European Commission
Climate Impact & Sustainability Data (2015, 2022)
Reporting Period: 2015
Environmental Metrics
ESG Focus Areas
- Bioeconomy
Climate Goals & Targets
Environmental Challenges
- Lack of harmonized approaches for cross-country comparison in measuring bioeconomy.
- Subjectivity introduced by expert judgment in determining bio-based shares.
- Variations in bioeconomy concepts across countries and stakeholders.
- Double counting in gross output calculations.
- Underrepresentation of tertiary bio-based production in existing methodologies.
Mitigation Strategies
- Proposed a synthesis of input- and output-based approaches.
- Developed an objective and systematic approach using input-output tables.
- Incorporated tertiary bio-based production and inputs to primary production.
- Adjusted for agricultural subsidies and specific industry characteristics.
- Used weighted averages of input and output-based weights to reconcile data.
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Period: 2022
Environmental Metrics
ESG Focus Areas
- 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
Environmental Achievements
- Developed technical screening criteria for economic activities contributing to environmental objectives 3-6 of the Taxonomy Regulation.
Climate Goals & Targets
Long-term Goals:
- Establish a headline ambition framework for climate change adaptation.
Medium-term Goals:
- Develop a more comprehensive and systemic approach to defining substantial contribution to the circular economy and biodiversity objectives.
Short-term Goals:
- Further develop criteria for activities identified as needing additional work (e.g., forestry, agriculture).
Environmental Challenges
- Data limitations for certain sectors and activities, particularly in mining and biodiversity.
- Defining substantial contribution for objectives focused on improving the state of the environment (water and biodiversity).
- Lack of clear ambition levels for circular economy and pollution prevention and control.
- Defining the role of offsetting in achieving substantial contribution to biodiversity.
Mitigation Strategies
- Developed a methodology for prioritizing economic activities based on environmental impact and improvement potential.
- Clarified the concept of substantial contribution for water and biodiversity objectives.
- Established headline ambition levels for objectives 3-6 based on scientific evidence and EU policies.
- Provided guidance on the use of offsetting in the context of DNSH criteria for biodiversity.
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Standards
Frameworks Used: Taxonomy Regulation (EU) 2020/852
UN Sustainable Development Goals
- SDG 6 (Clean Water and Sanitation)
- SDG 12 (Responsible Consumption and Production)
- SDG 13 (Climate Action)
- SDG 14 (Life Below Water)
- SDG 15 (Life On Land)
The Taxonomy contributes to these goals by defining sustainable economic activities and promoting green investments.