What changed, Commission Delegated Regulation (EU) 2021/2178 of 6 July 2021 supplementing Regulation (EU) 2020/852

+ ### Article 1 — Definitions
− ### art_1
− Article 1
− 
+ (1) ‘environmental objective’ means one of the environmental objectives laid down in Article 9 of Regulation (EU) 2020/852;
− | (1) | ‘environmental objective’ means one of the environmental objectives laid down in Article 9 of Regulation (EU) 2020/852; |
− | --- | --- |
+ (2) ‘Taxonomy-aligned economic activity’ means an economic activity that complies with the requirements laid down in Article 3 of Regulation (EU) 2020/852;
− | (2) | ‘Taxonomy-aligned economic activity’ means an economic activity that complies with the requirements laid down in Article 3 of Regulation (EU) 2020/852; |
− | --- | --- |
+ (3) ‘transitional economic activity’ means an economic activity that complies with the requirements laid down in Article 10(2) of Regulation (EU) 2020/852;
− | (3) | ‘transitional economic activity’ means an economic activity that complies with the requirements laid down in Article 10(2) of Regulation (EU) 2020/852; |
− | --- | --- |
+ (4) ‘enabling economic activity’ means an economic activity that complies with the requirements laid down in Article 16 of Regulation (EU) 2020/852;
− | (4) | ‘enabling economic activity’ means an economic activity that complies with the requirements laid down in Article 16 of Regulation (EU) 2020/852; |
− | --- | --- |
+ (5) ‘taxonomy-eligible economic activity’ means an economic activity that is described in the delegated acts adopted pursuant to Article 10(3), Article 11(3), Article 12(2), Article 13(2), Article 14(2), and Article 15(2), of Regulation (EU) 2020/852, irrespective of whether that economic activity m…
− | (5) | ‘taxonomy-eligible economic activity’ means an economic activity that is described in the delegated acts adopted pursuant to Article 10(3), Article 11(3), Article 12(2), Article 13(2), Article 14(2), and Article 15(2), of Regulation (EU) 2020/852, irrespective of whether that economic activi…
− | --- | --- |
+ (6) ‘taxonomy-non-eligible economic activity’ means any economic activity that is not described in the delegated acts adopted pursuant to Article 10(3), Article 11(3), Article 12(2), Article 13(2), Article 14(2) and Article 15(2), of Regulation (EU) 2020/852;
− | (6) | ‘taxonomy-non-eligible economic activity’ means any economic activity that is not described in the delegated acts adopted pursuant to Article 10(3), Article 11(3), Article 12(2), Article 13(2), Article 14(2) and Article 15(2), of Regulation (EU) 2020/852; |
− | --- | --- |
+ (7) ‘asset manager’ meansan undertaking that is subject to the disclosure obligations laid down in Articles 19a and 29a of Directive 2013/34/EU and is either of the following: (a) an AIFM as defined in Article 4(1), point (b), of Directive 2011/61/EU of the European Parliament and of the Council; (b…
− | (7) | ‘asset manager’ meansan undertaking that is subject to the disclosure obligations laid down in Articles 19a and 29a of Directive 2013/34/EU and is either of the following:(a)an AIFM as defined in Article 4(1), point (b), of Directive 2011/61/EU of the European Parliament and of the Council (…
− | --- | --- |
− | (a) | an AIFM as defined in Article 4(1), point (b), of Directive 2011/61/EU of the European Parliament and of the Council (4); |
− | (b) | a management company as defined in Article 2(1), point (b), of Directive 2009/65/EC of the European Parliament and of the Council (5); |
− | (c) | an investment company authorised in accordance with Articles 27, 28 and 29 of Directive 2009/65/EC and that has not designated for its management a management company authorised in accordance with Articles 6, 7 and 8 of that Directive. |
+ (8) ‘financial undertaking’ means an undertaking that is subject to the disclosure obligations laid down in Articles 19a and 29a of Directive 2013/34/EU and is an asset manager, a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013 of the European Parliament and …
− | (8) | ‘financial undertaking’ means an undertaking that is subject to the disclosure obligations laid down in Articles 19a and 29a of Directive 2013/34/EU and is an asset manager, a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013 of the European Parliament …
− | --- | --- |
+ (9) ‘non-financial undertaking’ means an undertaking that is subject to the disclosure obligations laid down in Articles 19a and 29a of Directive 2013/34/EU and is not a financial undertaking as defined in point (8);
− | (9) | ‘non-financial undertaking’ means an undertaking that is subject to the disclosure obligations laid down in Articles 19a and 29a of Directive 2013/34/EU and is not a financial undertaking as defined in point (8); |
− | --- | --- |
+ (10) ‘taxonomy-aligned insurance or reinsurance activity’ means an insurance or reinsurance activity that complies with the criteria laid down in Sections 10.1 and 10.2 of Annex II to Delegated Regulation (EU) 2021/2139.
− | (10) | ‘taxonomy-aligned insurance or reinsurance activity’ means an insurance or reinsurance activity that complies with the criteria laid down in Sections 10.1 and 10.2 of Annex II to Delegated Regulation (EU) 2021/2139. |
− | --- | --- |
+ ### Article 2 — Disclosures by non-financial undertakings
− ### art_2
+ **1.** Non-financial undertakings shall disclose the information referred to in Article 8, paragraphs 1 and 2, of Regulation (EU) 2020/852 as specified in Annex Ito this Regulation.
− Article 2
+ **2.** The information referred to in paragraph 1 shall be presented in tabular form by using the templates set out in Annex II to this Regulation.
− 1. Non-financial undertakings shall disclose the information referred to in Article 8, paragraphs 1 and 2, of Regulation (EU) 2020/852 as specified in Annex Ito this Regulation.
+ ### Article 3 — Disclosures by asset managers
− 2. The information referred to in paragraph 1 shall be presented in tabular form by using the templates set out in Annex II to this Regulation.
+ **1.** Asset managers shall disclose the information referred to in Article 8(1) of Regulation (EU) 2020/852 as specified in Annexes III and XI to this Regulation.
− ### art_3
+ **2.** The information referred to in paragraph 1 shall be presented in tabular form by using the template set out in Annex IV to this Regulation.
− Article 3
+ ### Article 4 — Disclosures by credit institutions
− 1. Asset managers shall disclose the information referred to in Article 8(1) of Regulation (EU) 2020/852 as specified in Annexes III and XI to this Regulation.
+ **1.** Credit institutions shall disclose the information referred to in Article 8(1) of Regulation (EU) 2020/852 as specified in Annexes V and XI to this Regulation.
− 2. The information referred to in paragraph 1 shall be presented in tabular form by using the template set out in Annex IV to this Regulation.
+ **2.** The information referred to in paragraph 1 shall be presented in tabular form by using the template set out in Annex VI to this Regulation.
− ### art_4
+ ### Article 5 — Disclosures by investment firms
− Article 4
+ **1.** Investment firms shall disclose the information referred to in Article 8(1) of Regulation (EU) 2020/852 as specified in Annexes VII and XI to this Regulation.
− 1. Credit institutions shall disclose the information referred to in Article 8(1) of Regulation (EU) 2020/852 as specified in Annexes V and XI to this Regulation.
+ **2.** The information referred to in paragraph 1 shall be presented in tabular form by using the template set out in Annex VIII to this Regulation.
− 2. The information referred to in paragraph 1 shall be presented in tabular form by using the template set out in Annex VI to this Regulation.
+ ### Article 6 — Disclosures by insurance and reinsurance undertakings
− ### art_5
+ **1.** Insurance and reinsurance shall disclose the information referred to in Article 8(1) of Regulation (EU) 2020/852 as specified in Annexes IX and XI to this Regulation.
− Article 5
+ **2.** The information referred to in paragraph 1 shall be presented in tabular form by using the templates set out in Annex X to this Regulation.
− 1. Investment firms shall disclose the information referred to in Article 8(1) of Regulation (EU) 2020/852 as specified in Annexes VII and XI to this Regulation.
+ ### Article 7 — Disclosure rules common to all financial undertakings
− 2. The information referred to in paragraph 1 shall be presented in tabular form by using the template set out in Annex VIII to this Regulation.
+ **1.** The exposures to central governments, central banks and supranational issuers shall be excluded from the calculation of the numerator and denominator of key performance indicators of financial undertakings.
− ### art_6
+ **2.** Derivatives shall be excluded from the numerator of key performance indicators of financial undertakings.
− Article 6
+ **3.** Exposures to undertakings that are not obliged to publish non-financial information pursuant to Article 19a or 29a of Directive 2013/34/EU shall be excluded from the numerator of key performance indicators of financial undertakings.
− 1. Insurance and reinsurance shall disclose the information referred to in Article 8(1) of Regulation (EU) 2020/852 as specified in Annexes IX and XI to this Regulation.
+ **4.** Without prejudice to paragraph 1, environmentally sustainable bonds or debt securities with the purpose of financing specific identified activities that are issued by an investee undertaking shall be included in the numerator of key performance indicators up to the full value of Taxonomy-alig…
− 2. The information referred to in paragraph 1 shall be presented in tabular form by using the templates set out in Annex X to this Regulation.
+ Exposures whose purpose is not to finance specific identified activities shall be included in the numerator weighted by the turnover KPI and CapEx KPI of the issuer in accordance with the methodology laid down in Annexes III, V, VII, and IX.
− ### art_7
+ Where an investee undertaking has issued the environmentally sustainable bonds or debt securities with the purpose of financing specific identified activities, financial undertakings shall discount the KPI of the investee undertaking accordingly to avoid double counting.
− Article 7
+ **5.** Where the technical screening criteria laid down in the delegated acts adopted pursuant to Articles 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of Regulation (EU) 2020/852 are amended, special purpose loans and the instruments referred to paragraph 4 held by financial undertakings that finance…
− 1. The exposures to central governments, central banks and supranational issuers shall be excluded from the calculation of the numerator and denominator of key performance indicators of financial undertakings.
+ **6.** Financial undertakings shall provide for a breakdown in the numerator where applicable and denominator of the key performance indicators for:
− 2. Derivatives shall be excluded from the numerator of key performance indicators of financial undertakings.
+ (a) exposures to and investments in non-financial undertakings;
− 3. Exposures to undertakings that are not obliged to publish non-financial information pursuant to Article 19a or 29a of Directive 2013/34/EU shall be excluded from the numerator of key performance indicators of financial undertakings.
+ (b) exposures to and investments in financial undertakings;
− 4. Without prejudice to paragraph 1, environmentally sustainable bonds or debt securities with the purpose of financing specific identified activities that are issued by an investee undertaking shall be included in the numerator of key performance indicators up to the full value of Taxonomy-aligned …
+ (c) exposures to and investments in non-financial undertakings established in the Union that are not subject to an obligation to publish a non-financial statement pursuant to Articles 19a and 29a of Directive 2013/34/EU;
− Exposures whose purpose is not to finance specific identified activities shall be included in the numerator weighted by the turnover KPI and CapEx KPI of the issuer in accordance with the methodology laid down in Annexes III, V, VII, and IX.
+ (d) exposures to and investments in financial undertakings established in the Union that are not subject to an obligation to publish a non-financial statement pursuant to Articles 19a and 29a of Directive 2013/34/EU referred to in paragraph 2;
− Where an investee undertaking has issued the environmentally sustainable bonds or debt securities with the purpose of financing specific identified activities, financial undertakings shall discount the KPI of the investee undertaking accordingly to avoid double counting.
+ (e) exposures to and investments in non-financial undertakings established in a third country that are not subject to an obligation to publish a non-financial statement pursuant to Articles 19a and 29a of Directive 2013/34/EU;
− 5. Where the technical screening criteria laid down in the delegated acts adopted pursuant to Articles 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of Regulation (EU) 2020/852 are amended, special purpose loans and the instruments referred to paragraph 4 held by financial undertakings that finance Tax…
+ (f) exposures to and investments in financial undertakings referred established in a third country that are not subject to an obligation to publish a non-financial statement pursuant to Articles 19a and 29a of Directive 2013/34/EU;
− 6. Financial undertakings shall provide for a breakdown in the numerator where applicable and denominator of the key performance indicators for:
+ (g) exposures to and investments in derivatives;
− | (a) | exposures to and investments in non-financial undertakings; |
− | --- | --- |
+ (h) other exposures and investments.
− | (b) | exposures to and investments in financial undertakings; |
− | --- | --- |
+ **7.** Financial undertakings may use estimates for assessing the Taxonomy-alignment of their exposures to undertakings referred to in paragraph (6), points (e) and (f), where those financial undertakings are able to demonstrate compliance with all criteria of Article 3 of Regulation (EU) 2020/852, …
− | (c) | exposures to and investments in non-financial undertakings established in the Union that are not subject to an obligation to publish a non-financial statement pursuant to Articles 19a and 29a of Directive 2013/34/EU; |
− | --- | --- |
+ Financial undertakings shall formalise, document and make public the methodology upon which such estimations are based, including the approach and research methodology, the main assumptions and precautionary principles used.
− | (d) | exposures to and investments in financial undertakings established in the Union that are not subject to an obligation to publish a non-financial statement pursuant to Articles 19a and 29a of Directive 2013/34/EU referred to in paragraph 2; |
− | --- | --- |
+ Financial undertakings shall disclose:
− | (e) | exposures to and investments in non-financial undertakings established in a third country that are not subject to an obligation to publish a non-financial statement pursuant to Articles 19a and 29a of Directive 2013/34/EU; |
− | --- | --- |
+ (a) the proportion of Taxonomy-aligned exposures based on estimates separately from their key performance indicators disclosed pursuant to this Regulation;
− | (f) | exposures to and investments in financial undertakings referred established in a third country that are not subject to an obligation to publish a non-financial statement pursuant to Articles 19a and 29a of Directive 2013/34/EU; |
− | --- | --- |
+ (b) the measures taken and the period of time necessary to demonstrate compliance with the criteria laid down in Article 3, point (b) of Regulation (EU) 2020/852.
− | (g) | exposures to and investments in derivatives; |
− | --- | --- |
+ ### Article 8 — Disclosure rules common to all financial undertakings and non-financial undertakings
− | (h) | other exposures and investments. |
− | --- | --- |
+ **1.** Financial undertakings and non-financial undertakings shall include all additional disclosures accompanying the key performance indicators laid down in Annexes I, III, V, VII, XI in the same parts of the non-financial statement that contains those indicators, or shall provide cross-references…
− 7. Financial undertakings may use estimates for assessing the Taxonomy-alignment of their exposures to undertakings referred to in paragraph (6), points (e) and (f), where those financial undertakings are able to demonstrate compliance with all criteria of Article 3 of Regulation (EU) 2020/852, exce…
+ **2.** Information disclosed in accordance with this Regulation shall cover the annual reporting period from the previous calendar year of the date of disclosure.
− Financial undertakings shall formalise, document and make public the methodology upon which such estimations are based, including the approach and research methodology, the main assumptions and precautionary principles used.
+ **3.** Financial undertakings and non-financial undertakings shall provide in the non-financial statement the key performance indicators covering the previous annual reporting period.
− Financial undertakings shall disclose:
+ For the purposes of this paragraph, the first annual reporting period shall cover the year 2023.
− | (a) | the proportion of Taxonomy-aligned exposures based on estimates separately from their key performance indicators disclosed pursuant to this Regulation; |
− | --- | --- |
+ **4.** Financial undertakings and non-financial undertakings shall in their disclosures, use the same currency as in their financial statements.
− | (b) | the measures taken and the period of time necessary to demonstrate compliance with the criteria laid down in Article 3, point (b) of Regulation (EU) 2020/852. |
− | --- | --- |
+ Financial undertakings shall use the most recently available data and key performance indicators of their counterparties to calculate their own key performance indicators.
− ### art_8
+ **5.** The key performance indicators shall cover only the objectives of climate change mitigation and climate change adaptation until 12 months after the date of application of the delegated regulations that contain the technical screening criteria for the other environmental objectives and that ha…
− Article 8
+ **6.** Non-financial undertakings and financial undertakings shall disclose the amount and proportion of:
− 1. Financial undertakings and non-financial undertakings shall include all additional disclosures accompanying the key performance indicators laid down in Annexes I, III, V, VII, XI in the same parts of the non-financial statement that contains those indicators, or shall provide cross-references to …
+ (a) the taxonomy-aligned economic activities referred to in Sections 4.26, 4.27 and 4.28 of Annexes I and II to Delegated Regulation (EU) 2021/2139 in the denominator and the numerator of their key performance indicators;
− 2. Information disclosed in accordance with this Regulation shall cover the annual reporting period from the previous calendar year of the date of disclosure.
+ (b) the taxonomy-eligible, but not taxonomy-aligned, economic activities referred to in Sections 4.26, 4.27 and 4.28 of Annexes I and II to Delegated Regulation (EU) 2021/2139 in the denominator of their key performance indicators;
− 3. Financial undertakings and non-financial undertakings shall provide in the non-financial statement the key performance indicators covering the previous annual reporting period.
+ (c) the taxonomy-non-eligible nuclear energy related activities in the denominator of their key performance indicators.
− For the purposes of this paragraph, the first annual reporting period shall cover the year 2023.
+ **7.** Non-financial undertakings and financial undertakings shall disclose the amount and proportion of:
− 4. Financial undertakings and non-financial undertakings shall in their disclosures, use the same currency as in their financial statements.
+ (a) the taxonomy-aligned economic activities referred to in Sections 4.29, 4.30 and 4.31 of Annexes I and II to Delegated Regulation (EU) 2021/2139 in the denominator and the numerator of their key performance indicators;
− Financial undertakings shall use the most recently available data and key performance indicators of their counterparties to calculate their own key performance indicators.
+ (b) the taxonomy-eligible, but not taxonomy-aligned, economic activities referred to in Sections 4.29, 4.30 and 4.31 of Annexes I and II to Delegated Regulation (EU) 2021/2139 in the denominator of their key performance indicators;
− 5. The key performance indicators shall cover only the objectives of climate change mitigation and climate change adaptation until 12 months after the date of application of the delegated regulations that contain the technical screening criteria for the other environmental objectives and that have b…
+ (c) the taxonomy-non-eligible fossil gas related activities in the denominator of their key performance indicators.
− ### art_9
+ **8.** The information referred to in paragraphs 6 and 7 shall be presented in tabular form by using the templates set out in Annex XII to this Regulation.
− Article 9
+ ### Article 9 — Review
− 1. By 30 June 2024, the Commission shall review the application of this Regulation. The Commission shall assess in particular the need for any further amendments with regard to the inclusion of:
+ **1.** By 30 June 2024, the Commission shall review the application of this Regulation. The Commission shall assess in particular the need for any further amendments with regard to the inclusion of:
− | (a) | exposures to central governments and central banks in the numerator and denominator of key performance indicators of financial undertakings; |
− | --- | --- |
+ (a) exposures to central governments and central banks in the numerator and denominator of key performance indicators of financial undertakings;
− | (b) | exposures to undertakings that do not publish a non-financial statement pursuant to Articles 19a or 29a of Directive 2013/34/EU in the numerator of key performance indicators of financial undertakings. |
− | --- | --- |
+ (b) exposures to undertakings that do not publish a non-financial statement pursuant to Articles 19a or 29a of Directive 2013/34/EU in the numerator of key performance indicators of financial undertakings.
− 2. The review for SME exposures will be accompanied by an impact assessment assessing the administrative burden, access to finance and the potential impacts on SMEs of a possible extension to cover SMEs exposures that are not covered by this Delegated Regulation or provide such information voluntari…
+ **2.** The review for SME exposures will be accompanied by an impact assessment assessing the administrative burden, access to finance and the potential impacts on SMEs of a possible extension to cover SMEs exposures that are not covered by this Delegated Regulation or provide such information volun…
− 3. The exposures to and investments in undertakings that do not publish non-financial information pursuant to Articles 19a and 29a of Directive 2013/34/EU and Article 8 of Regulation (EU) 2020/852, but that provide such equivalent information voluntarily, may be included in the numerators of key per…
+ **3.** The exposures to and investments in undertakings that do not publish non-financial information pursuant to Articles 19a and 29a of Directive 2013/34/EU and Article 8 of Regulation (EU) 2020/852, but that provide such equivalent information voluntarily, may be included in the numerators of key…
− ### art_10
+ ### Article 10 — Entry into force and application
− Article 10
+ **1.** This Regulation shall enter into force on the twentieth day following that of its publication in the *Official Journal of the European Union*.
− 1. This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
+ **2.** From 1 January 2022 until 31 December 2022, non-financial undertakings shall only disclose the proportion of Taxonomy-eligible and Taxonomy non-eligible economic activities in their total turnover, capital and operational expenditure and the qualitative information referred to in Section 1.2 …
− 2. From 1 January 2022 until 31 December 2022, non-financial undertakings shall only disclose the proportion of Taxonomy-eligible and Taxonomy non-eligible economic activities in their total turnover, capital and operational expenditure and the qualitative information referred to in Section 1.2 of A…
+ **3.** From 1 January 2022 until 31 December 2023, financial undertakings shall only disclose:
− 3. From 1 January 2022 until 31 December 2023, financial undertakings shall only disclose:
+ (a) the proportion in their total assets of exposures to Taxonomy non-eligible and Taxonomy-eligible economic activities;
− | (a) | the proportion in their total assets of exposures to Taxonomy non-eligible and Taxonomy-eligible economic activities; |
− | --- | --- |
+ (b) the proportion in their total assets of the exposures referred to in Article 7, paragraphs 1 and 2;
− | (b) | the proportion in their total assets of the exposures referred to in Article 7, paragraphs 1 and 2; |
− | --- | --- |
+ (c) the proportion in their total assets of the exposures referred to in Article 7(3);
− | (c) | the proportion in their total assets of the exposures referred to in Article 7(3); |
− | --- | --- |
+ (d) the qualitative information referred to in Annex XI.
− | (d) | the qualitative information referred to in Annex XI. |
− | --- | --- |
+ **4.** The key performance indicators of non-financial undertakings, including any accompanying information to be disclosed pursuant to Annexes I and II to this Regulation, shall be disclosed from 1 January 2023.
− 4. The key performance indicators of non-financial undertakings, including any accompanying information to be disclosed pursuant to Annexes I and II to this Regulation, shall be disclosed from 1 January 2023.
+ **5.** The key performance indicators of financial undertakings, including any accompanying information to be disclosed pursuant to Annexes III, V, VII, IX, XI to this Regulation, shall be disclosed from 1 January 2024.
− 5. The key performance indicators of financial undertakings, including any accompanying information to be disclosed pursuant to Annexes III, V, VII, IX, XI to this Regulation, shall be disclosed from 1 January 2024.
+ 
+ ### ANNEX I
+ 
+ **1.Content of KPIs to be disclosed by non-financial undertakings**
+ 
+ **1.1.Specification of key performance indicators (KPI)**
+ 
+ The proportion of turnover referred to in Article 8(2), point (a), of Regulation (EU) 2020/852 shall be calculated as the part of the net turnover derived from products or services, including intangibles, associated with Taxonomy-aligned economic activities (numerator), divided by the net turnover (…
+ 
+ **1.1.1.KPI related to turnover (turnover KPI)**
+ 
+ (a) qualify as enabling activities in accordance with Article 11(1), point (b) of Regulation (EU) 2020/852; or
+ 
+ (b) are themselves Taxonomy-aligned.
+ 
+ The proportion of CapEx referred to in Article 8(2), point (b), of Regulation (EU) 2020/852 shall be calculated as the numerator divided by the denominator as specified in points 1.1.2.1 and 1.1.2.2 of this Annex.
+ 
+ **1.1.2.KPI related to capital expenditure (CapEx) (CapEx KPI)**
+ 
+ The denominator shall cover additions to tangible and intangible assets during the financial year considered before depreciation, amortisation and any re-measurements, including those resulting from revaluations and impairments, for the relevant financial year and excluding fair value changes. The d…
+ 
+ **1.1.2.1.Denominator**
+ 
+ (a) IAS 16 Property, Plant and Equipment, paragraphs 73, (e), point (i) and point (iii);
+ 
+ (b) IAS 38 Intangible Assets, paragraph 118, (e), point (i);
+ 
+ (c) IAS 40 Investment Property, paragraphs 76, points (a) and (b) (for the fair value model);
+ 
+ (d) IAS 40 Investment Property, paragraph 79(d), points (i) and (ii) (for the cost model);
+ 
+ (e) IAS 41 Agriculture, paragraph 50, points (b) and (e);
+ 
+ (f) IFRS 16 Leases, paragraph 53, point (h).
+ 
+ The numerator equals to the part of the capital expenditure included in the denominator that is any of the following:The CapEx plan referred to in the first paragraph of this point 1.1.2.2 shall meet the following conditions:Where the relevant technical screening criteria are amended before the comp…
+ 
+ **1.1.2.2.Numerator**
+ 
+ (a) related to assets or processes that are associated with Taxonomy-aligned economic activities;
+ 
+ (b) part of a plan to expand Taxonomy-aligned economic activities or to allow Taxonomy-eligible economic activities to become Taxonomy-aligned (‘CapEx plan’) under the conditions specified in the second subparagraph of this point 1.1.2.2;
+ 
+ (c) related to the purchase of output from Taxonomy-aligned economic activities and individual measures enabling the target activities to become low-carbon or to lead to greenhouse gas reductions, notably activities listed in points 7.3 to 7.6 of Annex I to the Climate Delegated Act, as well as othe…
+ 
+ (a) the plan aims either to expand the undertaking’s Taxonomy-aligned economic activities or to upgrade Taxonomy-eligible economic activities to render them Taxonomy-aligned within a period of five years;
+ 
+ (b) the plan shall be disclosed at economic activity aggregated level and be approved by the management body of non-financial undertakings either directly or by delegation.
+ 
+ The proportion of OpExreferred to in Article 8(2), point (b), of Regulation (EU) 2020/852 shall be calculated as the numerator divided by the denominator as specified in points 1.1.3.1 and 1.1.3.2 of this Annex.
+ 
+ **1.1.3.KPI related to operating expenditure (OpEx) (OpEx KPI)**
+ 
+ The denominator shall cover direct non-capitalised costs that relate to research and development, building renovation measures, short-term lease, maintenance and repair, and any other direct expenditures relating to the day-to-day servicing of assets of property, plant and equipment by the undertaki…
+ 
+ **1.1.3.1.Denominator**
+ 
+ The numerator equals to the part of the operating expenditure included in the denominator that is any of the following:The CapEx planreferred to in the first paragraph of this point 1.1.3.2 shall meet the conditions specified in point 1.1.2.2 of this Annex.Research and development costs already acco…
+ 
+ **1.1.3.2.Numerator**
+ 
+ (a) related to assets or processes associated with Taxonomy-aligned economic activities, including training and other human resources adaptation needs, and direct non-capitalised costs that represent research and development;
+ 
+ (b) part of the CapExplan to expand Taxonomy-aligned economic activities or allow Taxonomy-eligible economic activities to become Taxonomy-aligned within a predefined timeframe as set out in the second paragraph of this point 1.1.3.2;
+ 
+ (c) related to the purchase of output from Taxonomy-aligned economic activities and to individual measures enabling the target activities to become low-carbon or to lead to greenhouse gas reductions as well as individual building renovation measures as identified in the delegated acts adopted pursua…
+ 
+ (a) be exempted from the calculation of the numerator of the OpEX KPI in accordance with point 1.1.3.2 and disclose that numerator as being equal to zero;
+ 
+ (b) disclose the total value of the OpEx denominator calculated in accordance with point 1.1.3.1;
+ 
+ (c) explain the absence of materiality of operational expenditure in their business model.
+ 
+ Non-financial undertakings shall disclose the following information accompanying the relevant KPIs.
+ 
+ **1.2.Specification of disclosures accompanying the KPIs of non-financial undertakings**
+ 
+ Non-financial undertakings shall explain:For turnover and capital expenditure, non-financial undertakings shall include references to the related line items in the non-financial statements;Where the application of any calculations has changed since the previous reporting period, non-financial undert…
+ 
+ **1.2.1.Accounting policy**
+ 
+ (a) how turnover, capital expenditure and operating expenditurewere determined and allocated to the numerator;
+ 
+ (b) the basis on which the turnover, capital expenditure and operating expenditure were calculated, including any assessment in the allocation of revenues or expenditures to different economic activities.
+ 
+ (a) the material changes that have occurred in the CapEx plan and the reasons underlying those changes;
+ 
+ (b) the impact of such changes on the potential for the economic activities of the undertaking to become Taxonomy-aligned and on the period of time in which this change is expected to take place;
+ 
+ (c) the restatement of the CapEx and OpEx KPI for each past reporting year covered by the plan whenever changes to the plan had an impact on those KPIs.
+ 
+ **1.2.2.Assessment of compliance with Regulation (EU) 2020/852**
+ 
+ Non-financial undertakings shall:
+ 
+ **1.2.2.1.Information on assessment of compliance with Regulation (EU) 2020/852:**
+ 
+ (a) describe the nature of their Taxonomy-eligible and Taxonomy-aligned economic activities, by referring to the delegated acts adopted pursuant to Article 10(3), Article 11(3), Article 12(2), Article 13(2), Article 14(2) and Article 15(2) of Regulation (EU) 2020/852;
+ 
+ (b) explain how they assessed compliance with the criteria set out in Article 3 of Regulation (EU) 2020/852 and the associatedtechnical screening criteria included in the delegated acts referred to in point (a);
+ 
+ (c) explain how they avoided any double counting in the allocation in the numerator of turnover, CapEx, and OpEx KPIs across economic activities.
+ 
+ Where an economic activity contributes to several environmental objectives, non-financial undertakings shall:
+ 
+ **1.2.2.2.Contribution to multiple objectives**
+ 
+ (a) demonstrate compliance with the criteria set out in Article 3 of Regulation (EU) 2020/852, in particular with the technical screening criteria with respect to several environmental objectives;
+ 
+ (b) disclose the turnover, CapEx and OpEx from that activity as contributing to several environmental objectives;
+ 
+ (c) only count once the turnover from that activity in the numerator of the KPIs in point 1.1 of this Annex to avoid double counting.
+ 
+ Where the KPIs for an economic activity are to be disaggregated, in particular where production facilities are used in an integrated manner, non-financial undertakings shall ensure that:
+ 
+ **1.2.2.3.Disaggregation of KPIs**
+ 
+ (a) any disaggregation is based on criteria that are appropriate for the production process being implemented and reflects the technical specificities of that process;
+ 
+ (b) appropriate information accompanying the KPIs about the basis of such disaggregation is provided.
+ 
+ Non-financial undertakings shall explain the figures of each KPI and the reasons for any changes in those figures in the reporting period.Non-financial undertakings may disclose additional KPIs based on turnover, Capex, Opex) that include investments in equity accounted in joint ventures, pursuant t…
+ 
+ **1.2.3.Contextual information**
+ 
+ Non-financial undertakings shall provide all of the following:Non-financial undertakings that have issued environmentally sustainable bonds or debt securities with the purpose of financing specific identified Taxonomy-aligned activities shall also disclose the turnover KPI adjusted to avoid double c…
+ 
+ **1.2.3.1.Contextual information about turnover KPI**
+ 
+ (a) a quantitative breakdown of the numerator in order to illustrate the key drivers of change in the turnover KPI during the reporting period, such as revenue from contracts with customers, lease revenue, or other sources of income;
+ 
+ (b) information about the amounts related to Taxonomy-aligned activities pursued for non-financial undertakings’ own internal consumption;
+ 
+ (c) a qualitative explanation of key elements of change in the turnover KPI during the reporting period.
+ 
+ Non-financial undertakings shall provide a quantitative breakdown at the economic activity aggregated level of the amounts included in the numerator and qualitative explanation of the key elements of change in CapEx KPI during the reporting period. Such breakdown shall disclose all of the following:…
+ 
+ **1.2.3.2.Contextual information about CapEx KPI**
+ 
+ (a) an aggregation of additions to property, plant and equipment, to internally generated intangible assets, including in a business combination or acquired, to investment properties acquired or recognised in the carrying amount and, where applicable, to capitalised right-of-use assets;
+ 
+ (b) an aggregation of additions related to acquisitions through business combinations;
+ 
+ (c) an aggregation of expenses incurred in relation to Taxonomy-aligned economic activities and expenses incurred as part of a CapEx plan referred to in point 1.1.2. of this Annex.
+ 
+ (a) the environmental objectives pursued;
+ 
+ (b) the economic activities concerned;
+ 
+ (c) research, development and innovation activities concerned, where relevant;
+ 
+ (d) the period of time whereby each Taxonomy-aligned economic activity is expected to be expanded or whereby each economic activity is expected to become Taxonomy-aligned, including, where the period in which the economic activity is expected to become Taxonomy-aligned exceeds five years, an objecti…
+ 
+ (e) the total capital expense expected to be incurred during the reporting period and during the period of time of the CapEx plans.
+ 
+ Non-financial undertakings shall provide all of the following:Where OpEx is part of a CapEx plan as referred to in points 1.1.2.2 and 1.1.3.2 of this Annex, non-financial undertakings shall disclose the key information about each of their CapEx plans in line with the requirements of point 1.2.3.2 of…
+ 
+ **1.2.3.3.Contextual information about the OpEx KPI**
+ 
+ (a) a quantitative breakdown of the numerator(operating expenditure determined in accordance with point 1.1.3.2 of this Annex)to illustrate the key elements of change in the OpEx KPI during the reporting period;
+ 
+ (b) a qualitative explanation of the key elements of change in OpEx KPI during the reporting period;
+ 
+ (c) an explanation of the other expenditures relating to the day-to-day servicing of items of property plant and equipment that are included in the calculation of OpEx for both the numerator and denominator.
+ 
+ The following requirements shall apply for the disclosures under Article 8(2) of Regulation (EU) 2020/852:
+ 
+ **2.Methodology for reporting of KPIs to be disclosed by non-financial undertakings**
+ 
+ (a) non-financial undertakings shall identify each economic activity, including a subset of transitional and enabling economic activities;
+ 
+ (b) non-financial undertakings shall disclose the KPIs for each economic activity and the total KPIs for all economic activities at the level of the relevant undertaking or group;
+ 
+ (c) non-financial undertakings shall disclose the KPIs set out in points 1.1.1, 1.1.2 and 1.1.3 of this Annex for each environmental objective and the total KPIs for all environmental objectives at the level of the undertaking or group across all environmental objectives while avoiding double counti…
+ 
+ (d) non-financial undertakings shall identify the proportion of the Taxonomy-aligned economic activities and the proportion of the Taxonomy-eligible economic activities that do not meet technical screening criteria. Within a Taxonomy-eligible economic activity, non-financial undertakings shall ident…
+ 
+ (e) non-financial undertakings shall identify Taxonomy-non-eligible economic activities and disclose the proportion in the denominator of the turnover KPI of those economic activities at the level of the undertaking or group;
+ 
+ (f) the KPIs shall be provided at the level of the individual undertaking where that undertaking prepares only individual non-financial statements or at the level of the group where the undertaking prepares consolidated non-financial statements.
+ 
+ ### ANNEX II
+ 
+ [other image: L_2021443EN.01002401.tif][other image: L_2021443EN.01002501.tif][other image: L_2021443EN.01002601.tif]Column 21 should be filled in for transitional activities contributing to the climate change mitigation.For activities listed under A2, columns 5 to 17 may be filled in on a voluntary…
+ 
+ **Template: Proportion of turnover from products or services associated with Taxonomy-aligned economic activities – disclosure covering year N**
+ 
+ [other image: L_2021443EN.01002701.tif][other image: L_2021443EN.01002801.tif][other image: L_2021443EN.01002901.tif]For activities listed under A2, columns 5 to 17 may be filled in on a voluntary basis by non-financial undertakings
+ 
+ **Template: Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities – disclosure covering year N**
+ 
+ [other image: L_2021443EN.01003001.tif][other image: L_2021443EN.01003101.tif][other image: L_2021443EN.01003201.tif]For activities listed under A2, columns 5 to 17 may be filled in on a voluntary basis by non-financial undertakings
+ 
+ **Template: Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities – disclosure covering year N**
+ 
+ ### ANNEX III
+ 
+ The KPI shall be calculated as the numerator divided by the denominator as specified in points 1.1 and 1.2 of this Annex.
+ 
+ **1.Content of KPI to be disclosed by asset managers**
+ 
+ The numerator shall consist of a weighted average of the value of investments in Taxonomy-aligned economic activities of investee companies. The weighted average of the value of investments shall be based on the proportion of taxonomy-aligned economic activities of investee companies measured by the…
+ 
+ **1.1.Numerator**
+ 
+ (a) for investees that are non-financial undertakings, turnover and CapEx KPIs as resulting from the calculation of the KPIs of the investee in accordance with Annexes I and II;
+ 
+ (b) for investees that are asset managers, turnover-based and CapEx-based KPIs, as resulting from the calculation of the KPIs of the investee in accordance with Annexes III and IV;
+ 
+ (c) for investees that are credit institutions, the turnover-based and CapEx based green asset ratio as resulting from the calculation of the green asset ratio of the investee in accordance with Annexes V and VI;
+ 
+ (d) for investees that are investments firms, investments and revenues, as resulting from the calculation of the turnover-based and CapEx based KPIs of the investee in accordance with Annexes VII and VIII in accordance with the proportion of services and activities of dealing on own account and not …
+ 
+ (e) for investees that are insurance or reinsurance undertakings, investments, gross premiums written or, as applicable, total insurance revenue, as resulting from the calculation either of the turnover-based and CapEx based investment KPI, combined, where applicable with the underwriting KPI of the…
+ 
+ The denominator shall consist of the value of all Asset under Management (AuM) without exposures referred to in Article 7(1) of this Regulation resulting from both collective and individual portfolio management activities of asset managers.Asset managers shall disclose a KPI based on turnover KPIs o…
+ 
+ **1.2.Denominator**
+ 
+ For the purposes of disclosures under Article 8(1) of Regulation (EU) 2020/852, asset managers shall:
+ 
+ **2.Methodology for preparing and reporting the KPI to be disclosed by asset managers**
+ 
+ (a) disclose the KPIs for each environmental objective and for aggregated taxonomy-aligned economic activities at the level of the relevant undertaking or group;
+ 
+ (b) identify a subset of transitional and enabling economic activities and disclose the KPIs for aggregated economic activities at the level of the undertaking or group;
+ 
+ (c) provide for a breakdown of the numerator and denominator per type of investment;
+ 
+ (d) disclose the KPIs in relation to aggregated taxonomy-eligible economic activities;
+ 
+ (e) disclose the proportion of taxonomy-non-eligible economic activities within the assets under management;
+ 
+ (f) disclose the proportion in total investments of investments in exposures referred to in Article 7(1) of this Regulation;
+ 
+ (g) provide the KPIs at the level of the individual asset manager where that undertaking prepares only individual non-financial statements or at the level of the group where the undertaking prepares consolidated non-financial statements.
+ 
+ ### ANNEX IV
+ 
+ Standard template for the disclosure required under Article 8 of Regulation (EU) 2020/852 (asset managers)
+ 
+ | The weighted average value of all the investments that are directed at funding, or are associated with taxonomy-aligned economic activities **relative to the value of total assets covered by the KPI**, with following weights for investments in undertakings per below:Turnover-based: %CapEx—based: %…
+ | --- | --- | --- |
+ | The percentage of assets covered by the KPI relative to total investments (total AuM). Excluding investments in sovereign entities, Coverage ratio: % | The monetary value of assets covered by the KPI. Excluding investments in sovereign entities.Coverage: [monetary amount] |  |
+ | Additional, complementary disclosures: breakdown of **denominator** of the KPI |  |  |
+ | The percentage of derivatives relative to total assets covered by the KPI.X % | The value in monetary amounts of derivatives:.[monetary amount] |  |
+ | The proportion of **exposures to EU financial and non-financial undertakings not subject to Articles 19a and 29a of Directive 2013/34/EU** over total assets covered by the KPI:For non-financial undertakings:For financial undertakings: | Value of **exposures to EU financial and non-financial undert…
+ | The proportion of **exposures to financial and non-financial undertakings from non-EU countries not subject to Articles 19a and 29a of Directive 2013/34/EU** over total assets covered by the KPI:For non-financial undertakings:For financial undertakings: | Value of **exposures to financial and non-…
+ | The proportion of **exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU** over total assets covered by the KPI:For non-financial undertakings:For financial undertakings: | Value of **exposures to financial and non-financial undertakings sub…
+ | The proportion of **exposures to other counterparties over** total assets covered by the KPI:X % | Value of **exposures to other counterparties**:[monetary amount] |  |
+ | The value of all the investments that are funding **economic activities that are not taxonomy-eligible** relative to the value of total assets covered by the KPI:X % | Value of all the investments that are funding **economic activities that are not taxonomy-eligible**:[monetary amount] |  |
+ | The value of all the investments that are funding taxonomy-eligible economic activities, **but not taxonomy-aligned relative to the value of t**otal assets covered by the KPI:X % | Value of all the investments that are funding Taxonomy-eligible economic activities, **but not taxonomy-aligned:**[mo…
+ | Additional, complementary disclosures: breakdown of **numerator** of the KPI |  |  |
+ | The proportion of **Taxonomy-aligned exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU** over total assets covered by the KPI:For non-financial undertakings:Turnover-based: %Capital expenditures-based: %For financial undertakings:Turnover…
+ | The proportion of **taxonomy-aligned exposures to other counterparties in** over total assets covered by the KPI:Turnover-based: %Capital expenditures-based: % | Value of **taxonomy-aligned exposures to other counterparties**:Turnover-based: [monetary amount]Capital expenditures-based: [monetary a…
+ | **Breakdown of the numerator of the KPI per environmental objective** |  |  |
+ | **Taxonomy-aligned activities** –: |  |  |
+ | (1)Climate change mitigation | Turnover: %CapEx:% | Transitional activities: A% (Turnover; CapEx)Enabling activities: B% (Turnover; CapEx) |
+ | (2)Climate change adaptation | Turnover: %CapEx:% | Transitional activities: A% (Turnover; CapEx)Enabling activities: B% (Turnover; CapEx) |
+ | (3)The sustainable use and protection of water and marine resources | Turnover: %CapEx:% | Transitional activities: A% (Turnover; CapEx)Enabling activities: B% (Turnover; CapEx) |
+ | (4)The transition to a circular economy | Turnover: %CapEx:% | Transitional activities: A% (Turnover; CapEx)Enabling activities: B% (Turnover; CapEx) |
+ | (5)Pollution prevention and control | Turnover: %CapEx:% | Transitional activities: A% (Turnover; CapEx)Enabling activities: B% (Turnover; CapEx) |
+ | (6)The protection and restoration of biodiversity and ecosystems | Turnover: %CapEx:% | Transitional activities: A% (Turnover; CapEx)Enabling activities: B% (Turnover; CapEx) |
+ 
+ ### ANNEX V
+ 
+ **1.Content of KPIs to be disclosed by credit institutions**
+ 
+ **1.1.Scope of the KPIs**
+ 
+ Credit institutions shall disclose relevant KPIs on the basis of the scope of their prudential consolidation determined in accordance with Regulation (EU) No 575/2013, Title II, Chapter 2, Section 2.
+ 
+ **1.1.1.Consolidation**
+ 
+ The calculation of the green asset ratio (GAR) for on-balance sheet exposures shall cover the following accounting categories of financial assets, including loans and advances, debt securities, equity holdings and repossessed collaterals:The exposures referred to in Article 7(1) of this Regulation s…
+ 
+ **1.1.2.Total covered Assets**
+ 
+ (a) financial assets at amortised cost;
+ 
+ (b) financial assets at fair value through other comprehensive income;
+ 
+ (c) investments in subsidiaries;
+ 
+ (d) joint ventures and associates;
+ 
+ (e) financial assets designated at fair value through profit or loss and non-trading financial assets mandatorily at fair value through profit or loss;
+ 
+ (f) real estate collaterals obtained by credit institutions by taking possession in exchange for the cancellation of debts.
+ 
+ (a) financial assets held for trading;
+ 
+ (b) on-demand interbank loans;
+ 
+ (c) exposures to undertakings that are not obliged to publish non-financial information pursuant to Article 19a or 29a of Directive 2013/34/EU.
+ 
+ **1.2.Content of the KPIs and methodology**
+ 
+ The GAR shall show the proportion of the of credit institution’s assets financing and invested in taxonomy-aligned economic activities as a proportion of total covered assets in accordance with point 1.1.2 of this Annex.The GAR shall be based on the exposures and balance sheet according to the scope…
+ 
+ **1.2.1.Green asset ratio (GAR)**
+ 
+ (a) the aggregate GAR for covered on-balance sheet assets;
+ 
+ (b) the breakdown by environmental objective and by type of counterparty.
+ 
+ (a) the numerator, which shall cover the loans and advances, debt securities, equities and repossessed collaterals, financing Taxonomy-aligned economic activities based on turnover KPI and CapEx KPI of underlying assets;
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