The EU Taxonomy for sustainable activities is a classification system which was established to clarify which investments are environmentally sustainable.
Comprising six objectives, known as Annexes, companies need to demonstrate that they make a substantial contribution towards achieving an objective, whilst meeting “do no significant harm” criteria for the other five objectives.
The first two of these objectives, Climate Change Mitigation and Climate Change Adaptation, have been confirmed by the European Commission, with the third on Circularity due to be finalised early 2023.
BRE has committed to act on the EU Taxonomy in BREEAM, so our clients can save time, money and fulfil their sustainability goals. This will provide a strong foundation for compliance, the growth of green bonds and sustainable finance opportunities for BREEAM buildings.
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BREEAM and the EU Taxonomy
BREEAM uses a flexible, holistic approach, which considers energy, carbon, health & wellbeing, water, materials and waste, to create healthy, comfortable, high performing buildings or building owners, occupants, and investors.
Companies based in Europe (or with large operating bases there) will need to report on EU Taxonomy compliance (% turnover aligned). Our building level information will feed into a company’s overall Taxonomy compliance. This aligns with the detailed criteria required to be reported on in the first instance, by the end of the year (2022).
BREEAM’s alignment with the EU Taxonomy
BREEAM is also committed to working with the Taxonomy to facilitate the customer’s journey towards comprehensive disclosure reporting. Based on stakeholder requests, BREEAM will increase alignment with the EU Taxonomy as it continues to emerge. In addition, BREEAM is working closely with new developments and is committed to realising opportunities as the EU Taxonomy evolves.
BREEAM has an 80% market share in Europe. Our strong network of National Scheme Operators are central to this and ensuring our products remain robust, relevant and competitive in the European Market. BREEAM is actively engaging with the World Green Building Council (WGBC), Green Finance Institute and the European Commission to shape future releases of the technical screening criteria to ensure their compatibility in the industry.
A guide to the EU Taxonomy and BREEAM
The BREEAM suite of schemes (New construction, In-use, Communities and Refurbishment and fit-out) will help you meet the EU Taxonomy screening criteria and demonstrate your sustainability for ESG, green finance and beyond.
More information on BREEAM’s alignment with the Taxonomy is available in our EU Taxonomy mapping report, this and further ways to engage on our EU Taxonomy hub.