Among financial market participants, those listing their financial products as Article 9 funds have to report against the Taxonomy starting in 2023.

Those listing their products as Article 8 but with certain sustainability commitments (known as Article 8+) will have to do the same. Banks will have to report the alignment of their loan books as part of the Green Asset Ratio starting in 2024. You can find more information about the requirements for lenders and credit institutions on the Briink blog.

On the corporate side, companies under the scope of the Non-Financial Reporting Directive (NFRD) must report against the EU Taxonomy. These are public interest companies (insurance companies, banks, listed companies and other companies designed as “public interest” by EU authorities) with more than 500 employees.

In total, these requirements already affect 11,700 large companies across the EU.

Under the new Corporate Sustainability Disclosure Directive (CSRD), the reporting requirements of the NFRD will be extended in scope to a significant portion of unlisted large and midsize companies making up around 75% of the European Union’s global turnover (in total, more than 55 000 companies).