for a more sustainable and environmentally responsible economy. With its clear criteria and vision, the taxonomy sets standards that companies, investors and consumers can use as a guide. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dc62d55 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"dc62d55\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-circle-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><b>Summary of key points<\/b>: The EU Taxonomy provides a framework to define what is environmentally sustainable economic activity, sets out clear reporting requirements and helps pave the way for a greener economy in Europe.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-circle-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><b>Significance for the future<\/b>: The implementation of the taxonomy will undoubtedly present challenges, but its long-term value is undeniable. Not only will it help transform Europe's economy, but it could also serve as a model for other regions pursuing similar goals. In a world facing the effects of climate change and pollution, the EU Taxonomy represents a hopeful step towards a more sustainable future.  <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Important note (26.02.2025): Some details of this article may be outdated due to the current EU omnibus proposal. This applies [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3248,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[39,42,40],"tags":[],"class_list":["post-3579","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-en","category-csrd-en","category-sustainability-reporting"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - 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