EU Taxonomy Delegated Act with details of Article 8 disclosures published in the OJ

Article 8 of the Taxonomy Regulation requires undertakings covered by the Non-Financial Reporting Directive ("NFRD") to publish information on how and to what extent their activities are associated with economic activities that qualify as environmentally sustainable under the Taxonomy Regulation.

The Commission had adopted a Delegated Act ("DA") in July 2021 setting out the content, methodology and presentation of the KPIs that non-financial and financial undertakings are required to disclose under Article 8 (see here). That DA was then subject to several months of scrutiny by the European Parliament and Council.

That DA was finally approved and published in the Official Journal of the EU ("OJ") on 10 December 2021 (see here) and will enter into force on 30 December 2021. The content of the final DA is unchanged from the version that was adopted by the Commission in July.

Non-financial undertakings will need to disclose:

• Taxonomy-eligibility from 1 January 2022; and
• Taxonomy-alignment from 1 January 2023.

Financial undertakings will need to disclose:

• Taxonomy-eligibility from 1 January 2022; and
• Taxonomy-alignment from 1 January 2024.

For more information on what will need to be disclosed, see our previous blog post.

The Commission is also planning to publish a Q&A with guidance on Taxonomy-eligibility reporting by 31 December 2021.