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EU Sustainability Taxonomy for non-financial undertakings: summary reporting criteria and extension to SMEs

Author

Listed:
  • Andrea Giacomelli

    (Department of Economics, Ca' Foscari University of Venice)

Abstract
The European Taxonomy defines in a technically robust way the system of sustainability objectives at the level of the European Union and the technical criteria for verifying which economic activities contribute to achieve the system of objectives. Compared to the current practices on sustainability, the EU Taxonomy introduces new and articulated principles for assessing the environmental sustainability of undertakings and new operational challenges, which are complex to implement. Indeed, the contents of the Taxonomy have a strong impact and therefore require in-depth analysis on many fronts. The paper aims to contribute to shed light on the above issues, focusing on non-financial undertakings and pursuing 3 main objectives. The first objective of the paper is to disseminate the main contents of the Taxonomy. The second objective is to introduce general criteria to satisfy in order to represent the articulated contents required by the Taxonomy in an exhaustive and easy-to consult summary reporting. The third objective concerns some preliminary reflections on possible ways of extending the Taxonomy to Small and Medium Enterprises (SMEs), which play a very significant role in the European economic system.

Suggested Citation

  • Andrea Giacomelli, 2021. "EU Sustainability Taxonomy for non-financial undertakings: summary reporting criteria and extension to SMEs," Working Papers 2021:29, Department of Economics, University of Venice "Ca' Foscari".
    • Handle: RePEc:ven:wpaper:2021:29
    as

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    References listed on IDEAS

    as
    1. Franziska Schütze & Jan Stede, 2020. "EU Sustainable Finance Taxonomy – What Is Its Role on the Road towards Climate Neutrality?," Discussion Papers of DIW Berlin 1923, DIW Berlin, German Institute for Economic Research.
    2. CANFORA Paolo & DRI Marco & POLIDORI Olivier & SOLZBACHER Clara & ARRANZ PADILLA Maria, 2021. "Substantial contribution to climate change mitigation – a framework to define technical screening criteria for the EU taxonomy," JRC Research Reports JRC123355, Joint Research Centre.
    3. Franziska Schütze & Jan Stede & Marc Blauert & Katharina Erdmann, 2020. "EU Taxonomy Increasing Transparency of Sustainable Investments," DIW Weekly Report, DIW Berlin, German Institute for Economic Research, vol. 10(51), pages 485-492.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Alessi, Lucia & Battiston, Stefano, 2022. "Two sides of the same coin: Green Taxonomy alignment versus transition risk in financial portfolios," International Review of Financial Analysis, Elsevier, vol. 84(C).
    2. Andrea Giacomelli, 2022. "Mark to Target Information: idiosyncratic forward-looking information and its use to define primary ESG indicators," Working Papers 2022:08, Department of Economics, University of Venice "Ca' Foscari".

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    More about this item

    Keywords

    EU sustainability taxonomy; environmental sustainability; sustainability plan; sustainable investment; ESG risk; climate change risk; transition risk; ESG sustainability report;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • K32 - Law and Economics - - Other Substantive Areas of Law - - - Energy, Environmental, Health, and Safety Law
    • O21 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy
    • Q50 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - General
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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