EU Taxonomy: Support for Your Sustainability Reporting
The EU Taxonomy entering into force means that companies are faced with new sustainability reporting requirements. First Climate supports you to efficiently fulfill your reporting obligations in accordance with the EU Taxonomy and in uncovering the potential to successfully position
your company on the financial market.
The EU Taxonomy
New Opportunities and Challenges for Companies
As part of the Green Deal to achieve its climate targets, the EU has set a decisive new course for the interaction between business and sustainability. The concept is based on two pillars - the Corporate Sustainability Reporting Directive (CSRD) and the EU Taxonomy. Both present new opportunities but also challenges for companies. Find out here how you can use First Climate's services to meet these challenges effectively and tap into the potential opportunities.
Our Expert Team
Jonathan Schwieger
Head of GHG Accounting & Climate Reporting
Sid Petersen
Managing Director
First Climate Consulting GmbH
What is the EU Taxonomy?
The EU Taxonomy is part of the EU Sustainable Finance Action Plan, which aims to redirect long-term capital flows and promote financial activities considered sustainable according to the Taxonomy. It is a tool for determining the environmental performance of financial activities in a wide range of sectors, helping investors, business partners, issuers and project developers to navigate the path towards a low-carbon, resilient and resource-efficient economy.
As a direct consequence for companies, the EU Taxonomy creates new reporting obligations for sustainability. Companies must disclose the proportion of revenue, investments and operating expenses spent on measures and activities considered sustainable under the EU Taxonomy. The implementation of the EU Taxonomy requires the development of complex strategies involving a wide range of stakeholders.
Which companies are affected by the EU Taxonomy and when are they obligated to report?
Reporting obligations for the EU Taxonomy came into force for the first groups of companies on January 1, 2022. Different deadlines apply depending on the size of your company and various other criteria.
Public Interest Entities (NFRD)
More than 500 employees + net turnover > €40M or balance sheet total >€20 M
Large Companies
that meet at least 2 of 3 of the following criteria: More than 250 employees;
net turnover >€40M; balance sheet total >€20M
Listed SMEs (exlcuding micro SMEs)
that meet at least 2 of 3 of the following criteria: More than 20 employees;
net turnover > €0,7M; balance sheet total > €0,35M
Non EU Companies with a Branch in the EU
net turnover > €150M in two consecutive years; EU location with
net turnover > €40M
The EU Taxonomy Made Easy
Our Offer for You
First Climate supports you with a comprehensive service to fulfill your EU Taxonomy reporting obligation. We support you with individualized advice and comprehensive expertise in analyzing your business activities with regard to Taxonomy suitability and compliance. With our partner VIRIDAD we offer you an innovative cloud-based software for the efficient implementation of your EU Taxonomy reporting obligations.
1.
Readiness
Check
2.
Taxonomy Eligibility Check
3.
Alignment and Scoring
4.
EU Taxonomy
Report
1. Personal Consultation: Readiness Check
To begin, our expert team will familiarize you with all relevant aspects of the EU Taxonomy in individual capacity-building workshops (in person or online). To this end, we conduct a pre-screening of your company based on publicly available data and information. Together we will define an individual strategy.
Our Partner
VIRIDAD is an innovation-driven team based in Vienna that develops and provides innovative software for companies’ EU Taxonomy reporting. VIRIDAD’s cloud-based digital platform offers easy-to-use and time-saving solutions that help you manage your company’s environmental, social and governance (ESG) reporting requirements.
Our First Climate consulting team provides expert services to help you understand the EU Taxonomy’s complexities and all relevant processes. We show you how to use VIRIDAD’s tool to report your company’s capital flow toward sustainable activities and fulfil the EU Taxonomy requirements accurately and efficiently.
Four Good Reasons
to work with First Climate
on EU Taxonomy reporting
1. Simple and Compliant
Quick and compliant assessment on whether or not the EU Taxonomy applies to your company and on the alignment of finanical activities
2. Expert Support
Benefit from experts with in-depth technical and regulatory knowledge for your EU Taxonomy needs
3. Seamless Data Management
Viridad's easy-to-use, secure, and centrally-stored data solution via a web-based interface or API integrates seamlessly into your existing IT systems
4. Reports Generation
Digital platform automatically generates your EU Taxonomy report to show your sustainability performance based on the information provided
