LegalizeCommission Delegated Regulation (EU) 2023/2486 of 27 June 2023 supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council by establishing the technical screening criteria for determining the conditions under which an economic activity qualifies as contributing substantially to the sustainable use and protection of water and marine resources, to the transition to a circular economy, to pollution prevention and control, or to the protection and restoration of biodiversity and ecosystems and for determining whether that economic activity causes no significant harm to any of the other environmental objectives and amending Commission Delegated Regulation (EU) 2021/2178 as regards specific public disclosures for those economic activities
(s) in Annex V, the words ‘equity holdings’ are replaced by the words ‘equity instruments’;
(6)in Annex VII, Section 2.4, the following paragraph is inserted after the fifth paragraph:
‘By way of derogation from the second and third subparagraph of this point 2.4, investments in real estate shall be included in the numerator to the extent and proportion in which they finance Taxonomy-aligned economic activities.’;
(7)in Annex IX, the sixth paragraph of point 1 is replaced by the following paragraph:
‘By way of derogation from the first and fifth paragraph of this point 1, debt securities with the purpose of financing specific identified activities or projects or environmentally sustainable bonds issued by an investee undertaking shall be included in the numerator up to the value of Taxonomy-aligned economic activities that the proceeds of those bonds and debt securities finance, on the basis of information provided by the investee undertaking.’;
(8)in Annex IX, the following paragraph is added at the end of point 1:
‘By way of derogation from the first and fifth paragraphs of this point 1, investments in real estate shall be included in the numerator to the extent and proportion in which they finance Taxonomy-aligned economic activities.’;
(9)in Annex IX, the first paragraph of Section 2 is replaced by the following:
‘Insurance and reinsurance undertakings other than life insurance undertakings shall calculate the KPI related to underwriting activities and present the “gross premiums written” non-life insurance revenue or, as applicable, reinsurance revenue corresponding to Taxonomy-aligned insurance or reinsurance activities in accordance with points 10.1 and 10.2 of Annex II to Climate Delegated Act. The KPI shall be depicted in percentage terms relative to, as applicable, one of the following:
(a) total non-life insurance gross premiums written;
(b) total non-life reinsurance gross premiums written;
(c) total non-life insurance revenue;
(d) total non-life reinsurance revenue.’;
(10)in Annex X, the first template is replaced by the following template:
ANNEX X
Template: The underwriting KPI for non-life insurance and reinsurance undertakings
| Substantial contribution to climate change adaptation | DNSH (Do No Significant Harm) | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Economic activities (1) | Absolute premiums, year t (2) | Proportion of premiums, year t (3) | Proportion of premiums, year t-1 (4) | Climate change mitigation (5) | Water and marine resources (6) | Circular economy (7) | Pollution (8) | Biodiversity and ecosystems (9) | Minimum safeguards (10) |
| Currency | % | % | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | |
| A.1. Non-life insurance and reinsurance underwriting Taxonomy-aligned activities (environmentally sustainable) | |||||||||
| A.1.1. Of which reinsured | |||||||||
| A.1.2. Of which stemming from reinsurance activity | |||||||||
| A.1.2.1. Of which reinsured (retrocession) | |||||||||
| A.2. Non-life insurance and reinsurance underwriting Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) | |||||||||
| B. Non-life insurance and reinsurance underwriting Taxonomy-non-eligible activities | |||||||||
| Total (A.1 + A.2 +B) | 100 % | 100 % | |||||||
| “Premiums” in columns (2) and (3) shall be reported as gross premiums written or, as applicable, turnover relating to non-life insurance or reinsurance activity. The information in column (4) shall be reported in disclosures in the year 2024 and thereafter. Non-life insurance and reinsurance can only be aligned with Regulation (EU) 2020/852 as activity that enables climate change adaptation. |
(11)in Annex X, in the second template, in the Section ‘Breakdown of the numerator of the KPI per environmental objective’ the words ‘Transitional activities: A % (Turnover; CapEx)’ are deleted from lines (2) to (6);
(12)in Annex X, in the second template, the eighth row is replaced by the following:
| ‘The proportion of exposures to other counterparties and assets over total assets covered by the KPI: X % | Value of exposures to other counterparties and assets: [monetary amount]’ |
|---|---|
(13)in Annex X in the second template, the fifteenth row is replaced by the following:
| ‘The proportion of Taxonomy-aligned exposures to other counterparties and assets over total assets covered by the KPI: Turnover-based: % Capital expenditures-based: % | Value of Taxonomy-aligned exposures to other counterparties and assets over total assets covered by the KPI: Turnover-based: [monetary amount] Capital expenditures-based: [monetary amount]’ |
|---|---|
ANNEX VI
‘ANNEX VI
| Template number | Name |
| --- | --- | | 0 | Summary of KPIs | | 1 | Assets for the calculation of GAR | | 2 | GAR sector information | | 3 | GAR KPI stock | | 4 | GAR KPI flow | | 5 | KPI off-balance-sheet exposures | | 6 | KPI on fees and commissions income from services other than lending and asset management | | 7 | KPI Trading book portfolio |
Summary of KPIs to be disclosed by credit institutions under Article 8 Taxonomy Regulation
| | Total environmentally sustainable assets | KPI (4) | KPI (5) | % coverage (over total assets) (3) | % of assets excluded from the numerator of the GAR (Article 7(2) and (3) and Section 1.1.2 of Annex V) | % of assets excluded from the denominator of the GAR (Article 7(1) and Section 1.2.4 of Annex V)* | |
| --- | --- | --- | --- | --- | --- | --- | --- | | Main KPI | Green asset ratio (GAR) stock | | | | | | | | | | | | | | | | | | Total environmentally sustainable activities | KPI | KPI | % coverage (over total assets) | % of assets excluded from the numerator of the GAR (Article 7(2) and (3) and Section 1.1.2 of Annex V) | % of assets excluded from the denominator of the GAR (Article 7(1) and Section 1.2.4 of Annex V) | | | Additional KPIs | GAR (flow) | | | | | | | | | Trading book (1) | | | | | | | | | Financial guarantees | | | | | | | | | Assets under management | | | | | | | | | Fees and commissions income (2) | | | | | | | | (1) For credit institutions that do not meet the conditions of Article 94(1) of the CRR or the conditions set out in Article 325a(1) of the CRR. (2) Fees and commissions income from services other than lending and AuM. Instutitons shall disclose forward-looking information for these KPIs, including information in terms of targets, together with relevant explanations on the methodology applied. (3) % of assets covered by the KPI over banks’ total assets. (4) Based on the Turnover KPI of the counterparty. (5) Based on the CapEx KPI of the counterparty, except for lending activities where for general lending Turnover KPI is used. Note 1: Across the reporting templates: cells shaded in black should not be reported. Note 2: Fees and Commissions (sheet 6) and Trading Book (sheet 7) KPIs shall only apply starting 2026. SMEs’ inclusion in these KPI will only apply subject to a positive result of an impact assessment.* | | | | | | | |
1. Assets for the calculation of GAR
2. GAR sector information
3. GAR KPI stock
| 1. Institution shall dislcose in this template the GAR KPIs on stock of loans calculated based on the data disclosed in template 1, on covered assets, and by applying the formulas proposed in this template |
|---|
| 2. Information on the GAR (green asset ratio of ‘eligible’ activities) shall be accompanied with information on the proportion of total assets covered by the GAR |
| 3. Credit institutions can, in addition to the information included in this template, show the proportion of assets funding taxonomy relevant sectors that are environmentally sustainable (Taxonomy-aligned). This information would enrich the information on the KPI on environmentally sustainable assets compared to total covered assets |
| 4. Credit institutions shall duplicate this template for revenue-based and CapEx-based disclosures |
4. GAR KPI flow
5. KPI off-balance-sheet exposures
KPI on fees and commissions income from services other than lending and asset management
7. KPI Trading book portfolio
’
ANNEX VII
‘ANNEX VIII
| Template number | Name |
|---|---|
| 0 | Summary of KPIs to be disclosed by investment firms under Article 8 Taxonomy Regulation |
| 1 | KPI IF – Dealing on own account services |
| 2 | KPI IF – Other services |
Summary of KPIs to be disclosed by investment firms under Article 8 Taxonomy Regulation
| Total environmentally sustainable assets | KPI (*3) | KPI (*4) | % coverage (over total assets) (*2) | ||
|---|---|---|---|---|---|
| Main KPI (for dealing on own account) | Green asset ratio | ||||
| Total revenue from environmentally sustainable services and activities | KPI | KPI | % coverage (over total revenue) | ||
| Main KPI (for services and activities other than dealing on own account) | KPI on Revenue (*1) | ||||
| (1) Fees, commissions and other monetary benefits. (2) % of assets covered by the KPI over total assets. (3) Based on the Turnover KPI of the counterparty. (4) Based on the CapEx KPI of the counterparty. |
KPI IF – Dealing on own account services
KPI IF – Other services
’
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