Taxonomy regulation is becoming a standards in classifying sustainable economic activities

On June 8, Luminor held the third online climate seminar on the topic of EU Taxonomy regulation. The seminar provided details of the essentials of taxonomy regulation with regards to the process, criteria and reporting obligations that a company needs to know once starting to assess and report its contribution to sustainable development.

“We wish to support our customers on the way to establish climate resilience and transition to green economy and plan to have three more topics covered in autumn,” introduced Kadri Vunder, Head of Sustainability in Luminor. “It is becoming clear that the taxonomy will become the green standard and shall enable the access to funding in capital markets in the future, ” Kadri Vunder continued.  

“The EU Sustainable Finance Package aims to direct finances towards the European Green Deal. The Package includes the Taxonomy regulation that sets science-based criteria for economic activities to be considered sustainable. Essentially, the Taxonomy classification creates a so-called shopping list of green activities for investors,” explains Els Heile, ESG and regulations expert.

“EU taxonomy regulation helps to tackle greenwashing and provides clarity for investors. It also establishes a reporting obligations for financial market participants and large listed enterprises. The Corporate Sustainability Reporting Directive will expand the scope soon,” Els adds. “It is important to understand that reporting is not only the task of finance teams. Due to the technicality of the taxonomy alignment criteria, technical teams should be involved as well.”

To explore further, the seminar recording and slides are available on Luminor web page: ESG seminar (luminor.ee). Also the slides of two previous seminars as well information about upcoming seminars is provided on this site. We encourage everyone to press the “choose seminars” button and register to the autumn events, so you could receive a reminder in advance and not to miss the opportunities.