Taxonomy - Orixe

EU Taxonomy

Why is the EU Taxonomy needed and what is it?

To be able to reach the EU’s climate and energy targets for 2030 and the objectives of the European green deal, direct investments towards sustainable projects and activities are needed. The EU taxonomy is a green classification system, that most importantly converts the EU’s climate and environmental objectives into criteria for specific economic activities for investment purposes. Moreover, it provides companies, investors, and policymakers with appropriate definitions for which economic activities can be environmentally sustainable.

The EU Taxonomy is essential in making the EU climate targets implementable in practice, alongside creating security for investors, protecting private investors from greenwashing, and helping companies become more climate friendly. become more climate friendly.

Who will it Affect?

The EU Taxonomy will affect Member States and the EU directly, on the other hand, it will indirectly affect companies that supply to the EU and corporations outside of the EU with investors from the EU.

The Taxonomy and its implications do not only affect the financial sector, but a broad range of sectors, including:

Agriculture, forestry and fishing

Transportation and storage

Information and Communication Technologies (ICT)

Buildings

Electricity, gas, steam and air conditioning supply

Water, sewage, waste and the related remediation

The 6 EU environmental objectives included in the Taxonomy Regulation are:

Climate change mitigation
Climate change adaptation
Sustainable use and protection of water and marine resources,
Transition to a circular economy
Pollution prevention and control
Protection and restoration of biodiversity and ecosystems

To be included in the EU Taxonomy, an economic activity must contribute substantially to at least one environmental objective and do “no significant harm” to the other five environmental objectives set out in the legislative proposal.

EU Taxonomy (Full report)

How can Orixe help you with complying to the EU Taxation and the new regulations connected to it?

Orixe ensures that you have a transparent supply chain, making it easier to see the activities of your suppliers and proving your activities are aligned with the EU Taxation.
The traceability of transactions in Orixe can make it easy to identify risks associated with your suppliers.
Orixe makes it easy to follow up on suppliers, so you can monitor whether the measures you are taking to for instance mitigate climate change, have a positive effect.
With Orixe, it is simple to carry our consistent audits of suppliers, which comply with the EU Taxation.
The documentation stored in Orixe forms a solid base for an effective reporting of transparency on environmental performance.
Orixe helps companies comply with the new set of regulations connected to the EU Taxonomy:

EU Directive on Corporate due diligence and accountability
Social safeguards in EU
Lieferkettengesetz – Supply Chain Act in Germany
Åpenhetsloven in Norway,
French Viligance Law
UK Modern Slavery Act

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