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Document 02021R2178-20260101
Commission Delegated Regulation (EU) 2021/2178 of 6 July 2021 supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and presentation of information to be disclosed by undertakings subject to Articles 19a or 29a of Directive 2013/34/EU concerning environmentally sustainable economic activities, and specifying the methodology to comply with that disclosure obligation (Text with EEA relevance)
Consolidated text: Commission Delegated Regulation (EU) 2021/2178 of 6 July 2021 supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and presentation of information to be disclosed by undertakings subject to Articles 19a or 29a of Directive 2013/34/EU concerning environmentally sustainable economic activities, and specifying the methodology to comply with that disclosure obligation (Text with EEA relevance)
Commission Delegated Regulation (EU) 2021/2178 of 6 July 2021 supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and presentation of information to be disclosed by undertakings subject to Articles 19a or 29a of Directive 2013/34/EU concerning environmentally sustainable economic activities, and specifying the methodology to comply with that disclosure obligation (Text with EEA relevance)
02021R2178 — EN — 01.01.2026 — 003.001
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COMMISSION DELEGATED REGULATION (EU) 2021/2178 of 6 July 2021 supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and presentation of information to be disclosed by undertakings subject to Articles 19a or 29a of Directive 2013/34/EU concerning environmentally sustainable economic activities, and specifying the methodology to comply with that disclosure obligation (OJ L 443 10.12.2021, p. 9) |
Amended by:
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No |
page |
date |
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COMMISSION DELEGATED REGULATION (EU) 2022/1214 of 9 March 2022 |
L 188 |
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15.7.2022 |
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COMMISSION DELEGATED REGULATION (EU) 2023/2486 of 27 June 2023 |
L 2486 |
1 |
21.11.2023 |
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L 73 |
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8.1.2026 |
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COMMISSION DELEGATED REGULATION (EU) 2021/2178
of 6 July 2021
supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and presentation of information to be disclosed by undertakings subject to Articles 19a or 29a of Directive 2013/34/EU concerning environmentally sustainable economic activities, and specifying the methodology to comply with that disclosure obligation
(Text with EEA relevance)
Article 1
Definitions
For the purposes of this Regulation, the following definitions apply:
‘environmental objective’ means one of the environmental objectives laid down in Article 9 of Regulation (EU) 2020/852;
‘Taxonomy-aligned economic activity’ means an economic activity that complies with the requirements laid down in Article 3 of Regulation (EU) 2020/852;
‘transitional economic activity’ means an economic activity that complies with the requirements laid down in Article 10(2) of Regulation (EU) 2020/852;
‘enabling economic activity’ means an economic activity that complies with the requirements laid down in Article 16 of Regulation (EU) 2020/852;
‘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 meets any or all of the technical screening criteria laid down in those delegated acts;
‘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;
‘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:
an AIFM as defined in Article 4(1), point (b), of Directive 2011/61/EU of the European Parliament and of the Council ( 1 );
a management company as defined in Article 2(1), point (b), of Directive 2009/65/EC of the European Parliament and of the Council ( 2 );
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.
‘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 of the Council ( 3 ), an investment firm as defined in Article 4(1), point (2), of Regulation (EU) No 575/2013, an insurance undertaking as defined in Article 13, point (1), of Directive 2009/138/EC of the European Parliament and of the Council ( 4 ), or a reinsurance undertaking as defined in Article 13, point (4) of Directive 2009/138/EC;
‘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);
‘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
By way of derogation from paragraph 1, for the OpEx KPI referred to in Section 1.1.3 of Annex I to this Regulation, where the operational expenditure is not material for the business model of non-financial undertakings, those undertakings may omit assessing whether operational expenditure related to all their economic activities is taxonomy-eligible or taxonomy-aligned, provided that they:
disclose the total value of the OpEx KPI denominator referred to in Section 1.1.3.1 of Annex I to this Regulation;
explain why the operational expenditure is not material for their business model.
Where the operational expenditure is in principle material for the business model of non-financial undertakings, those non-financial undertakings may omit assessing whether some of their economic activities are taxonomy-eligible or taxonomy-aligned where the cumulative operational expenditure related to those activities is below 10 % of the denominator of the OpEx KPI referred to in Section 1.1.3.1 of Annex I to this Regulation.
Article 3
Disclosures by asset managers
The assets to which the first subparagraph is applied shall be reported separately as non-material assets.
Article 4
Disclosures by credit institutions
The assets to which the first subparagraph is applied shall be reported separately as non-material assets.
The financial guarantees to which the first subparagraph is applied shall be reported separately as non-material financial guarantees.
The assets under management to which the first subparagraph is applied shall be reported separately as non-material assets under management.
The fees and commission income to which the first subparagraph is applied shall be reported separately as non-material fees and commissions.
The financial assets to which the first subparagraph is applied shall be reported separately as non-material assets.
Article 5
Disclosures by investment firms
The assets to which the first subparagraph is applied shall be reported separately as non-material assets.
The revenue to which the first subparagraph is applied shall be reported separately as non-material revenue.
Article 6
Disclosures by insurance and reinsurance undertakings
The gross premiums written or revenue to which the first subparagraph is applied shall be reported separately as non-material gross premiums written or non-material revenue.
The assets to which the first subparagraph is applied shall be reported separately as non-material assets.
Article 7
Disclosure rules common to all financial undertakings
All exposures to undertakings that are not obliged to include sustainability information in their management report pursuant to Article 19a or Article 29a of Directive 2013/34/EU, or that do not belong to groups of undertakings that are obliged to include sustainability information in their management report pursuant to Article 19a or Article 29a of Directive 2013/34/EU, during the financial year, shall be excluded from the denominator of key performance indicators of financial undertakings.
By way of derogation from the first subparagraph, exposures to Special Purpose Vehicles (SPVs) shall be included in the denominator of key performance indicators of financial undertakings where those SPVs finance:
entities subject to Article 19a or 29a of Directive 2013/34/EU or entities that belong to a group where the parent of the SPV is subject to Article 29a of that Directive;
assets operated by entities subject to Article 19a or 29a of Directive 2013/34/EU or entities that belong to a group where the parent of the SPV is subject to Article 29a of that Directive.
By way of derogation from the first subparagraph, financial undertakings may include in the denominator of their key performance indicators the following exposures:
exposures to undertakings as referred to in the first subparagraph where those undertakings report on a voluntary basis the key performance indicators in accordance with Annexes I to XI to this Regulation;
exposures to undertakings referred to in the first subparagraph whose use of proceeds is known.
Where the third subparagraph applies, the exposures referred to in that subparagraph shall be included in the numerator of the key performance indicators of financial undertakings as follows:
exposures referred to in the third subparagraph, point (a), shall be included in the numerator of key performance indicators of financial undertakings weighted by the key performance indicators reported on a voluntary basis by their counterparties in accordance with the methodology laid down in Annexes III, V, VII, and IX to this Regulation;
exposures referred to in the third subparagraph, point (b), shall be included in the numerator of key performance indicators of financial undertakings up to the full value of taxonomy-aligned economic activities that those exposures finance, on the basis of information provided by their counterparties.
▼M3 —————
Financial undertakings shall provide for a breakdown in the numerator and denominator of the key performance indicators, where applicable, for:
exposures to and investments in non-financial undertakings;
exposures to and investments in financial undertakings;
taxonomy-eligible exposures to retail clients;
exposures to local governments;
real estate assets;
exposures to and investment in undertakings as referred to in Article 7(3), third subparagraph.
▼M3 —————
When reporting the key performance indicators in accordance with this Regulation, financial undertakings shall include in the reporting templates:
exposures and investments financing non-material economic activities of their counterparties that are non-financial undertakings reported in accordance with Article 2, paragraphs (1a) and (1b) by weighing their exposures to those counterparties with the proportion of those non-material economic activities in the denominator of key performance indicators of their counterparties;
exposures to their counterparties that are financial undertakings by weighing those exposures with the proportion in the denominator of key performance indicators of those counterparties of activities that are not assessed by those counterparties in accordance with this paragraph;
activities, exposures and investment that the reporting undertakings consider to be non-material in accordance with Article 3(1a), Article 4(1a) to (1e), Article 5(1a) and (1b), Article 6(1a) and (1b), as applicable;
exposures to and investment in financial undertakings that report in accordance with Article 7(9) of this Regulation.
‘No activities are claimed as being associated with economic activities that qualify as environmentally sustainable under Articles 3 and 9 of Regulation (EU) 2020/852 (Taxonomy Regulation)’.
Article 8
Disclosure rules common to all financial undertakings and non-financial undertakings
For the purposes of this paragraph, the first annual reporting period shall cover the year 2023.
Financial undertakings shall use the most recently available data and key performance indicators of their counterparties to calculate their own key performance indicators.
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Where performing or financing the economic activities as referred to in Sections 4.26, 4.27 and 4.28 of Annexes I and II to Delegated Regulation (EU) 2021/2139, non-financial undertakings and financial undertakings shall disclose the proportion of:
taxonomy-aligned economic activities as 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;
taxonomy-eligible economic activities as 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.
Where performing or financing the economic activities as referred to in Sections 4.29, 4.30 and 4.31 of Annexes I and II to Delegated Regulation (EU) 2021/2139, non-financial undertakings and financial undertakings shall disclose the proportion of:
taxonomy-aligned economic activities as 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;
taxonomy-eligible economic activities as 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.
The information referred to in paragraphs 6 and 7 shall be presented in tabular form by using the templates set out in Annexes II, IV, VI, VIII, and X to this Regulation.
Article 9
Review
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:
exposures to central governments and central banks in the numerator and denominator of key performance indicators of financial undertakings;
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.
Article 10
Entry into force and application
From 1 January 2022 until 31 December 2023, financial undertakings shall only disclose:
the proportion in their total assets of exposures to Taxonomy non-eligible and Taxonomy-eligible economic activities;
the proportion in their total assets of the exposures referred to in Article 7, paragraphs 1 and 2;
the proportion in their total assets of the exposures referred to in Article 7(3);
the qualitative information referred to in Annex XI.
Credit institutions shall also disclose the proportion of their trading portfolio and on demand inter-bank loans in their total assets.
Insurance and reinsurance undertakings shall also disclose the proportion of Taxonomy-eligible and Taxonomy non-eligible non-life insurance economic activities.
Sections 1.2.3 and 1.2.4 of Annex V shall apply from 1 January 2028.
The key performance indicators of non-financial undertakings shall cover the economic activities set out in Delegated Regulation (EU) 2023/2486 and Sections 3.18 to 3.21, Sections 6.18 to 6.20 of Annex I to Delegated Regulation (EU) 2021/2139 and Sections 5.13, 7.8, 8.4, 9.3, 14.1 and 14.2 of Annex II to Delegated Regulation (EU) 2021/2139 from 1 January 2025.
From 1 January 2024 until 31 December 2025, financial undertakings shall only disclose:
the proportion in their covered assets of exposures to Taxonomy non-eligible and Taxonomy-eligible economic activities pursuant to Delegated Regulation (EU) 2023/2486 and Sections 3.18 to 3.21, Sections 6.18 to 6.20 of Annex I to Delegated Regulation (EU) 2021/2139 and Sections 5.13, 7.8, 8.4, 9.3, 14.1 and 14.2 of Annex II to Delegated Regulation (EU) 2021/2139;
the qualitative information referred to in Annex XI relating to economic activities referred to in point (a).
The key performance indicators of financial undertakings shall cover the economic activities set out in Delegated Regulation (EU) 2023/2486 and Sections 3.18 to 3.21, Sections 6.18 to 6.20 of Annex I to Delegated Regulation (EU) 2021/2139 and Sections 5.13, 7.8, 8.4, 9.3, 14.1 and 14.2 of Annex II to Delegated Regulation (EU) 2021/2139 from 1 January 2026.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
ANNEX I
KPIs OF NON-FINANCIAL UNDERTAKINGS
1. Content of KPIs to be disclosed by non-financial undertakings
1.1. Specification of key performance indicators (KPI)
1.1.1.
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 (denominator) as defined in Article 2, point (5), of Directive 2013/34/EU. The turnover shall cover the revenue recognised pursuant to International Accounting Standard (IAS) 1, paragraph 82(a), as adopted by Commission Regulation (EC) No 1126/2008 ( 5 ).
The KPI referred to in the first subparagraph shall exclude from its numerator the part of the net turnover derived from products and services associated with economic activities that have been adapted to climate change in line with Article 11(1), point (a) of Regulation (EU) 2020/852 and in accordance with Annex II to Delegated Regulation (EU) 2021/2139, unless those activities:
qualify as enabling activities in accordance with Article 11(1), point (b) of Regulation (EU) 2020/852; or
are themselves Taxonomy-aligned.
1.1.2.
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.
1.1.2.1. Denominator
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 denominator shall also cover additions to tangible and intangible assets resulting from business combinations.
For non-financial undertakings applying international financial reporting standards (IFRS) as adopted by Regulation (EC) No 1126/2008, CapEx shall cover costs that are accounted based on:
IAS 16 Property, Plant and Equipment, paragraphs 73, (e), point (i) and point (iii);
IAS 38 Intangible Assets, paragraph 118, (e), point (i);
IAS 40 Investment Property, paragraphs 76, points (a) and (b) (for the fair value model);
IAS 40 Investment Property, paragraph 79(d), points (i) and (ii) (for the cost model);
IAS 41 Agriculture, paragraph 50, points (b) and (e);
IFRS 16 Leases, paragraph 53, point (h).
For non-financial undertakings applying national generally accepted accounting principles (GAAP), CapEx shall cover the costs accounted under the applicable GAAP that correspond to the costs included in the capital expenditure by non-financial undertakings applying IFRS.
Leases that do not lead to the recognition of a right-of-use over the asset shall not be counted as CapEx.
1.1.2.2. Numerator
The numerator equals to the part of the capital expenditure included in the denominator that is any of the following:
related to assets or processes that are associated with Taxonomy-aligned economic activities;
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;
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 other economic activities listed 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 and provided that such measures are implemented and operational within 18 months.
The CapEx plan referred to in the first paragraph of this point 1.1.2.2 shall meet the following conditions:
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;
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.
Where the relevant technical screening criteria are amended before the completion of the CapEx plan, non-financial undertakings shall either update the plan within two years to ensure the economic activities referred to in point (a) are aligned with the amended technical screening criteria upon the completion of the plan or restate the numerator of the CapEx KPI. The updating of plan shall restart the period referred to in point (a). The period referred to point (a) of the second paragraph of this point 1.1.2.2 can exceed five years only where a longer period is objectively justified by specific features of the economic activity and the upgrade concerned, with a maximum of 10 years. That justification shall feature in the CapEx plan itself and in the contextual information detailed under point 1.2.3 of this Annex.
Where the CapEx plan fails to meet the conditions referred to in the second paragraph of this point 1.1.2.2, previously published KPI related to capital expenditure shall be restated.
The numerator shall contain the part of CapEx referred to in the first paragraph of this point that contributes substantially to any of the environmental objectives. The numerator shall provide for a breakdown for the part of CapEx allocated to substantial contribution to each environmental objective.
1.1.3.
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.
1.1.3.1. Denominator
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 undertaking or third party to whom activities are outsourced that are necessary to ensure the continued and effective functioning of such assets.
Non-financial undertakings that apply national GAAP and are not capitalising right-of-use assets shall include lease costs in the OpEx in addition to the costs listed in the first subparagraph of point 1.1.3.1 of this Annex.
1.1.3.2. Numerator
The numerator equals to the part of the operating expenditure included in the denominator that is any of the following:
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;
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;
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 pursuant to Article 10(3), Article 11(3), Article 12(2), Article 13(2), Article 14(2) or Article 15(2) of Regulation (EU) 2020/852 and provided that such measures are implemented and operational within 18 months.
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 accounted for in the CapEx KPI shall not be counted as OpEx.
The numerator shall include the part of OpEx referred to in the first paragraph of this point that contributes substantially to any of the environmental objectives. The numerator shall provide for a breakdown for the part of the OpEx allocated to substantial contribution to each environmental objective.
▼M3 —————
1.2. Specification of disclosures accompanying the KPIs of non-financial undertakings
Non-financial undertakings shall disclose the following information accompanying the relevant KPIs.
1.2.1.
Non-financial undertakings shall explain:
how turnover, capital expenditure and operating expenditurewere determined and allocated to the numerator;
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.
For turnover and capital expenditure, non-financial undertakings shall include references to the related line items in the financial statements.
Where the application of any calculations has changed since the previous reporting period, non-financial undertakings shall explain why those changes result in more reliable and relevant information and provide for restated comparative figures.
Non-financial undertakings shall disclose any material changes that have occurred during the reporting period in relation to the implementation of the CapEx plans as disclosed in accordance with point and 1.1.2 of this Annex. Non-financial undertakings shall disclose all of the following:
the material changes that have occurred in the CapEx plan and the reasons underlying those changes;
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;
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.
1.2.2.1. Information on assessment of compliance with Regulation (EU) 2020/852:
Non-financial undertakings shall:
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;
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);
explain how they avoided any double counting in the allocation in the numerator of turnover, CapEx, and OpEx KPIs across economic activities.
1.2.2.2. Contribution to multiple objectives
Where an economic activity contributes to several environmental objectives, non-financial undertakings shall:
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;
disclose the turnover, CapEx and OpEx from that activity as contributing to several environmental objectives;
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.
1.2.2.3. Disaggregation of KPIs
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:
any disaggregation is based on criteria that are appropriate for the production process being implemented and reflects the technical specificities of that process;
appropriate information accompanying the KPIs about the basis of such disaggregation is provided.
1.2.3.
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 to IFRS 11 or IAS28, on a pro rata basis corresponding to their share in the equity of the joint venture.
1.2.3.1. Contextual information about turnover KPI
Non-financial undertakings shall provide all of the following:
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;
information about the amounts related to Taxonomy-aligned activities pursued for non-financial undertakings’ own internal consumption;
a qualitative explanation of key elements of change in the turnover KPI during the reporting period;
information on the sector of economic activities considered as non-material according to Article 2 (1a), and an explanation of the absence of materiality of those economic activities.
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 counting.
1.2.3.2. Contextual information about CapEx KPI
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:
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;
an aggregation of additions related to acquisitions through business combinations;
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;
information on the sector of economic activities considered non-material according to Article 2 (1b) and an explanation of the absence of materiality of those economic activities.
Non-financial undertakings shall disclose the key information about each of their CapEx plans referred to in point 1.1.2 of this Annex, including all of the following:
the environmental objectives pursued;
the economic activities concerned;
research, development and innovation activities concerned, where relevant;
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 objective justification of such longer period, based on the specific features of the economic activity and the upgrade concerned;
the total capital expense expected to be incurred during the reporting period and during the period of time of the CapEx plans.
Non-financial undertaking that have issued environmentally sustainable bonds or debt securities with the purpose of financing specific identified Taxonomy-aligned activities shall also disclose the CapEx KPI adjusted for the Taxonomy-aligned capital expenditure financed by such bonds or debt securities.
1.2.3.3. Contextual information about the OpEx KPI
Non-financial undertakings shall provide all of the following:
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;
a qualitative explanation of the key elements of change in OpEx KPI during the reporting period;
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;
information on the sector of economic activities considered non-material according to Article 2 (1c) and an explanation of the absence of materiality of those economic activities.
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 this Annex.
2. Methodology for reporting of KPIs to be disclosed by non-financial undertakings
The following requirements shall apply for the disclosures under Article 8(2) of Regulation (EU) 2020/852:
non-financial undertakings shall identify each economic activity, including a subset of transitional and enabling economic activities;
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;
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 counting;
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 identify the proportion of that activity that is Taxonomy-aligned;
non-financial undertakings shall identify Taxonomy-non-eligible economic activities and disclose the proportion in the denominator of the turnover, CapEx and OpEx KPIs of those economic activities at the level of the undertaking or group;
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
TEMPLATES FOR THE KPIs OF NON-FINANCIAL UNDERTAKINGS
Template 1: Proportion of turnover, CapEx, OpEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – disclosure covering year (N) (summary KPIs)
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Financial year (N) |
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|
KPI |
Total |
Proportion of Taxonomy-eligible activities |
Taxonomy-aligned activities |
Proportion of Taxonomy-aligned activities |
Breakdown by environmental objectives of Taxonomy-aligned activities |
Proportion of enabling activities |
Proportion of transitional activities |
Not assessed activities considered non-material |
Taxonomy-aligned activities in previous financial year (N-1) |
Proportion of Taxonomy-aligned activities in previous financial year (N-1) |
|||||
|
Climate Change Mitigation |
Climate Change Adaptation |
Water |
Circular Economy |
Pollution |
Biodiversity |
||||||||||
|
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) |
(8) |
(9) |
(10) |
(11) |
(12) |
(13) |
(14) |
(15) |
(16) |
|
Text |
Currency |
% |
Currency |
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
Currency |
% |
|
Turnover |
|
% |
|
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
|
% |
|
CapEx |
|
% |
|
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
|
% |
|
OpEx |
|
% |
|
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
|
% |
Explanatory notes for Template 1:
1. (N) indicates the financial year that the reported data refers to. Columns (2) to (14) shall pertain to the financial year (N). (N-1) Indicates the previous financial year. If no data was reported for financial year N-1, leave columns (15) and (16) empty.
2. Column (2) shall contain the denominator of the respective KPI.
3. Column (3) shall contain the proportion of the denominator of the respective KPI that is associated with total Taxonomy-eligible economic activities regardless of whether those activities are taxonomy-aligned or not.
4. Column (5) shall contain the proportion of the denominator of the respective KPI that is associated with total Taxonomy-aligned economic activities.
5. Columns (6) to (11) shall contain the proportion of the denominator of the respective KPI that is associated with Taxonomy-aligned economic activities that contribute substantially to the respective environmental objective. For the respective KPI, the sum of the proportions in columns (6) to (11) shall equal to the figure in the column (5).
6. Column (12) shall contain the proportion of the denominator of the respective KPI that is associated with Taxonomy-aligned economic activities that are enabling economic activities.
7. Column (13) shall contain the proportion of the denominator of the respective KPI that is associated with Taxonomy-aligned economic activities that are transitional economic activities.
8. Column (14) shall contain the proportion of the denominator of the respective KPI associated with economic activities that are considered non-material with respect to the respective KPI and not assessed for Taxonomy-eligibility and Taxonomy-alignment in accordance with Article 2(1a), (1b), and (1c), respectively. For an economic activity considered material with respect to a KPI (turnover, CapEx, or OpEx), undertakings shall assess the Taxonomy-eligibility and alignment of that KPI pertaining to that activity in its entirety and not consider portion of that KPI pertaining to that activity as non-material. Column (14) shall not include any portion of turnover, CapEx, or OpEx associated with material economic activities.
9. Column (16) shall contain the proportion of the denominator of the respective KPI, pertaining to the financial year (N-1), that is associated with total Taxonomy-aligned economic activities pertaining to the financial year (N-1).
10. Columns (5) to (11) to avoid double counting: if the figure in column (5) contains Taxonomy-aligned economic activities that contribute substantially to more than one environmental objective at the same time, the substantial contribution of those economic activities to multiple environmental objectives should be indicated under the respective environmental objectives in columns (6) to (11) of Template 2 on respective activity rows, but should not be double counted in columns (5) to (11) of Template 1.
Template 2: Proportion of turnover, CapEx, OpEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – disclosure covering year (N) (activity breakdown)
|
Reported KPI (Turnover/CapEx/OpEx) |
|
|
Financial year (N) |
|
|
Economic Activities |
Code |
Taxonomy-eligible KPI (Proportion of Taxonomy-eligible Turnover/CapEx/OpEx) |
Taxonomy-aligned KPI (monetary value of Turnover/ CapEx/OpEx) |
Taxonomy-aligned KPI (Proportion of Taxonomy-aligned Turnover, CapEx, OpEx |
Environmental objective of Taxonomy-aligned activities |
Enabling activity |
Transitional activity |
Proportion of Taxonomy-aligned in Taxonomy-eligible |
|||||
|
Climate Change Mitigation |
Climate Change Adaptation |
Water |
Circular Economy |
Pollution |
Biodiversity |
||||||||
|
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) |
(8) |
(9) |
(10) |
(11) |
(12) |
(13) |
(14) |
|
Text |
|
% |
Currency |
% |
% |
% |
% |
% |
% |
% |
(E where applicable) |
(T where applicable) |
% |
|
Activity 1 |
|
|
|
% |
% |
% |
% |
% |
% |
% |
|
|
% |
|
Activity 2 |
|
|
|
% |
% |
% |
% |
% |
% |
% |
|
|
% |
|
Sum of alignment per objective |
|
|
|
% |
% |
% |
% |
% |
% |
|
|
|
|
|
Total KPI (Turnover/CapEx/OpEx) |
|
|
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
|
Explanatory notes for Template 2:
1. Non-financial undertakings shall duplicate this template to disclose separately the turnover, the CapEx and the OpEx KPIs, clearly indicating in the title of each table which KPI the table refers to. Where non-financial undertakings disclose zero Taxonomy-eligible KPI (turnover, CapEx, or OpEx, respectively), in Template 1, column (3), they may omit disclosing Template 2 for that KPI.
2. (N) indicates the financial year that the reported data refers to. Columns (2) to (14) pertain to financial year (N).
3. For activity rows, column (2): The Code constitutes the abbreviation of the relevant objective to which the economic activity is eligible to make a substantial contribution, as well as the Section number of the activity in the relevant Annex covering the objective, i.e.:
For example, the Activity ‘Afforestation’ has the Code: CCM 1.1. Where activities are eligible to make a substantial contribution to more than one objective, the codes for all objectives should be indicated.
4. For activity rows, column (3) shall contain the proportion of the denominator of the respective KPI, as reported in Template 1, that is associated with a Taxonomy-eligible economic activity regardless of whether or not that activity is Taxonomy-aligned, or only a portion of that activity is Taxonomy-aligned.
5. For activity rows, column (5) shall contain the proportion of the denominator of the respective KPI, as reported in Template 1, that is associated with a Taxonomy-aligned economic activity, or with the Taxonomy-aligned portion of a Taxonomy-eligible activity.
6. For activity rows, columns (6) to (11) shall contain the proportion of the denominator of the respective KPI, as reported in Template 1, that is associated with a Taxonomy-aligned economic activity, or its portion, that contributes substantially to the respective environmental objective for which the economic activity is Taxonomy-eligible. Columns corresponding to the environmental objectives for which the economic activity is not Taxonomy-eligible should be left empty. Where a Taxonomy-aligned economic activity, or its portion, contributes substantially to several environmental objectives, the columns under those environmental objectives shall contain the corresponding proportion of the denominator of the respective KPI, as reported in Template 1, that is associated with that activity or its portion. In other words, where an activity contributes substantially to more than one environmental objective at the same time, its substantial contribution should be indicated under multiple environmental objectives in the row pertaining to that economic activity.
7. Column (14) shall contain the ratio of the figure in column (5) divided by the figure in column (3) in the respective rows.
8. Row ‘Sum of alignment per objective’: columns (6) to (11) shall contain the sum of figures for all reported activities under the respective columns. The sum of columns (6) to (11) on this row might possibly result in more than 100 %.
9. Row ‘Total KPI’: columns (3) to (13) shall contain the sum of figures for all reported activities under the respective columns. For columns (4) to (11), when perfoming the summation in the row ‘Total KPI’, non-financial undertakings shall not double count the contributions to multiple environmental objectives and include only the environmental objective they deem the most relevant. Figure in column (5) in this row, i.e. Total Taxonomy-aligned KPI, shall equal the sum of figures reported in columns (6) to (11) in this row. The figures reported in the row ‘Total KPI’ in columns (3) to (13) in Template 2 shall equal to the figures reported in corresponding columns (3) to (13) in the Template 1. In order to avoid double counting, financial undertakings will take into account the Total KPI figure as reported in Template 1 when computing their own KPIs.
ANNEX III
KPI OF ASSET MANAGERS
1. Content of KPI to be disclosed by asset managers
The KPI shall be calculated as the numerator divided by the denominator as specified in points 1.1 and 1.2 of this Annex.
1.1. Numerator
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 following:
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;
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;
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;
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 dealing on own account in the income of the investment firm;
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 non-life investee insurance and reinsurance undertakings in accordance with this Annexes IX and X.
The calculation shall allow netting for the purposes of reporting the proportion of investments in taxonomy-aligned economic activities by applying the methodology used to calculate net short positions laid down in Article 3, paragraphs 4 and 5 of Regulation (EU) No 236/2012 of the European Parliament and of the Council ( 6 ).
By way of derogation from the first subparagraph of this point 1.1, debt securities with the purpose of financing specific identified activities or projects or environmentally sustainable bonds issued by an investee undertaking shall be included in the numerator up to the value of Taxonomy-aligned economic activities that the proceeds of those bonds and debt securities finance, on the basis of information provided by the investee undertaking.
By way of derogation from the first subparagraph of this Section, investments in real estate shall be included in the numerator to the extent and in the proportion in which they finance Taxonomy-aligned economic activities.
1.2. Denominator
The denominator shall consist of the value of all Asset under Management (AuM) covered under Article 7(6) 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 of the investee companies and a KPI based on the CapEx KPI of investee companies.
2. Methodology for preparing and reporting the KPI to be disclosed by asset managers
For the purposes of disclosures under Article 8(1) of Regulation (EU) 2020/852, asset managers shall:
disclose the KPIs for each environmental objective and for aggregated taxonomy-aligned economic activities at the level of the relevant undertaking or group;
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;
provide for a breakdown of the numerator and denominator per type of investment;
disclose the KPIs in relation to aggregated taxonomy-eligible economic activities;
▼M3 —————
disclose the proportion in total investments of covered investments in exposures referred to in Article 7(6) of this Regulation;
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
TEMPLATE FOR THE KPI OF ASSET MANAGERS
Standard template for the disclosure required under Article 8 of Regulation (EU) 2020/852 (asset managers)
|
|
|
|
|
|
|
Disclosure reference date |
|
|
|
|
Exposures |
% |
Million EUR |
|
1 |
Total AUM |
100 |
|
|
2 |
Assets covered by the KPI |
|
|
|
|
% of covered assets |
% Turnover based |
% CapEx based |
|
3 |
Taxonomy eligible |
|
|
|
4 |
Nuclear activities (1) |
|
|
|
5 |
Fossil gas activities (2) |
|
|
|
6 |
Taxonomy aligned |
|
|
|
7 |
Undertakings subject to Articles 19a and 29a of Directive 2013/34/EU |
|
|
|
8 |
of which Non-financial undertakings |
|
|
|
9 |
of which Financial undertakings |
|
|
|
10 |
Other covered counterparties and real estate assets |
|
|
|
11 |
Exposures included on a voluntary basis (3) |
|
|
|
12 |
Transitional activities |
|
|
|
13 |
Enabling activities |
|
|
|
14 |
Nuclear activities (1) |
|
|
|
15 |
Fossil gas activities (2) |
|
|
|
|
Taxonomy aligned per objective |
% Turnover based |
% CapEx based |
|
16 |
Climate Change Mitigation (CCM) |
|
|
|
17 |
Climate Change Adaptation (CCA) |
|
|
|
18 |
Water and marine resources (WTR) |
|
|
|
19 |
Circular economy (CE) |
|
|
|
20 |
Pollution (PPC) |
|
|
|
21 |
Biodiversity and Ecosystems (BIO) |
|
|
|
22 |
Non-assessed exposures |
|
|
|
23 |
Exposures financing non-assessed non-material activities of counterparties (4) |
|
|
|
24 |
Non-assessed exposures considered non-material by the reporting entity (5) |
|
|
|
25 |
Exposures to counterparties reporting in accordance with Article 7(9) of this Regulation (6) |
|
|
|
|
|
|
|
|
|
Breakdown of covered assets |
% |
Million EUR |
|
26 |
Undertakings subject to Articles 19a and 29a of Directive 2013/34/EU |
|
|
|
27 |
of which Non-financial undertakings |
|
|
|
28 |
of which Financial undertakings |
|
|
|
29 |
Other covered counterparties and real estate assets |
|
|
|
30 |
Exposures included on a voluntary basis (3) |
|
|
|
(1)
Referred to in Sections 4.26, 4.27 and 4.28 of Annexes I and II to Delegated Regulation (EU) 2021/2139.
(2)
Referred to in Sections 4.29, 4.30 and 4.31 of Annexes I and II to Delegated Regulation (EU) 2021/2139.
(3)
In accordance with Article 7(3) of this Regulation.
(4)
In accordance with Article 7(8)(a) and (b) of this Regulation.
(5)
In accordance with Article 3(1a) of this Regulation. Figures should be the same in both columns.
(6)
Figures should be the same in both columns. |
|||
ANNEX V
KPIs OF CREDIT INSTITUTIONS
1. Content of KPIs to be disclosed by credit institutions
1.1. Scope of the KPIs
1.1.1.
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.
1.1.2.
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, ►M2 equity instruments ◄ and repossessed collaterals:
financial assets at amortised cost;
financial assets at fair value through other comprehensive income;
investments in subsidiaries;
joint ventures and associates;
financial assets designated at fair value through profit or loss and non-trading financial assets mandatorily at fair value through profit or loss;
real estate collaterals obtained by credit institutions by taking possession in exchange for the cancellation of debts.
The exposures referred to in Article 7(1) of this Regulation shall be excluded from the coverage of the GAR.
The following assets shall be excluded from the numerator and the denominator of the GAR:
financial assets held for trading;
on-demand interbank loans;
exposures to undertakings that are not obliged to publish non-financial information pursuant to Article 19a or 29a of Directive 2013/34/EU;
derivatives;
cash and cash-related assets;
other categories of assets (such as goodwill, commodities, etc.).
The calculation of KPIs for off-balance sheet exposures shall consider financial guarantees granted by the credit institution and assets under management for guarantee and investee non-financial undertakings. Other off-balance sheet exposures such as commitments shall be excluded from that calculation.
1.2. Content of the KPIs and methodology
1.2.1.
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 of prudential consolidation in accordance with Regulation (EU) No 575/2013, Title II, Chapter 2, Section 2 for the types of assets and accounting portfolios specified in point 1.1.2 of this Annex, including information on stock and flows, on transitional and enabling activities, and on specialised and general purpose lending.
Credit institutions shall disclose all of the following:
the aggregate GAR for covered on-balance sheet assets;
the breakdown by environmental objective and by type of counterparty.
The definition of the KPIs shall be based on the following components:
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;
the denominator, which shall cover the total loans and advances, total debt securities, total equities and total repossessed collaterals and all other covered on-balance sheet assets.
In addition to GAR, credit institutions shall disclose the percentage of their total assets that are excluded from the numerator of the GAR in accordance with Article 7(2) and (3) of this Regulation and point 1.1.2 of this Annex.
1.2.1.1. GAR applying to exposures to non-financial undertakings
Credit institutions shall disclose the GAR for the stock of loans, debt securities and ►M2 equity instruments ◄ and the flow for new lending. Credit institutions shall follow the following steps to calculate the GAR for each environmental objective.
|
Environmental objectives |
First step |
Second step |
Green asset ratio (GAR) |
|
Climate change mitigation (CCM) |
Proportion of loans and advances/debt securities/equity instruments financing Taxonomy-eligible economic activities for the objective of climate change mitigation as compared to total loans to/debt securities/equity instruments of non-financial undertakings and all other covered on-balance sheet assets |
Proportion of loans and advances/debt securities/equity instruments financing Taxonomy-aligned economic activities for the objective of climate change mitigation, compared to loans and advances/debt securities/equity instruments financing economic activities in sectors covered by the Taxonomy for the objective of climate change mitigation Of which: use of proceeds Of which: enabling activities Of which: transitional activities |
Proportion of loans and advances/debt securities/equity instruments financing Taxonomy-aligned economic activities for the objective of climate change mitigation, compared to total loans and advances/debt securities/equity instruments of non-financial undertakings and all other covered on-balance sheet assets Of which: use of proceeds Of which: enabling activities Of which: transitional activities Stock and flow |
|
|
|
||
|
|
|||
|
Climate change adaptation (CCA) |
Proportion of loans and advances/debt securities/equity instruments financing Taxonomy-eligible economic activities for the objective of climate change adaptation compared to total loans to/debt securities/equity instruments of non-financial undertakings and all other covered on-balance sheet assets |
Proportion of loans and advances/debt securities/equity instruments financing Taxonomy-aligned economic activities for the objective of climate change adaptation compared to loans and advances/debt securities/equity instruments financing economic activities in sectors covered by the Taxonomy for the objective of climate change adaptation Of which: use of proceeds Of which: enabling activities |
Proportion of loans and advances/debt securities/equity instruments financing Taxonomy-aligned economic activities for the objective of climate change adaptation compared to total loans and advances/debt securities/equity instruments of non-financial undertakings and all other covered on-balance sheet assets Of which: use of proceeds Of which: enabling activities Stock and flow |
|
|
|
||
|
|
|||
|
Water and marine resources (WTR) |
Proportion of loans and advances/debt securities/equity instruments financing Taxonomy-eligible economic activities for the objective of sustainable use and protection of water and marine resources compared to total loans to/debt securities/equity instruments of non-financial undertakings and all other covered on-balance sheet assets |
Proportion of loans and advances/debt securities/equity instruments financing Taxonomy-aligned economic activities for the objective of sustainable use and protection of water and marine resources compared to loans and advances/debt securities/equity instruments financing economic activities in sectors covered by the Taxonomy for the objective of sustainable use and protection of water and marine resources Of which: use of proceeds Of which: enabling activities |
Proportion of loans and advances/debt securities/equity instruments financing Taxonomy-aligned economic activities for the objective of sustainable use and protection of water and marine resources compared to total loans and advances/debt securities/equity instruments of non-financial undertakings and all other covered on-balance sheet assets Of which: use of proceeds Of which: enabling activities Stock and flow |
|
|
|
||
|
|
|||
|
Circular economy (CE) |
Proportion of loans and advances/debt securities/equity instruments financing Taxonomy-eligible economic activities for the objective of transition to a circular economy compared to total loans to/debt securities/equity instruments of non-financial undertakings and all other covered on-balance sheet assets |
Proportion of loans and advances/debt securities/equity instruments financing Taxonomy-aligned economic activities for the objective of transition to a circular economy compared to loans and advances/debt securities/equity instruments financing economic activities in sectors covered by the Taxonomy for the objective of transition to a circular economy Of which: use of proceeds Of which: enabling activities |
Proportion of loans and advances/debt securities/equity instruments financing Taxonomy-aligned economic activities for the objective of transition to a circular economy compared to total loans and advances/debt securities/equity instruments of non-financial undertakings and all other covered on-balance sheet assets Of which: use of proceeds Of which: enabling activities Stock and flow |
|
|
|
||
|
|
|||
|
Pollution (PPC) |
Proportion of loans and advances/debt securities/equity instruments financing Taxonomy-eligible economic activities for the objective of pollution prevention control compared to total loans to/debt securities/equity instruments of non-financial undertakings and all other covered on-balance sheet assets |
Proportion of loans and advances/debt securities/equity instruments financing Taxonomy-aligned economic activities for the objective of pollution prevention control compared to loans and advances/debt securities/equity instruments financing economic activities in sectors covered by the Taxonomy for the objective of pollution prevention control Of which: use of proceeds Of which: enabling activities |
Proportion of loans and advances/debt securities/equity instruments financing Taxonomy-aligned economic activities for the objective of pollution prevention and control compared to total loans and advances/debt securities/equity instruments of non-financial undertakings and all other covered on-balance sheet assets Of which: use of proceeds Of which: enabling activities Stock and flow |
|
|
|
||
|
|
|||
|
Biodiversity and Ecosystems (BIO) |
Proportion of loans and advances/debt securities/equity instruments financing Taxonomy-eligible economic activities for the objective of protection and restoration of biodiversity and ecosystems compared to total loans to/debt securities/equity instruments of non-financial undertakings and all other covered on-balance sheet assets |
Proportion of loans and advances/debt securities/equity instruments financing Taxonomy-aligned economic activities for the objective of protection and restoration of biodiversity and ecosystems compared to loans and advances/debt securities/equity instruments financing economic activities in sectors covered by the Taxonomy for the objective of protection and restoration of biodiversity and ecosystems Of which: use of proceeds Of which: enabling activities |
Proportion of loans and advances/debt securities/equity instruments financing Taxonomy-aligned economic activities for the objective of protection and restoration of biodiversity and ecosystems compared to total loans and advances/debt securities/equity instruments of non-financial undertakings and all other covered on-balance sheet assets Of which: use of proceeds Of which: enabling activities Stock and flow |
(i) GAR for lending activities to non-financial undertakings (loans and advances – GAR L&A)
Credit institutions shall use and disclose the following items for the calculation of the GAR for this type of exposures:
total loans and advances to non-financial undertakings, including loans and advances recognised under the accounting categories referred to in point 1.2 of this Annex, that is the gross carrying amount of:
loans and advances at amortised cost and at fair value through other comprehensive income;
loans and advances not held for trading at fair value through profit or loss.
loans and advances to non-financial undertakings financing Taxonomy-eligible economic activities for each environmental objective, including the gross carrying amount of loans and advances in the relevant accounting categories towards companies carrying out taxonomy-eligible economic activities (where available, 4 level Nomenclature of Economic Activities (NACE) codes) relevant for each environmental objective.
loans and advances to non-financial undertakings financing taxonomy-aligned economic activities for each environmental objective, including all loans and advances financing taxonomy-aligned economic activities, including subsets of transitional and enabling economic activities.
The amount for the purpose of (1)(c) shall be calculated by using the following formula 1(c) = (1)(c)(1) + (1)(c)(2) where:
For the purposes of point (1)(c)(1), credit institutions shall consider the gross carrying amount of the exposures where the use of proceeds is known, including specialised lending exposures, to the non-financial undertaking to the extent and proportion that they finance a Taxonomy-aligned economic activity. The assessment of whether that requirement has been met shall be based on information provided by the counterparty on the project or activities to which the proceeds will be applied. Credit institutions shall provide information on the type of economic activity that is financed. Double counting shall not be allowed. Where the same specialised lending exposure is relevant for two environmental objectives, credit institutions shall allocate it to the most relevant objective.
For the purposes of point (1)(c)(2), credit institutions shall rely on the CapEx and turnover KPI that the counterparty shall disclose for each environmental objective in accordance with this Regulation. The amount of loans and advances to non-financial undertakings shall be the sum of the gross carrying amount of the total loans and advances with unknown use of proceeds to non-financial undertakings weighted by the proportion of taxonomy-aligned economic activities with a breakdown for transition and enabling activities for each counterparty.
Credit institutions shall calculate the KPIs for those type of exposures as follows:
GAR L&A (for each environmental objective) = (1)(c)/(1)(a). Credit institutions shall disclose the GAR based on CapEx and turnover KPIs and separately the part of the KPI that refers to enabling and transitional activities, where relevant.
The following aspects of the KPIs shall be disclosed:
in terms of stock, based on the total gross carrying amount of loans and advances as of the disclosure reference date;
in terms of flow, based on the gross carrying amount of new loans and advances during the year prior to the disclosure reference date;
with a separate breakdown for enabling and for transitional and adaptation activities, and for specialised lending.
(ii) GAR for debt securities to non-financial undertakings (‘GAR DS’)
Credit institutions shall calculate and disclose the following items for the calculation of the GAR for this type of exposures:
Total debt securities of non-financial undertakings, including the gross carrying amount of debt securities at amortised cost and at fair value through other comprehensive income, and debt securities not held for trading at fair value through profit or loss;
Debt securities of non-financial undertakings financing Taxonomy-eligible economic activities for each environmental objective, including the gross carrying amount of debt securities in the relevant accounting categories towards companies carrying out taxonomy-eligible economic activities (where available 4 level NACE codes)
Debt securities to relevant entities financing taxonomy-aligned economic activities, including all debt securities financing taxonomy-aligned economic activities, including transitional and enabling activities.
The amount for the purposes of (2)(c) shall be calculated by using the following formula:
represents debt securities where the use of proceeds is known;
represents debt securities where the use of proceeds is not known.
For the purposes of point 2(c)(1), credit institutions shall consider the following:
For the purposes of point (2)(c)(2), credit institutions shall rely on the turnover KPI and CapEx KPI that the counterparty shall disclose in accordance with Article 2 of this Regulation. The amount of debt securities to non-financial undertakings shall be the sum of the gross carrying amount of the total debt securities with unknown use of proceeds weighted by the proportion of taxonomy-aligned economic activities with a breakdown for transition and enabling activities for each counterparty.
Credit institutions shall calculate the KPIs proposed according to the following formula for this type of exposures:
GAR DS = (2)(c)/(2)(a) based on turnover KPI; (2)(c)/(2)(a) based on CapEx KPI.
The following aspects of KPIs shall be disclosed:
in terms of stock, based on the total gross carrying amount of debt securities as of the disclosure reference date;
in terms of flow, based on the gross carrying amount of new debt securities during the year prior to the disclosure reference date;
with separate breakdown for enabling and transitional activities, and for specialised lending.
(iii) Green asset ratio for ►M2 equity instruments ◄ of credit institutions in non-financial undertakings (‘GAR EH’)
Credit institutions shall calculate and disclose:
the proportion of ►M2 equity instruments ◄ in non-financial undertakings performing taxonomy-eligible economic activities compared to total ►M2 equity instruments ◄ in non-financial undertakings.
The numerator shall cover the gross carrying amount of the ►M2 equity instruments ◄ not held for trading that comprise financial assets at fair value through other comprehensive income and financial assets not held for trading at fair value through profit or loss and investments in subsidiaries, joint ventures and associates, of non-financial undertakings performing taxonomy-eligible economic activities.
The denominator shall cover the total gross carrying amount of the ►M2 equity instruments ◄ not held for trading that comprise financial assets at fair value through other comprehensive income and financial assets not held for trading at fair value through profit or loss and investments in subsidiaries, joint ventures and associates, of non-financial undertakings.
the proportion of ►M2 equity instruments ◄ in non-financial undertakings performing taxonomy-aligned economic activities compared to ►M2 equity instruments ◄ in those non-financial undertakings performing taxonomy-eligible economic activities.
The numerator equals to the gross carrying amount of the ►M2 equity instruments ◄ not held for trading based on the turnover KPI and CapEx KPI related to taxonomy-aligned economic activities of the non-financial undertaking to which the equity instruments belongs.
The denominator shall include the gross carrying amount of the ►M2 equity instruments ◄ not held for trading based on the turnover KPI of the non-financial undertakings performing taxonomy-eligible economic activities.
GAR EH = Proportion of ►M2 equity instruments ◄ in non-financial undertakings financing taxonomy-aligned economic activities compared to total ►M2 equity instruments ◄ in non-financial undertakings.
The numerator shall equals to the gross carrying amount of the ►M2 equity instruments ◄ not held for trading weighted by the turnover and CapEx KPI related to taxonomy-aligned economic activities as disclosed by the non-financial undertaking to which the equity instruments belongs.
The denominator shall include the total gross carrying amount of the ►M2 equity instruments ◄ not held for trading of non-financial undertakings.
The followings aspects of ratios shall be disclosed:
in terms of stock, based on the total gross carrying amount of ►M2 equity instruments ◄ as of the disclosure reference date;
in terms of flow, based on the gross carrying amount of ►M2 equity instruments ◄ during the year prior to the disclosure reference date;
with separate breakdown for enabling and for transitional activities.
(iv) GAR on total financing in non-financial undertakings (lending plus ►M2 equity instruments ◄ )
The three ratios for each environmental objective shall be disclosed based on turnover KPI and, for debt securities and ►M2 equity instruments ◄ , based on turnover KPI and CapEx KPI of underlying assets at an aggregate level for all financing on-balance sheet instruments, including ►M2 equity instruments ◄ , in non-financial undertakings.
The numerator and denominator of the ratios shall contain the gross carrying amount of loans and advances, debt securities and ►M2 equity instruments ◄ relevant in each case.
1.2.1.2. Green asset ratio for lending activities to and ►M2 equity instruments ◄ of financial undertakings
GAR for lending activities to ►M2 equity instruments ◄ of financial undertakings shall be calculated as a proportion of loans and advances, debt securities and ►M2 equity instruments ◄ of relevant accounting portfolios financing taxonomy-aligned economic activities for each environmental objective, compared to total loans and advances, debt securities and ►M2 equity instruments ◄ of financial undertakings.
This GAR shall contain disclosures for all the environmental objectives, with a breakdown for enabling activities. For the climate change mitigation, the GAR shall also contain disclosures of transitional activities. Credit institutions shall also provide disclosures of stock and flow.
For exposures where the use of proceeds is known, credit institutions shall consider, for the numerator of the GAR for financial undertakings, the gross carrying amount of loans and advances and debt securities of relevant accounting portfolios to financial undertakings to the extent and proportion in which those exposures finance Taxonomy-aligned economic activities. The assessment of whether that requirement has been met shall be based on information provided by the counterparty. Double counting shall not be allowed. Where the same exposure is relevant for two environmental objectives, credit institutions shall allocate it to the most relevant objective.
For exposures where the use of proceeds is not known, the numerator of the GAR for financial undertakings shall be calculated based on the counterparties’ KPIs calculated under this Regulation. The amount of loans and advances, debt securities and equity holdings of relevant accounting portfolios to financial undertakings to be considered in the numerator of the ratio shall be the sum of their gross carrying amount, weighted by the proportion of Taxonomy-aligned economic activities with breakdown for all the environmental objectives and enabling activities for each counterparty. For the climate change mitigation objective, the breakdown shall also contain transitional activities for each counterparty.
Where the counterparty is another credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013, and, only for this purpose, a multilateral development bank referred to in Article 117(1), second subparagraph, or Article 117(2) of that Regulation, the turnover-based and CapEx based KPIs used shall be the gross carrying amount of debt securities, loans and advances and equity instruments of relevant accounting portfolios weighted by the ‘Total GAR of the counterparty’, that is gross carrying amount multiplied by ‘Total GAR’ of the counterparty.
Where the counterparty is an investment firm, the following calculation of the KPI shall apply based on the proportion of the services in the income of the investment firm:
for investment firms dealing on own account in accordance with Section A of Annex I to Directive 2014/65/EU of the European Parliament and of the Council ( 7 ), the gross carrying amount of debt securities, loans and advances and ►M2 equity instruments ◄ shall be weighted by the turnover based and CapEx based GAR disclosed by the investment firms, that is the gross carrying amount is multiplied by ‘the value of assets invested (debt securities, equity instruments, cash equivalents and derivatives) in taxonomy-aligned economic activities as a proportion of the value of total assets invested’.
for investment firms other than dealing on own account in accordance with Section A of Annex I to Directive 2014/65/EU, the gross carrying amount of debt securities, loans and advances and ►M2 equity instruments ◄ shall be weighted by the turnover based and CapEx based KPI on revenues, that is fees, commissions and other monetary benefits, disclosed by the investment firms, that is gross carrying amount is multiplied by ‘fees, commissions and other monetary benefits from services and activities into taxonomy-aligned economic activities as a proportion of the total fees, commission income and other monetary benefits from all services and activities’.
Where the counterparty is asset manager, the turnover based and CapEx based KPIs shall be the gross carrying amount of debt securities, loans and advances and ►M2 equity instruments ◄ weighted by the ratio of the counterparty’s investments that are in taxonomy-aligned economic activities, as specified in Annex III and IV to this Regulation, that is the gross carrying amount is multiplied by the asset manager’s ratio of total investments.
In the case of investees that are insurance or reinsurance undertakings, the benchmark shall be 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 or of the underwriting KPI of the investee in accordance with Annexes XI and X to this Regulation.
The denominator shall be the total gross carrying amount of loans and advances, debt securities and ►M2 equity instruments ◄ of relevant accounting portfolios in financial undertakings.
1.2.1.3. Green asset ratio for retail exposures
GAR for retail exposures to residential real estate or house renovation loans shall be calculated as a proportion of loans to households collateralised by residential immovable property or granted for house renovation purposes that is Taxonomy-aligned in accordance with the relevant technical screening criteria for buildings, in particular renovation and acquisition and ownership in accordance with Sections 7.1, 7.2, 7.3, 7.4, 7.5, 7.6, and 7.7 respectively of Annex I or Annex II to Delegated Regulation (EU) 2021/2139 or Sections 3.1 and 3.2 of Annex II to Delegated Regulation (EU) 2023/2486, compared to total loans to households collateralised by residential immovable property or granted for house renovation purposes. This GAR shall include disclosures of transitional activities, and disclosures of stock and flow.
GAR for retail exposures to credit consumption loans for car loans shall be calculated as the proportion of loans financing cars complying with the technical screening criteria as laid down in Section 6.5 of Annex I to Climate Delegated Act. This GAR shall include disclosures of transitional activities, and disclosures of stock of loans only for loans granted after [the date of application of this Regulation] and flow of loans. This GAR shall apply only to investments relevant for climate change mitigation.
KPIs on retail exposures financing taxonomy-aligned economic activities shall only apply for the objective of climate change mitigation.
(i) Residential real estate lending
‘Credit institutions’ KPI disclosure shall cover the retail lending portfolio, in particular the mortgage lending portfolio. This KPI shall be disclosed by taking into account compliance with the technical screening criteria for buildings as laid down in Sections 7.1, 7.2, 7.3, 7.4, 7.5, 7.6 and 7.7 of Annex I or Annex II to Delegated Regulation (EU) 2021/2139 or Sections 3.1 and 3.2 of Annex II to Delegated Regulation (EU) 2023/2486.
Credit institutions shall disclose the KPI for their residential real estate lending portfolio as a proportion of loans to households collateralised by residential immovable property contributing to the relevant environmental objectives as laid down, in particular, in Sections 7.1, 7.2, 7.3, 7.4, 7.5, 7.6 and 7.7 of Annex I or Annex II to Delegated Regulation (EU) 2021/2139 or Sections 3.1 and 3.2 of Annex II to Delegated Regulation (EU) 2023/2486, compared to total loans to households collateralised by residential immovable property.
Credit institutions shall disclose information for the stock of loans as of the disclosure reference date, and information on the flows of new lending during the disclosure period.
The numerator of the ratio shall include the gross carrying amount of residential real estate loans compliant with the technical screening criteria in Section 7.7 of Annex I to Climate Delegated Act.
In the numerator of the ratio credit institutions shall also consider those loans granted for the renovation of a building or of a house in accordance with the relevant technical screening criteria for buildings, in particular, in accordance with Sections 7.1, 7.2, 7.3, 7.4, 7.5 and 7.6 of Annex I or Annex II to Delegated Regulation (EU) 2021/2139 or Sections 3.1 and 3.2 of Annex II to Delegated Regulation (EU) 2023/2486.
The denominator shall include the total gross carrying amount of loans to households collateralised by residential property plus the total gross carrying amount of house renovation loans to households, avoiding double counting of loans in case that the latter are collateralised loans.
(ii) Retail – Credits consumptions loans for cars
Credit institutions shall disclose a KPI for loans granted to households for the acquisition of a motor vehicle (car loans). A KPI shall be the proportion of loans associated with cars complying with the technical screening criteria in accordance with Section 6.5 of Annex I to Climate Delegated Act.
Credit institutions shall consider those car loans granted from the date of application of the disclosure requirements, both for the KPI on stock and on new loans. Update on the stock of loans granted before the application date shall not be considered.
1.2.1.4. GAR for loans and advances financing public housing and other specialised lending to public authorities
Where credit institutions have a business model based to a great extent on financing public housing, they shall disclose a KPI concerning the proportion of exposures to public authorities financing activities in compliance with the relevant technical screening criteria, in particular, in accordance with Sections 7.1, 7.2, 7.3, 7.4, 7.5, 7.6 and 7.7 of Annex I or Annex II to Delegated Regulation (EU) 2021/2139 or Sections 3.1 and 3.2 of Annex II to Delegated Regulation (EU) 2023/2486. This GAR shall be estimated and disclosed by the credit institution as a proportion of loan or debt securities exposures to municipalities financing public housing compliant with the relevant technical screening criteria, in particular, in accordance with Sections 7.1, 7.2, 7.3, 7.4, 7.5, 7.6 and 7.7 of Annex I or Annex II to Delegated Regulation (EU) 2021/2139 or Sections 3.1 and 3.2 of Annex II to Delegated Regulation (EU) 2023/2486 compared to total loans to municipalities financing public housing. The credit institution shall include disclosures of stock and flow.
The methodology for the computation of the numerator and denominator shall be the same as the methodology for residential real estate lending.
For the financing of other activities and assets than public housing where the use of proceeds is known, credit institutions shall consider the gross carrying amount of those exposures, including specialised lending exposures, to the public authority to the extent and proportion that the lending finances a Taxonomy-aligned economic activity. The assessment of whether that requirement has been met shall be based on information provided by the public authority on the project or activities to which the proceeds will be applied. Credit institutions shall provide information on the type of economic activity that is funded. Double counting shall not be allowed. Where the same specialised lending exposure is relevant for two environmental objectives, credit institutions shall allocate it to the most relevant objective.
1.2.1.5. Other on-balance sheet exposures – Repossessed real estate collaterals
Credit institutions shall disclose the KPI for the proportion of compliance with the technical screening criteria in Section 7.7 of Annex I to Climate Delegated Act of their commercial and residential repossessed real estate collateral held-for-sale portfolio for the environmental objective of climate change mitigation as a proportion of commercial and residential repossessed real estate collateral complying with the technical screening criteria in Section 7.7 of Annex I to Climate Delegated Act, compared to total commercial and residential repossessed real estate collateral.
Credit institutions shall disclose information for the stock of loans as of the disclosure reference date, and information on the flows of new assets during the disclosure period.
The numerator of the ratio shall include the gross carrying amount of commercial and residential repossessed real estate collaterals compliant with the technical screening criteria for buildings in Section 7.7 of Annex I to Climate Delegated Act.
The denominator shall include the total gross carrying amount of held-for-sale commercial and residential real estate collaterals repossessed by the credit institution.
Credit institutions shall disclose information for the stock of loans as of the disclosure reference date, and information on the flows of new lending during the disclosure period.
1.2.1.6. Total GAR
Credit institutions shall disclose information on the total GAR. This shall reflect the cumulative value of the exposure-based KPIs, by including in the denominator the total on-balance sheet assets without exposures referred to in Article 7(1) and by adding in the total numerator the numerators of environmentally sustainable exposures of the exposure-based KPIs:
total GAR for financing activities directed at financial undertakings, for all the environmental objectives;
total GAR for financing activities directed at non-financial undertakings, for all the environmental objectives;
GAR for residential real estate exposures, including house renovation loans, for the objectives of climate change mitigation, climate change adaptation, and circular economy;
GAR for retail car loans, for the objective of climate change mitigation;
GAR for use of proceeds financing local governments, for all the environmental objectives;
GAR for commercial and residential repossessed real estate collateral held for sale, for climate change objectives.
Together with the total GAR, credit institutions shall disclose the percentage of assets that are excluded from the numerator of the GAR in accordance with Article 7 (2) and (3) and Section 1.1.2 of this Annex.
1.2.2. KPIs for off-balance sheet exposures
Credit institutions shall disclose a complementary ratio on the level of association with Taxonomy-aligned economic activities of off-balance sheet exposures that credit institutions manage and channel or contribute to channel capital flows towards economic activities whose environmental sustainability can be assessed in accordance with Regulation (EU) 2020/852:
financial guarantees backing loans and advances and other debt instruments towards undertakings; and
assets under management.
1.2.2.1. Green ratio for financial guarantees to financial and non-financial undertakings (FinGuar KPI)
The green ratio for financial guarantees to undertakings shall be defined as a proportion of financial guarantees supporting loans and advances and debt securities financing Taxonomy-aligned economic activities compared to all financial guarantees supporting loans and advances and debt securities to undertakings. This shall include disclosures of stock and flow, for all the environmental objectives. For climate change mitigation, this shall also include disclosures of which are enabling and transitional activities. For other environmental objectives, this shall include disclosures of which are enabling activities.
The methodology for the computation of the KPI on financial guarantees shall be the same as the methodology specified for the KPIs on loans and advances and/or debt securities towards undertakings, but applied to the underlying loans and advances/debt securities that the credit institution supports.
1.2.2.2. Green ratio for assets under management (AuM KPI)
The green ratio for assets under management shall be the proportion of assets under management (equity, debt instruments and real estate) from undertakings financing Taxonomy-aligned economic activities, compared to total assets under management (equity, debt instruments and other assets). This shall include disclosures of stock and flow, for all the environmental objectives. For climate change mitigation, this shall also include disclosures of which are enabling and transitional activities. For other environmental objectives, this shall include disclosures of which are enabling activities.
The methodology for the computation of the AuM KPI shall be the same as the methodology for asset managers in accordance with Annex III of this Regulation.
1.2.3. KPIs on services other than lending – Fees and Commissions (F&C KPI)
The KPI for fees and commission income linked to services associated with Taxonomy-aligned economic activities of undertakings, shall be defined as a proportion of the credit institution’s fees and commission income from undertakings, derived from products or services other than lending associated with Taxonomy-aligned economic activities, compared to the total fees and commission income from undertakings from products or services other than lending.
Credit institutions shall disclose the fees and commission income linked to services provided other than lending and asset management, including the following services (as reported by institutions in accordance with template 22.1 ‘Fee and commission income and expenses by activity’ set out in ►M2 Implementing Regulation (EU) 2021/451 ◄ :
issuance or other services related to third party securities;
reception, transmission and execution on behalf of customers of orders to buy or sell securities;
merger and acquisition undertakings advisory services;
undertakings finance services related to capital market advisory for undertakings clients or other;
private banking related fees;
clearing and settlement services;
custody and other related services;
payment services;
fee and commission income for distribution of products issued by entities outside the prudential group to its current customers;
loan servicing activities;
foreign exchange services and international transactions.
The numerator of the KPI shall include the fees and commissions income as specified in ►M2 Implementing Regulation (EU) 2021/451 ◄ , Annex V, paragraph 284 from services other than lending and asset management provided to undertakings, associated with Taxonomy-aligned economic activities. This shall be estimated by weighting the fees and commission income from each counterparty with the proportion of turnover and CapEx associated with Taxonomy-aligned economic activities of the undertaking contributing to the relevant environmental objective as disclosed by the undertaking in accordance with Article 8 of Regulation (EU) 2020/852. For financial undertakings, the ratio for the counterparty to be applied shall be the same as for the KPIs for these undertakings.
The denominator shall be the total amount of fees and commission income from undertakings from products or services other than lending and asset management.
1.2.4. Other disclosures in the GAR: GAR for the trading portfolio
The trading portfolio shall be excluded from the denominator and coverage of the total GAR.
Credit institutions shall provide explanations on the investment policy regarding their trading portfolio, overall composition, and on any trend in terms of predominant sectors and their association with Taxonomy-aligned economic activities. They shall also explain potential limits in terms of climate and environmental risks in terms of the level of association with Taxonomy-aligned economic activities and how they manage the environmental risks that may impact the value of the portfolio.
Credit institutions shall disclose quantitative information and KPIs that show to what extent the institution is trading with environmentally sustainable assets and to what extent it is contributing to promoting the trading of this type of assets.
Credit institutions shall disclose the following information:
total trading during the disclosure period in Taxonomy-aligned instruments, including absolute purchases plus absolute sales of environmentally sustainable securities;
total trading during the disclosure period of securities, including total absolute purchases plus total absolute sales of securities.
Absolute purchases plus absolute sales of environmentally sustainable securities shall be included in the numerator of the specific GAR for the trading Portfolio of the credit institution. Total absolute purchases plus total absolute sales of securities shall be included in the denominator of the GAR for the trading Portfolio.
The part of the GAR numerator for trading portfolio shall be estimated by weighting the gross carrying amount of debt securities and equity instruments purchased and/or sold from each counterparty with the proportion of turnover and CapEx associated with Taxonomy-aligned economic activities of the undertaking contributing to the relevant environmental objective as disclosed by that undertaking in accordance with Article 8 of Regulation (EU) 2020/852 and this Regulation. For financial undertakings, the ratio for the counterparty to be applied shall be the same as for the relevant KPIs for these counterparties.
ANNEX VI
TEMPLATE FOR THE KPIS OF CREDIT INSTITUTIONS
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Template number |
Name |
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0 |
Summary of KPIs |
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1 |
Assets for the calculation of GAR |
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2 |
GAR sector information |
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3 |
GAR KPI stock |
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4 |
GAR KPI flow |
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5 |
KPI off-balance sheet exposures |
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6 |
KPI on fees and commissions income from services other than lending and asset management |
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7 |
KPI Trading book portfolio |
0. Summary of KPIs to be disclosed by credit institutions under Article 8 Taxonomy Regulation
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Disclosure reference date/period t |
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Total exposure to Taxonomy-aligned activities (currency) |
KPI (1) (%) |
KPI (2) (%) |
% coverage (over total assets) (3) (%) |
Non-assessed exposures (% of covered assets) (4) (%) |
Non-assessed exposures (% of covered assets) (4) (%) |
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Turnover-based |
CapEx-based |
Turnover-based |
CapEx-based |
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Turnover-based |
CapEx-based |
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Main KPI |
Green asset ratio (GAR) stock |
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Total exposure to Taxonomy-aligned activities (currency) |
KPI (1) (%) |
KPI (2) (%) |
% coverage (over total assets) (3) (%) |
Non-assessed exposures (% of covered assets) (4) (%) |
Non-assessed exposures (% of covered assets) (4) (%) |
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Turnover-based |
CapEx-based |
Turnover-based |
CapEx-based |
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Turnover-based |
CapEx-based |
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Additional KPIs |
GAR (flow) |
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Trading book |
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Financial guarantees |
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Assets under management |
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Fees and commissions income (5) |
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(1)
Based on the Turnover KPI of the counterparty.
(2)
Based on the CapEx KPI of the counterparty.
(3)
% of assets covered by the KPI over banks’ total assets.
(4)
In accordance with Article 7(8) of this Regulation.
(5)
Fee and commission income from services other than lending and AuM. |
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Note 1: Across the reporting templates: cells shaded in black should not be reported.
Note 2: Fee and Commission (sheet 6) and Trading Book (sheet 7) KPIs shall only apply starting 2028.
1. Assets for the calculation of GAR
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Disclosure reference date/period t |
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Stock/Flow (Million EUR) |
a |
b |
c |
d |
e |
f |
g |
h |
i |
j |
k |
l |
m |
n |
o |
p |
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Total [gross] carrying amount |
Of which Taxonomy-eligible |
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Of which Taxonomy-aligned |
Breakdown per environmental objective |
Of which Use of Proceeds |
Of which transitional |
Of which enabling |
Non-assessed exposures |
Of which financing non-material activities of counterparties (1) |
Of which exposures financing counterparties reporting in accordance with Article 7(9) |
Of which not assessed considered non-material by the credit institution (2) |
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Climate Change Mitigation (CCM) |
Climate Change Adaptation (CCA) |
Water and marine resources (WTR) |
Circular economy (CE) |
Pollution (PPC) |
Biodiversity and Ecosystems (BIO) |
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1 |
GAR – Covered assets in both numerator and denominator |
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2 |
Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation |
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3 |
Financial undertakings |
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4 |
Loans and advances |
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5 |
Debt securities, including UoP |
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6 |
Equity instruments |
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7 |
Non-financial undertakings |
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8 |
Loans and advances |
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9 |
Debt securities, including UoP |
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10 |
Equity instruments |
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11 |
Households |
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12 |
of which loans collateralised by residential immovable property |
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13 |
of which building renovation loans |
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14 |
of which motor vehicle loans |
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15 |
Local government financing |
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16 |
Housing financing |
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17 |
Other local government financing |
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18 |
Collateral obtained by taking possession: residential and commercial immovable properties |
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19 |
Exposures included on a voluntary basis (3) |
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20 |
Total GAR assets |
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21 |
Assets not covered for GAR calculation |
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22 |
Central governments and Supranational issuers |
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23 |
Central banks exposure |
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24 |
Trading book |
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25 |
Undertakings and entities not subject to CSRD |
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26 |
SMEs and undertakings (other than SMEs) not subject to CSRD disclosure obligations |
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|
|
|
27 |
Loans and advances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28 |
of which loans collateralised by commercial immovable property |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29 |
of which building renovation loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 |
Debt securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31 |
Equity instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32 |
Non-EU country counterparties not subject to CSRD disclosure obligations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33 |
Loans and advances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34 |
Debt securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35 |
Equity instruments |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36 |
Derivatives |
|
|
|
|
|
|
|
|
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|
|
|
|
|
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|
|
37 |
On demand interbank loans |
|
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|
|
|
|
|
|
|
|
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|
|
|
|
|
|
38 |
Cash and cash-related assets |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
39 |
Other categories of assets (e.g. Goodwill, commodities etc.) |
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
40 |
Total assets |
|
|
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|
|
|
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|
|
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|
|
|
|
|
|
Off-balance sheet exposures (stock) to Undertakings subject to CSRD disclosure obligations and local governments |
|
||||||||||||||||
|
41 |
Financial guarantees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42 |
Assets under management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43 |
of which debt securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44 |
of which equity instruments |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
In accordance with Article 7(8)(a) and (b) of this Regulation.
(2)
In accordance with Article 4(1a) of this Regulation.
(3)
In accordance with Article 7(3) of this Regulation. |
|||||||||||||||||
Explanatory notes:
1. The following accounting categories of financial assets should be considered: Financial assets at amortised cost, financial assets at fair value through other comprehensive income, investments in subsidiaries, joint ventures and associates, financial assets designated at fair value through profit or loss and non-trading financial assets mandatorily at fair value through profit or loss, and real estate collaterals obtained by credit institutions by taking possession in exchange for cancellation of debts.
2. Credit institutions shall duplicate this template for reporting on stocks for the calculation of GAR stock, and reporting on new assets for the calculation of GAR flow.
3. Credit institutions shall duplicate this template for turnover-based and CapEx-based disclosures.
2. GAR sector information
|
Disclosure reference date/period t |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a |
b |
c |
d |
e |
f |
g |
h |
i |
j |
|
|
Breakdown by sector – NACE 4 digits level (code and label) (Million EUR) |
Total [Gross] carrying amount |
Of which Taxonomy-eligible |
Of which Taxonomy-aligned |
Climate Change Mitigation (CCM) |
Climate Change Adaptation (CCA) |
Water and marine resources (WTR) |
Circular economy (CE) |
Pollution (PPC) |
Biodiversity and Ecosystems (BIO) |
|
1 |
|
|
|
|
|
|
|
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
… |
|
|
|
|
|
|
|
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
11 |
Nuclear activities (1) |
|
|
|
|
|
|
|
|
|
|
12 |
Fossil gas activities (2) |
|
|
|
|
|
|
|
|
|
|
13 |
Of which non-assessed exposures (3) |
|
|
|
|
|
|
|
|
|
|
(1)
Referred to in Sections 4.26, 4.27 and 4.28 of Annexes I and II to Delegated Regulation (EU) 2021/2139.
(2)
Referred to in Sections 4.29, 4.30 and 4.31 of Annexes I and II to Delegated Regulation (EU) 2021/2139.
(3)
In accordance with Article 7(8) of this Regulation. |
||||||||||
Explanatory notes:
1. Credit institutions shall disclose in this template information on top ten exposures in the banking book towards top ten sectors covered by the Taxonomy (NACE sectors 4 levels of detail), using the relevant NACE Codes on the basis of the principal activity of the counterparty.
2. The counterparty NACE sector allocation shall be based exclusively on the nature of the immediate counterparty. The classification of the exposures incurred jointly by more than one obligor shall be done on the basis of the characteristics of the obligor that was the more relevant, or determinant, for the institution to grant the exposure. The distribution of jointly incurred exposures by NACE codes shall be driven by the characteristics of the more relevant or determinant obligor. Institutions shall disclose information by NACE codes with the level of disaggregation required in the template.
3. Credit institutions shall duplicate this template for turnover-based and CapEx-based disclosures.
3. GAR KPI stock
|
Disclosure reference date t |
|
|
|
% (compared to corresponding total covered assets in the denominator) |
a |
b |
c |
d |
e |
f |
g |
h |
i |
j |
k |
l |
m |
|
|
Taxonomy-eligible |
|
|
|
|
|
|
|
|
|
|
Proportion of Taxonomy aligned in Taxonomy eligible |
Non-assessed exposures (1) |
|
|
|
Taxonomy-aligned |
Breakdown per environmental objective |
Of which Use of Proceeds |
Of which transitional |
Of which enabling |
|||||||||
|
|
Climate Change Mitigation (CCM) |
Climate Change Adaptation (CCA) |
Water and marine resources (WTR) |
Circular economy (CE) |
Pollution (PPC) |
Biodiversity and Ecosystems (BIO) |
||||||||
|
1 |
GAR – Covered assets in both numerator and denominator |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
Financial undertakings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Loans and advances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
Debt securities, including UoP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
Equity instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 |
Non-financial undertakings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
Loans and advances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 |
Debt securities, including UoP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
Equity instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
Households |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 |
of which loans collateralised by residential immovable property |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 |
of which building renovation loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14 |
of which motor vehicle loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15 |
Local government financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 |
Housing financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17 |
Other local government financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18 |
Collateral obtained by taking possession: residential and commercial immovable properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19 |
Exposures included on a voluntary basis (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20 |
GAR – Total GAR assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
In accordance with Article 7(8) of this Regulation.
(2)
In accordance with Article 7(3) of this Regulation. |
||||||||||||||
Explanatory notes:
1. Institutions shall disclose in this template the GAR KPIs on stock of exposures calculated based on the data disclosed in template 1, on covered assets.
2. Credit institutions shall duplicate this template for turnover-based and CapEx-based disclosures.
4. GAR KPI flow
|
Disclosure reference period t |
|
|
|
% (compared to corresponding total covered assets in the denominator) |
a |
b |
c |
d |
e |
f |
g |
h |
i |
j |
k |
l |
m |
|
|
Taxonomy-eligible |
|
|
|
|
|
|
|
|
|
|
Proportion of Taxonomy-aligned in Taxonomy-eligible |
Non-assessed exposures (1) |
|
|
|
Taxonomy-aligned |
Breakdown per environmental objective |
Of which Use of Proceeds |
Of which transitional |
Of which enabling |
|||||||||
|
|
Climate Change Mitigation (CCM) |
Climate Change Adaptation (CCA) |
Water and marine resources (WTR) |
Circular economy (CE) |
Pollution (PPC) |
Biodiversity and Ecosystems (BIO) |
||||||||
|
1 |
GAR – Covered assets in both numerator and denominator |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
Financial undertakings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Loans and advances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
Debt securities, including UoP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
Equity instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 |
Non-financial undertakings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
Loans and advances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 |
Debt securities, including UoP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
Equity instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
Households |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 |
of which loans collateralised by residential immovable property |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 |
of which building renovation loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14 |
of which motor vehicle loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15 |
Local government financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 |
Housing financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17 |
Other local government financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18 |
Collateral obtained by taking possession: residential and commercial immovable properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19 |
Exposures included on a voluntary basis (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20 |
GAR – Total GAR assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
In accordance with Article 7(8) of this Regulation.
(2)
In accordance with Article 7(3) of this Regulation. |
||||||||||||||
Explanatory note:
1. Institutions shall disclose in this template the GAR KPIs on flow of new loans and advances, debt securities, equity instruments, and repossessed collateral during the financial year prior to the disclosure reference date calculated based on the data disclosed in template 1, on covered assets.
2. Credit institutions shall duplicate this template for turnover-based and CapEx-based disclosures.
5. KPI off-balance sheet exposures
|
Disclosure reference date/period t |
|
|
% (compared to corresponding total off-balance sheet assets) |
a |
b |
c |
d |
e |
f |
g |
h |
i |
j |
k |
l |
|
|
Taxonomy-eligible |
|
|
|
|
|
|
|
|
|
|
Non-assessed exposures (1) |
||
|
Taxonomy-aligned |
Breakdown per environmental objective |
Of which Use of Proceeds |
Of which transitional |
Of which enabling |
|||||||||
|
Climate Change Mitigation (CCM) |
Climate Change Adaptation (CCA) |
Water and marine resources (WTR) |
Circular economy (CE) |
Pollution (PPC) |
Biodiversity and Ecosystems (BIO) |
||||||||
|
1 |
Financial guarantees (FinGuar KPI) |
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
Assets under management (AuM KPI) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
In accordance with Article 7(8) of this Regulation. |
|||||||||||||
Explanatory notes:
1. Institutions shall disclose in this template the KPIs for off-balance sheet exposures (financial guarantees and AuM) calculated based on the data disclosed in template 1, on covered assets.
2. Institutions shall duplicate this template to disclose stock and flow KPIs for off-balance sheet exposures.
3. Credit institutions shall duplicate this template for turnover-based and CapEx-based disclosures.
6. KPI on fee and commission income from services other than lending and asset management
|
Disclosure reference period t |
|
|
F&C KPI |
a |
b |
c |
d |
e |
f |
g |
h |
i |
j |
k |
l |
m |
|
|
Total |
Taxonomy-eligible |
|
|
|
|
|
|
|
|
|
|
Of which non-assessed fees and commissions income (1) |
||
|
Taxonomy-aligned |
Breakdown per environmental objective |
Of which Use of Proceeds |
Of which transitional |
Of which enabling |
||||||||||
|
Climate Change Mitigation (CCM) |
Climate Change Adaptation (CCA) |
Water and marine resources (WTR) |
Circular economy (CE) |
Pollution (PPC) |
Biodiversity and Ecosystems (BIO) |
|||||||||
|
Mn EUR |
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
||
|
1 |
Fees and commissions income from CSRD corporates – Services other than lending |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
Services towards financial undertakings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
Non-financial undertakings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Counterparties not subject to CSRD disclosure obligations, including third-country counterparties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
In accordance with Article 7(8) of this Regulation. |
||||||||||||||
Explanatory notes:
1. Institutions shall disclose in this template information on the percentage (%) of fee and commission income related to taxonomy relevant sectors and Taxonomy-aligned activities (with breakdown for transitional and enabling activities) compared to total fees and commission income from CSRD corporates for services other than lending and asset management.
2. Credit institutions shall duplicate this template for turnover-based and CapEx-based disclosures.
7. KPI Trading book portfolio
|
Disclosure reference period t |
|
|
|
|
a |
b |
c |
d |
e |
f |
g |
h |
i |
j |
k |
l |
m |
n |
o |
p |
|
|
|
|
Absolute purchases plus absolute sales (Fair value) |
|
Trading KPI |
||||||||||||
|
|
|
Of which non-assessed exposures (1) |
|
Of which Taxonomy-aligned |
|
||||||||||||
|
|
|
|
|
Of which CCM |
Of which CCA |
Of which WTR |
Of which CE |
Of which PPC |
Of which BIO |
|
Of which CCM |
Of which CCA |
Of which WTR |
Of which CE |
Of which PPC |
Of which BIO |
|
|
1 |
Financial assets held for trading (debt securities and equity holdings) – CSRD corporates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
Financial corporates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
Debt securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Equity instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
Non-financial corporates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
Debt securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 |
Equity instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
Counterparties not subject to CSRD disclosure obligations, including third-country counterparties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 |
Debt securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
Equity instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
In accordance with Article 7(8) of this Regulation. |
|||||||||||||||||
Explanatory note:
1. Credit institutions shall duplicate this template for turnover-based and CapEx-based disclosures.
ANNEX VII
KPIs OF INVESTMENT FIRMS
Content of KPIs to be disclosed by investment firms
1. Scope of KPIs
Disclosure of KPIs and the methodology shall cover and be designed separately for all of the following services listed in Annex I, Section A, to Directive 2014/65/EU:
investment firms’ dealing on own account activities, regardless of whether investment firms are principal traders or dealing on behalf of their clients in accordance with Section A, point (3), of Annex I to Directive 2014/65/EU);
investment firms’ investment services and activities other than dealing on own account in accordance with Section A of Annex I to Directive 2014/65/EU, with the exception of point (3) of that Section.
Ancillary services listed in Section B of Annex I to Directive 2014/65/EU shall be excluded from the scope of the disclosures.
The investment services and activities that shall be covered in the disclosure requirements under Article 8 of Regulation (EU) 2020/852 and this Regulation shall include the following:
reception and transmission of orders in relation to one or more financial instruments;
execution of orders on behalf of clients;
dealing on own account;
portfolio management;
investment advice;
underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis;
placing of financial instruments without a firm commitment basis;
operation of an MTF;
operation of an OTF.
2. Investment firms dealing on own account
Investment firms dealing on their own account shall disclose the following KPIs:
2.1. KPIs related to their assets as:
For the calculation of KPIs, the following shall be considered:
2.2. Investee undertakings considered
Investee undertakings considered shall include non-financial undertakings and financial undertakings.
For investee companies that are subject to Article 19a and 29a of Directive 2014/95/EU, investment firms shall use the KPIs that investee companies shall disclose under this Regulation. For investee companies that are not subject to Directive 2014/95/EU, Article 8(3) of this Regulation shall apply.
2.3. Investment instruments considered – assets
The calculation of KPIs shall include debt securities, equity instruments towards investee companies and all other assets covered under Article 7(6).
2.4. Calculation methodology
With regard to the computation of the GAR for investment firms’ services and activities dealing on own account, investment firms shall rely on the turnover KPI and CapEx KPI of investee undertakings for each environmental objective.
The numerator shall be designed as the value of investments weighted by the proportion of Taxonomy-aligned economic activities with a breakdown for transition and enabling activities of the investee undertaking, that is by the proportion of turnover and CapEx of the investee undertaking associated with Taxonomy-aligned economic activities.
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 following:
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;
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;
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;
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 dealing on own account in the income of the investment firm;
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 or CapEx based investments KPI or combined, where applicable, with the underwriting KPI of the non-life investee insurance and reinsurance undertakings in accordance with Annexes IX and X.
For debt securities issued by an investee undertaking with the purpose to fund specific activities or projects, or where the investee undertaking issued environmentally sustainable bonds, investment firms shall assess those debt securities based on whether they fund Taxonomy-aligned economic activities or projects, on the basis of information provided by investee undertaking.
By way of derogation from the second and third subparagraph of this point 2.4, debt securities with the purpose of financing specific identified activities or projects or environmentally sustainable bonds issued by an investee undertaking shall be included in the numerator up to the value of Taxonomy-aligned economic activities that the proceeds of those bonds and debt securities finance, on the basis of information provided by the investee undertaking.
By way of derogation from the second and third subparagraph of this point 2.4, investments in real estate shall be included in the numerator to the extent and proportion in which they finance Taxonomy-aligned economic activities.
For the denominator, total assets shall include all assets invested by investment firms on own account.
3. Investment firms not dealing on own account
Investment firms not dealing on their own account shall disclose the following KPIs:
3.1. KPIs related to revenue, including fees, commissions and other monetary benefits as:
For the calculation of KPIs, the following shall be considered:
3.2. Clients considered
Investment firms shall consider clients receiving investment services, other than dealing on own account services and ancillary services, that are non-financial undertakings and financial undertakings.
For investee undertakings that are subject to Directive 2014/95/EU, investment firms shall use the KPIs that investee undertakings shall disclose under this Regulation. For investee companies that are not subject to Directive 2014/95/EU, Article 8(3) of this Regulation shall apply.
3.3. Calculation methodology
For activities of investment firms other than dealing on own account, the numerator shall be designed as the weighted average of the revenue (fees, commissions and other monetary benefits) generated by the investment firm in relation to the aggregate value of Taxonomy-aligned economic activities within the activities of their clients. The methodology laid down in point 2.4. of this Annex shall apply.
3.4. Further consideration
Investment firms shall indicate in the templates the environmental objectives as well as the nature of the activities, whether enabling or transition.
Disclosures shall take place after netting potential hedges and offsets, regardless of the instrument used in accordance with Article 3, paragraphs 4 and 5 of Regulation (EU) No 236/2012 of the European Parliament and of the Council ( 8 ).
ANNEX VIII
TEMPLATE FOR KPIS OF INVESTMENT FIRMS
|
Template number |
Name |
|
0 |
Summary of KPIs to be disclosed by investment firms under Article 8 Taxonomy Regulation |
|
1 |
KPI IF – Dealing on own account services |
|
2 |
KPI IF – Other services |
0. Summary of KPIs to be disclosed by investment firms under Article 8 Taxonomy Regulation
|
Disclosure reference date/period t |
|
|
|
Total Taxonomy-aligned assets (currency) |
KPI (1) (%) |
KPI (2) (%) |
% coverage (over total assets) (3) (%) |
Non-assessed exposures (% of covered assets) (4) (%) |
Non-assessed exposures (% of covered assets) (4) (%) |
||
|
Turnover-based |
CapEx-based |
Turnover-based |
CapEx-based |
|
Turnover-based |
CapEx-based |
||
|
Main KPI (for dealing on own account) |
Green asset ratio |
|
|
|
|
|
|
|
|
|
Total revenue from Taxonomy-aligned services and activities (currency) |
KPI (1) (%) |
KPI (2) (%) |
% coverage (over total revenue) (3) (%) |
Non-assessed revenue (% of covered revenue) (4) (%) |
Non-assessed revenue (% of covered revenue) (4) (%) |
||
|
Turnover-based |
CapEx-based |
Turnover-based |
CapEx-based |
|
Turnover-based |
CapEx-based |
||
|
Main KPI (for services and activities other than dealing on own account) |
KPI on Revenue (5) |
|
|
|
|
|
|
|
|
(1)
Based on the Turnover KPI of the counterparty.
(2)
Based on the CapEx KPI of the counterparty.
(3)
% of assets covered by the KPI over total assets.
(4)
In accordance with Article 7(8) of this Regulation.
(5)
Fees, commissions and other monetary benefits. |
||||||||
1. KPI IF – Dealing on own account services
|
Disclosure reference date t |
|
|
|
a |
b |
c |
d |
e |
f |
g |
h |
i |
j |
k |
l |
m |
n |
o |
p |
|
|
Total |
Of which covered by the KPI |
Taxonomy eligible (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Taxonomy aligned (2) |
Breakdown per environmental objective |
Of which transitional |
Of which enabling |
Non-assessed exposures |
Of which financing non-material activities of counterparties (3) |
Of which exposures financing counterparties reporting in accordance with Article 7(9) |
Of which not assessed considered non-material by the reporting entity (4) |
||||||||||
|
Climate Change Mitigation (CCM) |
Climate Change Adaptation (CCA) |
Water and marine resources (WTR) |
Circular economy (CE) |
Pollution (PPC) |
Biodiversity and Ecosystems (BIO) |
||||||||||||
|
|
|
Currency |
Currency |
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
|
1 |
Total assets invested under investment firms’ activities dealing on own account (as per Section A of Annex I to Directive 2014/65/EU) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
of which: on own behalf |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
of which: on behalf of clients |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
of which: exposures included on a voluntary basis (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
of which nuclear activities (6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
of which fossil gas activities (7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
% of Taxonomy-eligible assets over covered assets.
(2)
% of Taxonomy aligned assets over covered assets.
(3)
In accordance with Article 7(8)(a) and (b) of this Regulation.
(4)
In accordance with Article 5(1a) of this Regulation.
(5)
In accordance with Article 7(3) of this Regulation.
(6)
Referred to in Sections 4.26, 4.27 and 4.28 of Annexes I and II to Delegated Regulation (EU) 2021/2139.
(7)
Referred to in Sections 4.29, 4.30 and 4.31 of Annexes I and II to Delegated Regulation (EU) 2021/2139. |
|||||||||||||||||
Explanatory note:
1. Undertakings shall duplicate this template for turnover-based and CapEx-based disclosures.
2. KPI IF – Other services
|
Disclosure reference period t |
|
|
|
a |
b |
c |
d |
e |
f |
g |
h |
i |
j |
k |
l |
m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Of which non-assessed revenue (3) |
||
|
|
|
Taxonomy eligible (1) |
Taxonomy aligned (2) |
Breakdown per environmental objective |
Of which transitional |
Of which enabling |
||||||||
|
Total |
Of which covered by the KPI |
Climate Change Mitigation (CCM) |
Climate Change Adaptation (CCA) |
Water and marine resources (WTR) |
Circular economy (CE) |
Pollution (PPC) |
Biodiversity and Ecosystems (BIO) |
|||||||
|
Currency |
Currency |
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
||
|
1 |
Revenue (i.e. fees, commissions and other monetary benefits) from investment and services and activities other than dealing on own account (as per Section A of Annex I to Directive 2014/65/EU) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
Reception and transmission of orders in relation to one or more financial instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
Execution of orders on behalf of clients |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Portfolio management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
Investment advice |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
Underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 |
Placing of financial instruments without a firm commitment basis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
Operation of an MTF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 |
Operation of an OTF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
of which included on voluntary basis (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
of which nuclear activities (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 |
of which fossil gas activities (6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
% of Taxonomy-eligible assets over covered assets.
(2)
% of Taxonomy aligned assets over covered assets.
(3)
In accordance with Article 7(8) of this Regulation.
(4)
In accordance with Article 7(3) of this Regulation.
(5)
Referred to in Sections 4.26, 4.27 and 4.28 of Annexes I and II to Delegated Regulation (EU) 2021/2139.
(6)
Referred to in Sections 4.29, 4.30 and 4.31 of Annexes I and II to Delegated Regulation (EU) 2021/2139. |
||||||||||||||
Explanatory note:
1. Undertakings shall duplicate this template for turnover-based and CapEx-based disclosures.
ANNEX IX
KPIs OF INSURANCE AND REINSURANCE UNDERTAKINGS
1. KPI related to investments
The KPI related to investments by insurance or reinsurance undertakings shall present the weighted average of those investments that are directed at funding, or are associated with Taxonomy-aligned economic activities. The KPI shall be shown both in percentage terms relative to ‘total investments’ and in absolute monetary units.
Investments shall mean all direct and indirect investments and exposures, covered under Article 7(6), including investments in collective investment undertakings and participations, loans and mortgages.
In additional disclosures, insurance or reinsurance undertakings shall distinguish the proportion of the investments held in respect of life insurance contracts where the investment risk is borne by the policy holders and the proportion of remaining investments. ►M3 The ratio of covered investments in exposures covered under Article 7(6) of this Regulation in the balance sheet total shall be disclosed. ◄
The disclosures shall be broken down by environmental objective in percentage terms and monetary units, where available.
The weighted average of the value of the investments shall be based on the proportion of Taxonomy-aligned economic activities of investee companies measured by the following:
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;
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;
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;
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 dealing with own account in the income of the investment firm;
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 investments KPI (i.e. the proportion of the insurance or reinsurance undertaking’s investments other than investments held in respect of life insurance contracts where the investment risk is borne by the policy holders, that are directed at funding, or are associated with, Taxonomy-aligned economic activities) combined, where applicable, with the underwriting KPI of the non-life investee insurance and reinsurance undertakings in accordance with Annexes XI and X.
By way of derogation from the first and fifth paragraph of this point 1, debt securities with the purpose of financing specific identified activities or projects or environmentally sustainable bonds issued by an investee undertaking shall be included in the numerator up to the value of Taxonomy-aligned economic activities that the proceeds of those bonds and debt securities finance, on the basis of information provided by the investee undertaking.
By way of derogation from the first and fifth paragraphs of this point 1, investments in real estate shall be included in the numerator to the extent and proportion in which they finance Taxonomy-aligned economic activities.
2. KPI related to underwriting activities
Insurance and reinsurance undertakings other than life insurance undertakings shall calculate the KPI related to underwriting activities and present the ‘gross premiums written’ non-life insurance revenue or, as applicable, reinsurance revenue corresponding to Taxonomy-aligned insurance or reinsurance activities in accordance with points 10.1 and 10.2 of Annex II to Climate Delegated Act. The KPI shall be depicted in percentage terms relative to, as applicable, one of the following:
total non-life insurance gross premiums written;
total non-life reinsurance gross premiums written;
total non-life insurance revenue;
total non-life reinsurance revenue.
▼M3 —————
ANNEX X
TEMPLATES FOR KPIs OF INSURANCE AND REINSURANCE UNDERTAKINGS
Template 1: The underwriting KPI
|
Disclosure reference period t |
|
|
Economic activities: Non-life insurance and reinsurance underwriting activities (1) |
Absolute premiums, year t |
Proportion of premiums, year t |
Absolute premiums, year t-1 |
Proportion of premiums, year t-1 |
|
(1) |
(2) |
(3) |
(4) |
(5) |
|
|
Currency |
% |
Currency |
% |
|
Taxonomy-aligned activities |
|
|
|
|
|
Nuclear activities (2) |
|
|
|
|
|
Fossil gas activities (3) |
|
|
|
|
|
Taxonomy-eligible activities |
|
|
|
|
|
Nuclear activities (2) |
|
|
|
|
|
Fossil gas activities (3) |
|
|
|
|
|
Non-assessed activities considered non-material (4) |
|
|
|
|
|
Total (5) |
|
100 |
|
100 |
|
(1)
Non-life insurance and reinsurance can only be eligible or aligned with Regulation (EU) 2020/852 as activity that enables climate change adaptation.
(2)
Referred to in Sections 4.26, 4.27 and 4.28 of Annexes I and II to Delegated Regulation (EU) 2021/2139.
(3)
Referred to in Sections 4.29, 4.30 and 4.31 of Annexes I and II to Delegated Regulation (EU) 2021/2139.
(4)
In accordance with Article 7(8) of this Regulation.
(5)
Total figure shall contain one of the following: (a) total non-life insurance gross premiums written; (b) total non-life reinsurance gross premiums written; (c) total non-life insurance revenue; (d) total non-life reinsurance revenue. |
||||
Explanatory notes for Template 1:
1. ‘Premiums’ in columns (2) and (3) shall be reported as gross premiums written or, as applicable, revenue relating to non-life insurance or reinsurance activity.
2. The information in columns (4) and (5) shall be reported in disclosures in the year 2024 and thereafter. (t-1): Indicates the last financial year when data on Taxonomy-alignment was reported. If no data was reported in year t-1, leave columns (4) and (5) empty.
Template 2: Investment KPI
|
|
Exposures |
% |
Million EUR |
|
1 |
Total AUM |
100 |
|
|
2 |
Assets covered by the KPI |
|
|
|
|
% of covered assets |
% Turnover based |
% CapEx based |
|
3 |
Taxonomy eligible |
|
|
|
4 |
Nuclear activities (1) |
|
|
|
5 |
Fossil gas activities (2) |
|
|
|
6 |
Taxonomy aligned |
|
|
|
7 |
Undertakings subject to Articles 19a and 29a of Directive 2013/34/EU |
|
|
|
8 |
of which Non-financial undertakings |
|
|
|
9 |
of which Financial undertakings |
|
|
|
10 |
Other covered counterparties and real estate assets |
|
|
|
11 |
Investments other than investments held in respect of life insurance contracts where the investment risk is borne by the policy holders |
|
|
|
12 |
Exposures included on a voluntary basis (3) |
|
|
|
13 |
Transitional activities |
|
|
|
14 |
Enabling activities |
|
|
|
15 |
Nuclear activities (1) |
|
|
|
16 |
Fossil gas activities (2) |
|
|
|
|
Taxonomy aligned per objective |
% Turnover based |
% CapEx based |
|
17 |
Climate Change Mitigation (CCM) |
|
|
|
18 |
Climate Change Adaptation (CCA) |
|
|
|
19 |
Water and marine resources (WTR) |
|
|
|
20 |
Circular economy (CE) |
|
|
|
21 |
Pollution (PPC) |
|
|
|
22 |
Biodiversity and Ecosystems (BIO) |
|
|
|
23 |
Non-assessed exposures |
|
|
|
24 |
Exposures financing non-assessed non-material activities of counterparties (4) |
|
|
|
25 |
Exposures financing counterparties reporting in accordance with Article 7(9) to this Regulation (5) |
|
|
|
26 |
Non-assessed exposures considered non-material by the reporting entity (6) |
|
|
|
|
Breakdown of covered assets |
% |
Million EUR |
|
27 |
Undertakings subject to Articles 19a and 29a of Directive 2013/34/EU |
|
|
|
28 |
of which Non-financial undertakings |
|
|
|
29 |
of which Financial undertakings |
|
|
|
30 |
Other covered counterparties and real estate assets |
|
|
|
31 |
Investments other than investments held in respect of life insurance contracts where the investment risk is borne by the policy holders |
|
|
|
32 |
Exposures included on a voluntary basis (3) |
|
|
|
(1)
Referred to in Sections 4.26, 4.27 and 4.28 of Annexes I and II to Delegated Regulation (EU) 2021/2139.
(2)
Referred to in Sections 4.29, 4.30 and 4.31 of Annexes I and II to Delegated Regulation (EU) 2021/2139.
(3)
In accordance with Article 7(3) of this Regulation.
(4)
In accordance with Article 7(8)(a) and (b) of this Regulation.
(5)
Figures should be the same in both columns.
(6)
In accordance with Article 6(1b) of this Regulation. Figures should be the same in both columns. |
|||
ANNEX XI
QUALITATIVE DISCLOSURES FOR ASSET MANAGERS, CREDIT INSTITUTIONS, INVESTMENT FIRMS AND INSURANCE AND REINSURANCE UNDERTAKINGS
The disclosure of quantitative KPIs shall be accompanied by the following qualitative information to support the financial undertakings’ explanations and markets’ understanding of these KPIs:
▼M3 —————
( 1 ) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).
( 2 ) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).
( 3 ) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1).
( 4 ) Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1).
( 5 ) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).
( 6 ) Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps (OJ L 86, 24.3.2012, p. 1).
( 7 ) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).
( 8 ) Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps (OJ L 86, 24.3.2012, p. 1).