ESG: new Taxonomy Regulation delegated acts published in OJ

On 21 November 2023, two delegated acts made under the Taxonomy Regulation were published in the Official Journal.

In each case, the Commission adopted a legislative proposal on 13 June 2023 as part of a package of new ESG measures - see our report here.

The new delegated acts are:

1. Commission Delegated Regulation (EU) 2023/2485 (the Amending Climate Delegated Act)

This amends the Climate Delegated Act by establishing technical screening criteria (TSC) in respect of economic activities that make a substantial contribution to the climate environmental objectives (i.e., climate change mitigation and climate change adaptation) which have not been previously included in the taxonomy.

These notably include some manufacturing activities in relation to key components for low carbon transport and electrical equipment.

The Amending Climate Delegated Act applies from 1 January 2024 (though two provisions - point (28) in Annex I and point (26) in Annex II - will apply from 1 January 2025).

2. Commission Delegated Regulation (EU) 2023/2486 (the Taxonomy Environmental Delegated Act)

This establishes TSC for economic activities making a substantial contribution to non-climate environmental objectives,  i.e.,

• transition to a circular economy
• control or protection and restoration of biodiversity
• pollution prevention and
• use and protection of water and marine resources.

It also amends the Disclosures Delegated Act, to clarify the disclosure obligations for the additional activities and supplement the requirements in Article 10 of the Disclosures Delegated Act.

The measures will apply from 1 January 2024.