The Commission Delegated Regulation supplementing Article 8 of the Taxonomy Regulation (the “Article 8 Delegated Act”) has been published in the Official Journal of the European Union.
The Article 8 Delegated Act specifies the content and presentation of disclosures required in accordance with Article 8 of the Taxonomy Regulation. Article 8 of the Taxonomy Regulation requires additional disclosures from companies in scope of the non-financial reporting framework (currently under the EU Non-Financial Reporting Directive and in future under the proposed Corporate Sustainability Reporting Directive) whereby non-financial and financial companies must provide information on how and the extent to which their activities are associated with environmentally sustainable economic activities as defined pursuant to the Taxonomy Regulation.
The Article 8 Delegated Act will enter into force on 30 December 2021 and will apply from 1 January 2022 on a phased basis. From 1 January 2022 (in respect of reporting year 2021) in-scope companies will be required to report on the taxonomy eligibility of their activities with respect to climate change adaptation and mitigation. More detailed reporting requirements will be required from 1 January 2023 (in respect of financial year 2022).