On 28 July 2020, the European Commission published, for consultation, a roadmap on a Delegated Regulation on taxonomy-related disclosures by undertakings reporting non-financial information supplementing the Taxonomy Regulation.
The Delegated Regulation will specify the requirements for entities subject to the Non-Financial Reporting Directive (NFRD) (i.e., large listed undertakings, large banks and large insurance undertakings with more than 500 employees) to publish information on how and to what extent their activities are associated with the EU taxonomy. The Delegated Regulation will be adopted by June 2021 and it is distinct from two other delegated acts under the Taxonomy Regulation that set technical screening criteria for six environmental objectives and are to be adopted by 31 December 2020 and 31 December 2021. Importantly, the Delegated Regulation will complement the ongoing revision of the NFRD and the development of regulatory technical standards by the European Supervisory Authorities under the Regulation on sustainability-related disclosures in the financial services sector (the Disclosure Regulation).
The deadline for comments on is 8 September 2020.