On 12 March, the Commission held the 5th Ministerial Meeting under the European Battery Alliance. Vice President Maroš Šefčovič, Commissioners Thierry Breton, Nicolas Schmit and Elisa Ferreira, as well as the European Investment Bank Vice-Presidents Ambroise Fayolle and Thomas Östros attended the event alongside ministers from 14 EU member states with significant investments in the […]
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Wednesday, March 10, 2021
Regulation”) was published in the Official Journal on 22 June 2020 and entered into force on 12 July 2020. The Regulation established an EU-wide framework for classifying economic activity as environmentally sustainable and aims at (1) reducing “greenwashing”, where financial products are marketed as environmentally sustainable without sufficient factual basis for their claims and (2) improving the efficiency of private investment in sustainable projects.
An economic activity is classified as an environmentally sustainable activity (an “
Activity”) if it:
contributes substantially to one or more of the environmental objectives (set out in Article 9 of the Regulation) (the “
Objectives”), or directly enables other activities to make a substantial contribution to one or more of them;
All three KPIs:
non-financial undertakings shall apply their best judgement in splitting turnover between CapEx and OpEx across their activities, but while doing this shall avoid (1) unduly inflating the proportion of the Activities and (2) double-counting; and
the Commission shall establish requirements for KPIs to be accompanied by information on how the KPIs were prepared and what they cover;
(ii)
Turnover KPI:
non-financial undertakings should use the definition of net turnover in Article 2(5) of the Accounting Directive as the reference point when calculating their turnover;
(iii)
CapEx should be defined as:
where IFRS is applied: the costs accounted for based on specific paragraphs of IAS 16, IAS 38 and IAS 40-41 and IFRS 16; and