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Voluntary information as part of Taxonomy-eligibility reporting

Last December, the EU’s Taxonomy Platform published considerations on voluntary information as part of Taxonomy-eligibility reporting, which gives supplementary guidance for disclosures.

In addition to mandatory reporting, voluntary reporting under the Taxonomy framework can enable non-financial companies and financial institutions to explain the eligibility proportion of their entire operations, investment profile, or balance sheet since it may include both Non-Financial Reporting Directive (NFRD) and non-NFRD companies, for example.

Voluntary disclosures should be made regarding the same scope and timeline as the financial and non-financial statements of the firm and in line with the reporting obligations. Voluntary reporting should be prepared on the basis that it does not contradict or misrepresent the mandatory information according to the disclosures delegated act, and it should not be given more prominence than the mandatory disclosures. Where an undertaking includes voluntary reporting, this should be accompanied with information on the basis used for its preparation and a clear explanation of how it differs from mandatory reporting.

Ecobio Manager – Our proposal for the first-period reporting

We provide a free trial account for Ecobio Manager’s Taxonomy classification and reporting tool for non-financial companies. By which, your team can disclose according to the first period’s requirements. The offering is valid until the end of March 2022. Its value is 3000 euros.

Act now! Please contact us and request your access to Ecobio Manager and book a demo presentation: sales@ecobiomanager.com.


Text: Sanna Perkiö

Source: https://ec.europa.eu/info/files/sustainable-finance-taxonomy-eligibility-reporting-voluntary-information_en

Define total turnover, Capital expenditure and Operating expenses, of the Taxonomy-eligible economic activities in non-financial companies

Last December, The European Council adopted the Delegated Act (2021/2178/EU) related to Taxonomy methodology and disclosure obligations for financial and non-financial companies.

In 2022, non-financial companies shall disclose only information of Taxonomy-eligible activities for the environmental objectives of climate change mitigation and climate change adaptation.

From 1 January 2022 until 31 December 2022, non-financial undertakings shall only disclose the proportion of Taxonomy-eligible and Taxonomy non-eligible economic activities in their

  • total turnover,
  • capital expenditures, and
  • operational expenditures.

In addition, non-financial undertakings need to provide relevant qualitative information associated with the eligibility proportions.

Ecobio has published a whitepaper that provides more implementation guidance on the EU Taxonomy classification and reporting for non-financial companies. Please find the latest whitepaper here.

Upcoming for non-financial companies

In Q1/2021, the European Union will adopt

  • Taxonomy classification criteria for nuclear power and natural gas, and
  • Technical Screening Criteria for remaining environmental objectives.

Ecobio Manager – Our proposal for the first-period reporting

We provide a free trial account for Ecobio Manager’s Taxonomy classification and reporting tool for non-financial companies. By which, your team can disclose according to the first period’s requirements. The offering is valid until the end of March 2022. Its value is 3000 euros.

Act now! Please contact us and request your access to Ecobio Manager and book a demo presentation: sales@ecobiomanager.com.

With best regards,

Ecobio’s Taxonomy team

 

Katrine Hoset

Senior Consultant, Account Manager, PhD.

 

 

Sanna Perkiö

Head of Innovations, D.Sc.

 

 

Malena WeurlanderMalena Weuerlander

Key Account Manager

Ecobio Whitepaper: EU Taxonomy Classification and Reporting in 2022 – Five Steps for Compliance

Download Ecobio's Free Whitepaper Five Steps to Comply with the Taxonomy Regulation

Update:

EU Taxonomy classification and reporting in 2023 – Eight steps to compliance whitepaper available now

The new whitepaper aims to provide implementation guidance on EU Taxonomy Classification and Reporting requirements valid from 2023. 

EU Taxonomy classification and reporting in 2023 – Eight steps to compliance whitepaper

This whitepaper aims to provide implementation guidance on EU Taxonomy Classification and Reporting requirements valid from 2023. The document deals with the actions needed by companies in the non-financial sector. Read the latest whitepaper to learn more about:

  • What is the EU Taxonomy Regulation?
  •  Which companies are required to act now?
  •  Eight steps for compliant EU Taxonomy classification and reporting from 2023

Click for more here.


In 2022, the Taxonomy classification and reporting requirements are limited. Non-financial undertakings are required to disclose the share of their turnover, capital, and operational expenditure associated with environmentally sustainable economic activities. Our new whitepaper contains the five steps for compliant EU Taxonomy classification and reporting in 2022.

The whitepaper provides implementation guidance on EU Taxonomy Classification and Reporting 2022. The document deals with the actions needed in non-financial undertakings. The five-step work pipeline in the whitepaper will help you fulfil the actual Taxonomy requirements in your entity.

2022 whitepaper covered the topics of:

  • What the EU’s Taxonomy Regulation implicates
  • How your company is affected by Eu taxonomy
  • What the current timeline for the Taxonomy looks like
  • Which requirements apply to your company
  • Five most important steps to meet the Taxonomy Requirements

This whitepaper is no longer available for download.

EU Taxonomy classification and reporting in 2022

The EU Taxonomy Regulation and related statutes direct investments toward sustainable economic activities. They formulate a robust and science-based framework for companies and investors that provides environmental criteria for determining which economic activities substantially contribute to the EU Green Deal objectives.

The EU Taxonomy Regulation (2020/852/EU) sets technical screening criteria to determine if an economic activity can be considered sustainable for six environmental objectives. Currently, the screening criteria are available for the two objectives: climate change mitigation and climate change adaptation. The screening criteria for the remaining objectives will be published in spring 2022.

Read more about our EU Taxonomy digital solution here and our sustainable finance consultancy services here.

Three steps for EU Taxonomy Reporting – Deadline coming soon

Three steps for EU Taxonomy Reporting – Deadline coming soon

Are you ready to report EU Taxonomy eligibility as a non-financial entity? In the EU, this year will be the first EU Taxonomy reporting period to disclose in 2022 for non-financial listed companies with over 500 employees on average during the reporting period (Prop. 2021/22:11).

During the first year, non-financial companies shall disclose the proportion of total turnover, total CapEx and total OpEx that consist of environmentally sustainable economic activities eligible with the EU Taxonomy. I.e., the activities within one of the defined categories for which the Taxonomy regulation provides sustainability criteria. Reporting on eligibility already in 2022 will ensure that companies required to report complete KPIs on Taxonomy alignment from 2023 will be better prepared for the work of classifying and defining the financial reporting level necessary to comply with the Taxonomy regulation.

Three steps for EU Taxonomy Reporting

The following three steps guides reporting for the first year:

Step 1. Economic activity. Identify each potential economic activity, including a subset of transitional and enabling economic activities

Step 2. Eligibility. Assess eligibility by comparing your economic activity with the Taxonomy defined activity category descriptions and NACE codes.

Step 3. Reporting KPIs. Report eligibility as the proportion of total turnover, total CapEx and total OpEx, including relevant contextual information on how eligibility has been determined and implemented in the necessary calculations.

The turnover KPI represents the proportion of the net turnover derived from products or services that are taxonomy eligible. The turnover KPI gives a static view of the company’s contribution to environmental goals.

The CapEx KPI represents the proportion of the capital expenditure of an activity that is either already taxonomy-aligned or is part of a credible plan to extend or reach taxonomy alignment. CapEx provides a dynamic and forward-looking view of companies’ plans to transform their business activities.

The OpEx KPI represents the proportion of the operating expenditure associated with taxonomy-aligned activities or the CapEx plan. The operating expenditure covers direct non-capitalised costs relating to research and development, renovation measures, short-term lease, maintenance, and other direct expenditures relating to the day-to-day servicing of property, plant and equipment assets that are necessary to ensure continued and effective use of such assets.

The European Council will make a final decision about the schedule on the 8th of December, 2021.

Digitalise your EU Taxonomy work process

With the deadline for the first reporting requirements regarding EU Taxonomy is approaching, it is beneficial to already from the beginning take advantage of the efficiency offered by digitalisation. Ecobio Manager is the world’s first comprehensive taxonomy solution, including a smooth classification process and up-to-date legal databases, as well as an environmental risk assessment protocol. So far, there has been no service with similar coverage in the global market.

With Ecobio Manager, you can turn the complex set of EU Taxonomy reporting requirements into a smooth and straightforward digital work process for your team. The digital solution includes a demanding entity of requirements always available and effectively managed. Our easy and comprehensive tool contains everything you need to meet the requirements of EU Taxonomy classification and reporting

Get expert advice and join our presentation

Presentation of our digital solution

Do you need help with EU Taxonomy classification and reporting? Join our presentation of the world’s first comprehensive digital solution for the EU Taxonomy! During our 30 min presentation, we present our easy and comprehensive tool containing all you need to meet the EU Taxonomy classification and reporting requirements.

Register here!

Expert advice and personal demo account

Do you have questions regarding EU Taxonomy and need advisory? Do you want a presentation of our digital solution regarding EU Taxonomy? Contact our EU Taxonomy expert Katrine Hoset to get expert advice and an in-depth presentation of the comprehensive solution. Do not hesitate to ask our expert about a personal demo account to try out our platform.

Please get in touch with us

Katrine Hoset

Account Manager, Senior Consultant

katrine.hoset@ecobio.fi

+358 (0)20 756 2306

Read more about our EU Taxonomy digital solution here and our sustainable finance consultancy services here.

Join our presentation of the world’s first comprehensive digital solution for the EU Taxonomy!

Join our presentation of the world’s first comprehensive digital solution for the EU Taxonomy!

Do you need help with EU Taxonomy classification and reporting? Join our presentation of the world’s first comprehensive digital solution for the EU Taxonomy!

Register here

Join us for a free 30 min presentation and we will show how the new section in our digital solution, Ecobio Manager, will help you to turn the complex set of EU Taxonomy requirements into a smooth and straightforward work process for your team.

With the requirements for the EU Taxonomy soon coming into effect, it is beneficial to have an innovative, efficient, and in-depth solution at hand, to get the process toward compliance started.

Join our presentation to learn:

  • How you can benefit from digitalization during classification and reporting
  • How our easy-to-use and comprehensive digital solution works
  • How to create a smooth and straightforward work process for your taxonomy team

During the event, you are also able to ask questions from our experts. Please register using your business email address.

The free online presentations are held on Wednesdays at 13.00-13.30 (UTC+2). You can find the presentation dates and register here

You are warmly welcome!

Read more and register here.

Are you unsure whether you are in or out of the EU Taxonomy classification and reporting requirements?

Take our EU taxonomy quiz and determine whether your company is affected by the EU Taxonomy regulation. Take the quiz here.

Our recorded webinars can be found on our homepage

In our webinar library, you can find our recorded webinars that you can watch whenever you find most suitable for you! You can find our webinar library here.

Ecobio launched the world’s first comprehensive digital solution to comply with the EU Taxonomy Regulation

Ecobio launched the world's first comprehensive digital solution to comply with the EU Taxonomy Regulation
The Ecobio team at the launch event 29.9. From left: Taru Halla, Emma Björkqvist, Katrine Hoset, Sanna Perkiö & Evelina Meski

The EU environmental classification legislation for sustainable finance, in short, EU Taxonomy Regulation, is a large-scale, regulatory-based framework that requires companies to define environmentally sustainable economic activities. The regulation is an EU tool to steer the economy towards sustainable development. Companies will have to meet the requirements gradually from the beginning of 2022.

The EU Taxonomy Regulation obliges large, listed companies and companies operating in the financial markets to classify, assess and disclose their economic activities in accordance with sustainable development criteria. In the future, the Taxonomy Regulation will apply to a broader range of business entities.

Companies are now preparing to comply with the requirements of the EU Taxonomy Regulation. To date, little assistance has been available for companies to assess the conformity of a large-scale classification system and to report data.

Ecobio Manager aims to solve the EU Taxonomy challenge of over ten thousand companies

Today, Wednesday, September 29, 2021, Ecobio announced the world’s first comprehensive and easy-to-use digital solution to meet the requirements of the EU Taxonomy Regulation. The solution is implemented as part of the Ecobio Manager SaaS service. Ecobio Manager is an environmental compliance tool for business operations, products, and subcontractors as a cloud service.

– Ecobio Manager is the world’s first comprehensive taxonomy solution including a smooth classification process and up-to-date legal databases, as well as an environmental risk assessment protocol. So far, there has been no service with similar coverage in the global market, said Sanna Perkiö, D.Sc., founder, and the Head of Development of Ecobio.

The EU Commission has created a complex system, which may result in companies getting lost in the requirement jungle without expert help and a systematic way of working.

– We offer over ten thousand companies in the EU an easy and competent digital solution to meet the requirements of EU Taxonomy. Feedback from listed companies and the financial industry has been both enthusiastic and relieved.

From the beginning, companies should take advantage of the efficiency offered by digitalization, Perkiö suggested.

– The first requirements of the taxonomy must be reported as early as next spring. We expect wide interest and customers from all over Europe.

Read more about our digital solution for EU taxonomy here.

 

Biocides in the European Union

Biocides in the European Union

Download our comprehensive whitepaper about biocides in the European Union here!

It might not always be so obvious, but biocides belong closely to our everyday lives. They are products we use regularly, for example disinfectants, preservatives, insecticides, rodenticides, or repellents which kill, deactivate, render harmless or prevent the action of harmful organisms. Right now, the Covid-19 pandemic is still bothering the mankind making the biocides even more important to us than ever before – each one of us has used hand sanitisers and other disinfectants during this time.

Biocides are important products, and we need them in our lives in various occasions. Biocides are regulated in the European Union (EU) by Regulation (EU) No 528/2012 on Concerning the Making Available on the Market and Use of Biocidal Products, often called simply Biocidal Products Regulation (BPR). The EU BPR regulation requires many elements and aspects to consider and fulfill in order for the biocidal products to be complaint with the EU-legislation and allowed to be sold and used on the EU-markets. In addition, different national regulatory practices apply making the fulfillment of all the requirements even more time consuming and tedious.

Reach and maintain compliance with the EU Biocide Product Regulation

Our whitepaper gives an overview of the European Union Biocide Product Regulation (BPR), the regulatory approval process of the biocidal active substances, and particularly of the authorisation process of the biocidal products in the European Union (EU).

Do you want to know what the European Union Biocide Product Regulation (BPR) is? Are you curious about how the regulatory approval process of the biocidal active substances work and how the authorisation process of the biocidal products in the European Union work? These are just some of the questions our whitepaper answers as well as presenting how to run your biocide business smoothly.

Download our whitepaper here.

Ecobio helps you make your biocide business run smoothly

Ecobio can provide you with valuable information on biocides as our consultants have a high knowledge of the BPR legislation and the regulatory practices of the biocides both at the national and the EU levels. We can guide you through the entire biocide authorisation process and assist you to make your biocide business to run smoothly. We are at your disposal and wait for you to tell us more about your biocidal products or biocidal active substances, your circumstances, and needs.

Read more about our services regarding biocides here.

Get in touch with us! We are very pleased to help you.

Ecobio Oy asiantuntija Anne KallioinenAnne Kallioinen

Senior Consultant

anne.kallioinen@ecobio.fi

Tel.: +358 20 756 2303

 


Picture: Shutterstock

The EU Taxonomy and KPIs

The EU's Taxonomy and KPIs

The European Commission has published a draft version of a Delegated Act to supplement article 8 in the Taxonomy Regulation (EU) 2020/852. This supplementation specifies the content and presentation of the information concerning environmentally sustainable economic activities and specifies the methodology to comply with that disclosure obligation.

EU strives to channel capital towards sustainable investment

One of the key objectives of the European Commission’s action plan on financing sustainable growth is to reorient capital flows towards sustainable investment and ensure market transparency. To achieve this, EU Taxonomy (EU 2020/852) was created, a classification system for sustainable activities. The EU Taxonomy is a robust and science-based tool for companies and investors that provides criteria for determining which economic activities substantially contribute to the Green Deal objectives.

EU Taxonomy KPIs to help understand companies’ sustainability

The drafted Delegated Act further specifies the content, methodology, and presentation of the information in the Taxonomy Regulation. The Delegated Act allows companies to translate the technical screening criteria of the Climate Delegated Act (and in the future Environmental Delegated Act) into quantitative economic performance indicators, KPIs, which will be publicly disclosed. This helps investors and the public to better understand the companies’ impact towards sustainability trough the annual publication of their KPIs. This will increase transparency on the market and help prevent greenwashing.

The Taxonomy Regulation and the published Delegated act complement the NFRD (Non-Financial Reporting-Directive) and SFDR (Sustainable Finance Disclosure Regulation) by providing a common reference point for reporting the degree of alignment with sustainable activities.

Market fields receive separate instructions for reporting

The Taxonomy-related disclosures will create an entire ecosystem of sustainable finance tools, including standards, labels, and access to a coherent and relevant set of sustainability data. These on the other hand are necessary to channel capital towards the investments needed to reach the EU’s sustainability goals.

The Delegated Act includes separate instructions for different market fields regarding sustainable reporting with KPIs. These fields are non-financial undertakings, asset managers, credit institutions, investment firms, and insurance and reinsurance undertakings.

The drafted delegated act was open for feedback until 2 June. A lot of the feedback highlights the need to simplify and clarify the KPIs that should be reported, inconsistencies between reporting deadlines and availability of data, and a potential need for a longer transition period before reporting starts. Commentaries have also commented on the need to better align the reporting scope and application timelines in this delegated act with the CSRD (Corporate Sustainability Reporting Directive, the proposed amendment of the NFRD).

The challenge of reaching compliance with the Taxonomy Regulation

Many of the respondents that commented on the Commission’s publishment mentioned the challenge of collecting Taxonomy compliance data within companies and assigning this data to specific business lines. Ecobio’s sustainability experts familiar with the Taxonomy requirements and experts in EHS requirements will help your company meet the expectations of the Taxonomy Regulation. Ecobio’s sustainable finance services helps you to identify your sustainable economic activities and report your alignment with the Taxonomy. Read more about our services regarding Sustainable Finance here!

With our Ecobio Manager legislation compliance tool, companies can assess compliance with the do-no-significant-harm requirements and minimum safeguards as well as follow up on relevant legislation development. Read more about Ecobio Manager here!

Do you want to hear more? Kindly contact us:

Katrine Hoset

Katrine Hoset

Account Manager, Senior Consultant

katrine.hoset@ecobio.fi

+358 (0)20 756 2306

EU Taxonomy classification and reporting in 2023 – Eight steps to compliance – whitepaper

This whitepaper aims to provide implementation guidance on EU Taxonomy Classification and Reporting requirements valid from 2023. The document deals with the actions needed by companies in the non-financial sector. Read the latest whitepaper to learn more about:

  • What is the EU Taxonomy Regulation?
  •  Which companies are required to act now?
  •  Eight steps for compliant EU Taxonomy classification and reporting from 2023

You can download our whitepaper here!


Text: Emma Björkqvist

Picture: Shutterstock

What is the United Nations Global Compact?

UN Global Compact

The UN Global Compact is an initiative in which companies commit to ten principles regarding human rights, labour standards, environment, and the fight against corruption. The UN Global Compact was launched in 2001 and the initiative has since been joined by more than 12,700 companies and 3 000 other organisations totally from 160 different countries. Companies that are involved in the Global Compact are required to annually report their compliance with the principles to UN.

Agenda 2030 by UN for sustainable development aims to eradicate extreme poverty and focus on sustainable development that considers the environment, economy, and people equally. The underlying principle of the program is that no one is left behind in development. The aim is to change global development into a balance between human well-being, human rights, economic prosperity and the stability of societies in an environmentally sustainable way. In addition, extreme poverty in all its forms will be eradicated from the world. States, decision-makers, and citizens are all needed to achieve the goals of sustainable development.

DOWNLOAD OUR COMPREHENSIVE AND CONCISE FREE BROSHURE REGARDING UN GLOBAL COMPACT & THE SUSTAINABLE DEVELOPMENT GOALS HERE!

Ecobio Manager helps companies reach the goals of sustainable development

Are you interested in further discussions and a demo presentation of our Ecobio Manager? Our experts are glad to help you.

Malena Weurlander

Malena Weurlander – Key Account Manager

malena.weurlander@ecobio.fi

+358 (0)20 756 9459

 


Sources: 

https://www.ykliitto.fi/sites/ykliitto.fi/files/global_compact_1.pdf

https://www.ykliitto.fi/yk-teemat/kestava-kehitys/kestavan-kehityksen-tavoitteet

Minimize workplace safety risks during COVID-19

covid-19 risk management

Are you aware of the risks caused by COVID-19 on your workplace? Does your company have a waterproof plan to manage them?

Our shared challenge is to make sure business works as usual, even in uncertain times. A safe workplace is not a matter of course. Many of us work in at least somewhat vulnerable working conditions. Most remote workers who are now returning to work can be exposed to the coronavirus (COVID-19) either on their way to, or at work. The global pandemic naturally raises a lot of questions in the work community that require clear answers and safe solutions from the leaders. By identifying and systematically managing the risks posed by a pandemic, you can build trust in the work community and ensure that your business works even in times of uncertainty.

How do I secure business continuity?

In order to ensure the profitability of your business it is important to identify what your business cannot afford to lose. Identifying and conserving critical resources and operations is necessary for a company to be able to avoid fatal losses during a crisis. Critical resources can be divided into six groups; employees, facilities, key functions, warehouses or special equipment, IT resources and key third parties such as investors, subcontractors, and suppliers. Identifying and protecting these critical resources will help you reduce your risks.

Developing a crisis strategy and strengthening operational reliability are an integral part of business continuity in uncertain conditions. The Ecobio Manager SaaS-service provides an easy-to-use and hands-on way to maintain reliability with the help of risk management and compliance tools. The tool can be customized to suit the needs and size of your business.

Identifying risks can help you understand how vulnerable your business is to the dangers of an epidemic. In particular small businesses have limited resources, which makes using them effectively essential.

Secure the safety of your workplace during COVID-19 with the help of the Ecobio Manager Risk Management tool

At Ecobio, we want to help companies worldwide to maintain profitable, responsible, and safe businesses where the employee’s health is taking care of. We, therefore, offer companies a free trial of the Ecobio Manager COVID-19 Risk Management tool for three months.

The Ecobio Manager SaaS-service offers a solution that utilizes industrial procedures to manage risks caused by the coronavirus at the workplace, but also other risks such as environmental-, occupational health and safety-, fire- and rescue risks. The service includes a tool for identifying bacterial and viral hazards and risk assessment, as well as a management plan. In addition, you can keep up-to-date with changes in COVID-19 legislation and regulatory guidelines. You can conveniently save your organization’s instructions or other essential guidelines to the service. You can also assess the compliance of your operations with laws, regulatory guidelines, and compliance with your own guidelines in the EU and US. The service helps your business stay up to date in a changing situation.

The COVID-19 Risk Management service package includes the following services:

  • Hazard identification, risk assessment and management of COVID-19 hazards as a cloud service
  • COVID-19 risk management training

If you want a comprehensive service for COVID-19 obligations management, you can extend risk management to include the following services:

  • Up-to-date regulation of COVID-19
  • Up-to-date authority guidance of COVID-19
  • Save and manage your own instructions
  • Compliance assessment tool

Send your company information & subscribe to the service: sales@ecobiomanager.com

Read more about Ecobio Manager: www.ecobiomanager.com

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