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EY 2022 EU Taxonomy Barometer Report Highlights Spanish Company's Alignment with Green Classification Objectives
The EY 2022 EU Taxonomy Barometer report has shed light on the alignment of European companies with the European Union's green classification objectives. The report, which focuses on the evaluation of companies' reporting practices and alignment with the EU Taxonomy, includes 350 listed European companies from 17 countries.
One of the standout findings from the report is the alignment of a Spanish company operating in the energy and public utility services sector. According to the EY report, titled "EU taxonomy barometer", this Spanish company was most aligned with the environmental taxonomy objectives in 2022.
The EU Taxonomy, a key component of sustainable finance, includes six environmental objectives aimed at promoting environmentally sustainable economic activities. The report provides a snapshot of companies’ reporting practices and highlights ongoing developments and evolutions in the taxonomy regulation. Companies are expected to report taxonomy eligibility and alignment for the six environmental objectives, supporting transparency and steering capital flows toward sustainability.
The report also indicates that the taxonomy covers a growing number of sectors and activities, with reporting evolving over time. European companies are gradually required to disclose both taxonomy eligibility and alignment comprehensively starting from financial year 2025. The taxonomy aims to guide companies in focusing on sustainability-related value creation and in accessing green financing and subsidies.
However, the report does not disclose the specific results or the details of the accounting review. Additionally, the nature of the interpretive challenges in the report is not clear. The emphasis is on overall sector and country-level reporting maturity and growing regulatory requirements rather than on naming individual companies.
In conclusion, the EY 2022 EU Taxonomy Barometer report provides valuable insights into the alignment of European companies with the EU's green classification objectives. While the specific results and details of the accounting review are not provided, the report underscores the importance of transparency, evolving reporting practices, and the growing regulatory requirements in the realm of sustainable finance.
[1] EY. (2022). EY EU Taxonomy Barometer 2022. Retrieved from https://www.ey.com/en_gl/services/strategy-and-transactions/sustainability/eu-taxonomy-barometer-2022
[2] European Commission. (2021). EU Taxonomy Climate Delegated Act. Retrieved from https://ec.europa.eu/info/publications/eu-taxonomy-climate-delegated-act_en
- The alignment of the Spanish energy and public utility services company with the environmental taxonomy objectives was the most notable finding in the EY 2022 EU Taxonomy Barometer report.
- Companies in various sectors, like energy, are expected to report taxonomy eligibility and alignment for the six environmental objectives as per the EU Taxonomy, a key component of sustainable finance, to support transparency and steer capital flows toward sustainability.
- The EU Taxonomy broadens its coverage to a growing number of sectors and activities, with reporting practices continually evolving, as highlighted by the EY 2022 EU Taxonomy Barometer report.
