S&P Global EU Taxonomy
Independent Assessment
Methodology
S&P Global Sustainable1

April 2024

S&P Global EU Taxonomy Independent Assessment

Table of Contents
TERMS AND DEFINITIONS

3

INTRODUCTION AND CONTEXT

3METHODOLOGY OVERVIEW

6ASSESSING REVENUE ELIGIBILITY

9

ASSESSING SUBSTANTIAL CONTRIBUTION

11ASSESSING DO NO SIGNIFICANT HARM CRITERIA

14

ASSESSING MINIMUM SOCIAL SAFEGUARDS18

OVERALL TAXONOMY ALIGNMENT ASSESSMENT

23

MONITORING AND REVIEW

24

LIMITATIONS

25

REFERENCES

28

APPENDIX 1: EU TAXONOMY SUPPLEMENTARY METRICS AND CORRESPONDING PRIMARY METRICS
BY ACTIVITY
29
APPENDIX 2: MAPPING TRUCOST BUSINESS ACTIVITY TO EU TAXONOMY ACTIVITY

59

APPENDIX 3: DATA SOURCES USED FOR SUBSTANTIAL CONTRIBUTION (SC) ASSESSMENT

81

S&P GLOBAL SUSTAINABLE1 DISCLAIMER

83

2

S&P Global EU Taxonomy Independent Assessment

Terms and Definitions
No
1

2
3
4
5

6

7
8

9

Terminology
NA

No Data
Available
Not Required
No Coverage
Consolidated
assessment

Criteria Not
ApplicableAs reported
Non-Financial
Counterparties(NFC)
FinancialMarketParticipants(FMP)

Description
particular input data point is Not Available for a given company and an example ofthis scenario is column related to SP Topic Tags and TAC. It is also used to represent
items which are Not Applicable for a given entry. For example, it is used to represent
data columns related to non-eligible activities and similarly it is used in the column
related to Secondary Mapped EUT Activities to represent Trucost sectors without any
secondary EUT activities mapped to them.
Represents absence of data
Taxonomy regulation screening criteria does not ask for the particular data point andthe column is not relevant for a specific activity
The company and its activities are not covered by the database used for assessment
the stage-wise emission intensity threshold for the manufacturing process. We
consolidated this to arrive at an emission intensity threshold for the whole process.
The company-level data was compared against this new value, which is why theassessment says Consolidated approach.
was used for assessment. Power plants that were not based on bioenergy werecategorized as Criteria Not Applicable and were excluded from the assessment.
Publicly reported data by companies on their EU Taxonomy performance
Represents all undertakings that principally engage in the production of nonfinancial goods and services
Represents all undertakings that are financial and includes asset managers, credit
institutions, investment firms and insurance companies

Introduction and Context
The EU Taxonomy
In March 2018, the European Commission adopted an action plan on sustainable finance as part of a strategy tointegrate environmental, social and governance considerations into its financial policy framework and mobilizefinance for sustainable growth. In May 2018, the Commission released the first legislative package under theaction plan and, from 2018 to 2020, set up a Technical Expert Group on Sustainable Finance (TEG), later replacedby the Platform on Sustainable Finance, to inform its development. One of the proposals under the legislative
package was the development of a unified EU classification system, the EU Taxonomy ( Taxonomy ), that would
define which economic activities are environmentally sustainable. In March 2020, the TEG published its final
report outlining its recommendations on the design and implementation of the Taxonomy. Since then further
delegated acts have expanded the scope of the list of economic activities covered by the Taxonomy.

S&P Global EU Taxonomy Independent Assessment
The Taxonomy is a tool that will help companies and investors navigate the transition to a low-carbon, resilient
and resource-efficient economy. It is a classification framework that sets out the criteria for an activity to beconsidered environmentally sustainable, which provides a common language on sustainability performance forinvestors, issuers, policymakers, regulators, and companies. The Taxonomy sets performance thresholds for
economic activities. These thresholds are: 1. Substantial Contribution (SC): the economic activity must make a
substantial contribution to one of six key environmental objectives; 2. Do No Significant Harm (DNSH): the activity
must not negatively affect the other five objectives; and 3. Minimum Social Safeguards (MSS): the activity mustmeet minimum safeguards to respect human rights and labor standards (Figure 1).
Figure 1: Requirements for an activity to be considered aligned with the Taxonomy
SC

DNSH

MSS

An activity must show a Substantial
Contribution to one of six environmental
objectives.

Do No Significant Harm to any of the otherobjectives. The criteria for all objectives havebeen laid out by the Taxonomy regulation:

Minimum Social Safeguards to respect
basic human rights and labor standards.

1.
2.
3.
4.
5.
6.

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

1.
2.
3.
4.
5.
6.

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

The European Commission has notprovided specific guidelines on MSS
assessment and companies have tofollow the Organization for Economic Cooperation and Development (OECD)
Guidelines for Multinational Enterprises(OECD MNE Guidelines) and UN Guiding
Principles on Business and Human
Rights, including the International Labour
Fundamental Rights and Principles at
Work, the eight ILO core conventions andthe International Bill of Human Rights.
Since 2023, in addition to the OECD and
UN guidelines, reporting entities mustalso ensure alignment with SFDR
principle adverse impact indicators forsocial and employee matters1.

Source: S&P Global Sustainable1 (2024)

There are six environmental objectives of the Taxonomy (Figure 2) and until 2023 companies were required todisclose on only climate change mitigation and climate change adaptation. From 2024, the remaining four nonclimate objectives too have come into force. Within the climate objectives, activities that actively mitigate climatechange or have the capacity to adapt by shifting their technologies towards low-carbon solutions are categorized
as Transitional within the Taxonomy, while activities that provide products and services that improve theemissions intensity of other activities are categorized as Enabling.
activity type against a specific activity, they are marked
Figure 2: Six environmental objectives of the Taxonomy
1. Climate change mitigation
2. Climate change adaptation
3. Sustainable and protection of water and marine resources
4. Transition to a circular economy
5. Pollution prevention and control
6. Protection and restoration of biodiversity and ecosystems
Source: S&P Global Sustainable1 (2024)

1

Commission notice on interpretation and implementation of certain legal provisions of the EU Taxonomy Regulation and links to the
Sustainable Finance Disclosure Regulation (https://finance.ec.europa.eu/publications/sustainable-finance-package-2023_en)

4S&P Global EU Taxonomy Independent Assessment

The Taxonomy regulations apply to large corporate entities subject to disclosure requirements under the NonFinancial Reporting Directive (NFRD), and this includes companies with more than 500 employees. It also applies
to financial market participants (FMPs) who offer financial products in the European Union, and it covers asset
classes such as equity funds, real estate funds and pension products. The Taxonomy is one of the most significant
developments in sustainable finance and may have wide-ranging implications for financial institutions (notably
pension funds, insurers, banks and asset managers) and issuers working in the EU and beyond. 2
In response to these developments, S&P Global Sustainable1 (S1) launched the S&P Global EU Taxonomy
Independent Assessment), which provides FMPs with a comprehensive assessment of a large universe of equity
and fixed income issuers (20,000 corporate entities in total) against the Eligibility, SC, DNSH and MSS
requirements of the Taxonomy. The assessment aims to help financial institutions with their process of disclosure
by identifying companies with business activities that are either fully aligned with, or which have the potential to
make a substantive contribution to objectives of the Taxonomy. S1 objective is to assist FMPs in their journey
towards full disclosure, and the current dataset has been developed with this in mind. The dataset will continue
to evolve in line with the evolution of the regulation itself.
The S&P Global EU Taxonomy Independent Assessment (formerly known as the EU Taxonomy Data Solution,
considered as Version 2 of the dataset) is an upgrade to the Trucost EU Taxonomy Revenue Share dataset (alsoreferred to as Version 1), which was released by S&P Global in 2020. Version 1 of this dataset included a different
list of eligible sectors based on the initial list of activities communicated by the European Commission. For
example, the initial list included agriculture, whereas the updated list excludes agriculture. Version 1 of thedataset only addressed revenue eligibility and did not include any SC, DNSH or MSS assessments, which are now
included in this updated version.
As more and more companies started disclosing on their EUT performance, S1 launched the EUT As Reporteddand further details can be found in the methodology document 3.

2(Available at: https://ec.europa.eu/info/publications/sustainable-finance-teg-Taxonomy_en)

3

EU Taxonomy As Reported dataset methodology:
https://portal.s1.spglobal.com/survey/documents/SPG_S1_EUT_as_reported_methodology.pdf

5

S&P Global EU Taxonomy Independent Assessment

METHODOLOGY OVERVIEWThe S&P Global EU Taxonomy Independent Assessment is based on the delegated act on sustainable activities
defined by European Commission. The Taxonomy outlines business activities that fall into one of the 13
Nomenclature of Economic Activities (NACE)4 macro sectors that are eligible under the Taxonomy. The businessactivities include those that have a direct carbon mitigation potential (for example, renewable energy), as well as
those that are relatively carbon intensive but have the potential to significantly reduce their carbon emissions (forexample, steel manufacturing). It also includes business activities that enable climate change adaptation andhave the potential to contribute to other non-climate objectives.
The 13 NACE macro sectors covered by the Taxonomy are:
• Forestry• Environmental protection and restoration activities• Manufacturing• Energy• Water supply, sewerage, waste management and remediation• Transport• Information and communication technologies (ICT)• Buildings (construction and real estate activities)• Professional, scientific and technical activities• Financial and insurance activities• Education• Human health and social work activities• Arts, entertainment and recreation
The S&P Global EU Taxonomy Independent Assessment includes both S
with the Taxonomy requirements, either at the individual business activity or aggregated atcompany level, and the underlying data points utilized to inform that assessment. We take a conservative
approach in only assigning the Aligned classification where sufficient data and information are available todemonstrate that an activity or company has met the SC, DNSH and MSS requirements.
S1 identifies business activities as Transitional or Enabling, and map these to the Taxonomy objectives of climatechange mitigation and climate change adaptation. For Adaptation activities, expenditure is used as theassessment metric since companies incur costs to implement measures to mitigate physical climate risk. The
current dataset only has total Capex and Opex data at the company level. An activity-specific breakdown is not
currently available.
The dataset covers 20,000 companies in the Trucost Core Plus Universe, of which approximately 15,000 are
publicly listed companies and 5,000 are private companies issuing fixed income securities.
The following sections provide an overview of how S1 assesses Taxonomy alignment. Figure 3 provides a highlevel overview of the approach, andFigure 4 provides a summary of the data sources used within the dataset.

4

Nomenclature of Economic Activities (NACE) is the European Statistical classification of economic activities. Available at:https://ec.europa.eu/eurostat/statisticsexplained/index.php/Glossary:Statistical_classification_of_economic_activities_in_the_European_Community_(NACE)

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S&P Global EU Taxonomy Independent Assessment
Figure 3

Sectormapping

Eligibility
and SC

DNSH
assessment

MSS
assessment

Revenuealignment

192 of Trucost's 464 business activities are mapped to the EU Taxonomy activites. Where a
Trucost business activity could be mapped to multiple Taxonomy activities, these are all mapped
but one of these activities is identified as the primary activity.
The screening criteria for SC, DNSH and MSS from the primary Taxonomy activity is captured foreach activity as outlined in the Delegated Acts and other relevant sources like OECD.

Companies and those of their activites that fall under Trucost business activities mapped to
Taxonomy activites are considered eligible.
The Taxonomy Technical Screening Criteria on substantial contribution are applied to all eligible
activities, which are then identified as having either met or not met the criteria.
Where we do not have sufficient data to assess a company's performance against the Technical
Screening Criteria for substantial contribution, the Taxonomy Aligned Coefficient (TAC) is used toaddress data gaps.

Activity- and company-level assessments are undertaken to ensure that no significant harm isdone to the remaining Taxonomy objectives.

Company-level assessment is carried out to ensure that the company complies with agreed
minimum social safeguards.

Based on the performance across all three assessment pillars, a company and its activites areassessed for the percentage of revenue aligned with the Taxonomy.

Source: S&P Global Sustainable1 (2022)

Figure 4: Data sources used within the dataset
Section

Data point

Description

Data source

Scope

Revenue
Eligibility

Sector revenue

Emission
intensity

Trucost Sector
Revenue
dataset
Trucost Paris
Alignment
datasetActivity Level

Substantial
Contribution

Sector-level revenue data is used to
identify revenues generated from
Taxonomy eligible activities.
Sector-level emission intensity data
for selected companies present incore plus universe (e.g.,
tCO2e/tonnes of cement).
Company-level flags indicating
involvement in key business

S&P Capital IQ

Company
Level

Capital IQ topic
tags

Activity level

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S&P Global EU Taxonomy Independent Assessment

Power plant
performance

Taxonomy
AlignedCoefficient
Do No
Significant
Harm

Minimum
SocialSafeguards

Controversy
screening andobjective
specific data
pointsControversy
screening andindicatorspecific data
pointsbusiness description.
Market Intelligence dataset on power
plants contains details such as
capacity of the power plant, energy
source used and cogeneration status.
This was used for assessing theTaxonomy activity
generation from bioenergy. Thisdataset is also used for assessing thelocation of nuclear power plants forthe activity Electricity generationfrom nuclear energy in existing
installations
Activity-level revenue alignmentscore.

DNSH is assessed at objective leveland MSS is assessed for eachcriterion. Media and Stakeholder
Assessment (MSA) data was used toscreen for incidents that would
impact the reputational risk of thecompany and negative impacts on theenvironment and society.

MI Power
PlantsActivity level

EuropeanCommission
Joint ResearchCentreActivity level

S&P Global
Corporate
Sustainability
Assessment

Companylevel

NFRD and CSRD indicators:
In the company level output, dedicated columns on CSRD and NFRD indicators are provided. It is important tonote that NFRD/CSRD indicators are Sustainable 1's independent assessment regarding whether NFRD/CSRD
applies to a company or not. This is only an estimated value developed based on S1's interpretation of theEuropean Commission regulations and could differ from the actual status of the company. Companies withsignificant operations in Europe, but not headquartered in an EU country, may be subject to the NFRD/CSRD-EU
headquartered companies. The indicators were assessed based on thresholds related to following metrics:
1.
Company headquarters location2.
Total employees
3.
Net Turnover4.
Total assets

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S&P Global EU Taxonomy Independent Assessment

Assessing Revenue Eligibility
To assess revenue eligibility, a direct mapping is carried out between the business activities covered by the
Taxonomy and 192 of the 464 business activities in the proprietary Trucost Sector Classification system.

The Trucost sector classification system and company research process
The Trucost sector classification system is based on the North American Industry Classification System (NAICS),
activities. S&P Global reviewed company reported revenues and emissions data from the Trucost Core Plus
Universe. This step in the process ensures that only business activities that have a potential to contribute to oneof the objectives are included in the dataset. Any business activities remaining after this step are not considered
to be eligible. For more information about the Trucost Core Plus Universe company research process, please referto the respective methodology document5.

Mapping the Trucost business activities to the Taxonomy business activities
One primary Taxonomy business activity, representing the best possible match, is mapped to each eligible
Trucost sector, and secondary (or other relevant) Taxonomy business activities are noted in the dataset but not
used in the assessment (secondary activities). Assignment of a primary Taxonomy activity is necessary because
the SC and certain DNSH criteria are different for each of the Taxonomy business activities, so a primary activity
and associated technical screening criteria must be established.
Figure 5: Example Trucost business activity mapped to primary & secondary Taxonomy activities
Trucost business activity

Primary Taxonomy activity

Secondary Taxonomy activity

Landfill Gas Power Generation

Electricity generation fromrenewable non-fossil gaseousand liquid fuels

Landfill gas capture andutilization

Once mapped, following the Taxonomy Delegated Act the Trucost business activities are identified as Transitional
or Enabling, and are categorized against the Taxonomy objectives of climate change mitigation and climatechange adaptation. Transitional activities are defined by the Taxonomy as those that are either contributing toclimate change mitigation based on their capacity to improve their emissions intensity, or are directly mitigating
the impacts of climate change. Enabling activities are defined by the Taxonomy as those that are providing
products and services that improve emissions intensity of other activities and are indirectly mitigating the effects
of climate change.
Nuclear and gas activities were mapped to Trucost sectors following the existing mapping approach. One primary
Taxonomy business activity, representing the best possible match, is mapped to each eligible Trucost sector, andsecondary (or other relevant) Taxonomy business activities are noted in the dataset but not used in the5

Trucost environmental dataset methodology:
https://portal.s1.spglobal.com/survey/documents/SPG_S1_Trucost_Environmental_Data_Methodology.pdf

9

S&P Global EU Taxonomy Independent Assessment
assessment (secondary activities). Both nuclear energy and natural gas were categorized under climate change
mitigation objective and transitional activity type. All companies generating revenue through these Trucost
sectors are considered eligible. None of the companies linked to nuclear energy and natural gas were assessed asmeeting the substantial contribution assessment due to lack of data. The substantial contribution technicalscreening criteria are largely qualitative and include datapoints not currently collected by S&P Global. As per the
SC criteria 1, the project must be located in a member state that complies with the treaty establishing theEuropean Atomic Energy Community (Euratom Treaty) and related directives. The Euratom treaty includes all
member countries of the European Union and hence importance is given to the project being located in one of themember states.
The European Commission has provided the technical screening criteria for the remaining non-climate objectives
and has also introduced new activities under the climate objectives. This regulatory update entered in to force by
January 2024. Considering these developments, this dataset has been updated to offer eligibility assessment for
new activities under climate and non-climate objectives. The new objectives integrated to dataset are:
i.
ii.
iii.
iv.

Water and Marine Resources (WTR)
Circular Economy (CE)
Pollution Prevention and Control (PPC)
Biodiversity and ecosystems (BIO)

The approach followed to assess eligibility for the new activities is similar to the existing one followed for Climate
Change Mitigation (CCM) and Climate Change Adaptation (CCA). The new activities were mapped to relevant
Trucost (TC) sector where available and out of 47 new activities introduced by the regulation, matching TC sectors
were available for 14 of them. Following this update we were able to map 68 EUT activities to Trucost sectors,
representing 45% coverage of Total EUT activities listed in delegated acts. Further details on mapping table isavailable in appendix. The new activities are assessed only for eligibility, and they are not assessed for alignment.
EUT regulation recommends that a given EUT activity can contribute to only one objective and this process will
help avoid double counting of business aligned with EUT. For the purpose of this dataset, it was determined that agiven EUT activity will be mapped only to one objective to avoid the risk of double counting. Whenever activities
have the potential to contribute to multiple objectives as per delegated act, they will be mapped only to one
objective. The objective to be assigned for such activity will be decided considering factors like complexity oftechnical screening criteria and data availability.
Below is the objective mapping followed for activities that have the potential to substantially contribute to morethan one objective:i.
ii.

Whenever activities have the potential to contribute to both CCM and CCA, they were mapped to CCM.
contribute to both CCM and Circular Economy. These activities were mapped to CCM.

iii.
Pollution prevention. The activity was mapped to Circular Economy.
For all new and existing activities for which alignment assess
sed. Refer toContribution Final Assessmenin the context of alignment assessment not
and this represents DNSH column not being applicable for these activities. These activities will still have values
under minimum social safeguards (MSS) section since the analysis for MSS metrics is done at company level andis not activity specific.

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S&P Global EU Taxonomy Independent Assessment

Assessing Substantial
Contribution
Once the eligible business activities and associated revenues have been identified, they must then also be shownto make a substantial contribution (SC)SC
screening criteria have been finalized only for two objectives: Climate Change Mitigation and Climate Change
Adaptation. The regulations set forth a series of technical screening criteria for each eligible activity, identifying
performance thresholds (which can be either quantitative or qualitative) that must be met in order for thevity to be considered substantial.
In many cases the technical screening criteria for a given activity will include multiple requirements that must be
partially or fully satisfied to demonstrate SC. S1 has disaggregated these requirements and presents anassessment against each sub-criterion separately in the dataset. S1 has also identified activity-specificsupplementary criteria that should be adopted in certain situations (for example, in the calculation of productcarbon intensity metrics). These supplementary criteria are qualitative and relate to the specific frameworks ofthose situations. The complete list of activity-specific supplementary criteria can be found in Appendix 1.
S1 has sought to utilize information from the S&P Global Capital IQ database and other Trucost datasets tosatisfy the requirements of SC. For example, Capital IQ Topic Tags is one of the datasets used in the context ofassessing SC. The topic tags are retrieved from the Capital IQ Business Description of a company. The businessdescription is a description of the business of a company; it is made by the S&P Capital IQ analysts and fed into
the Company Intelligence dataset. The topic tags may be helpful in the instances where the Trucost businessactivity is not granular enough (e.g., for electric vehicles).
Paris Alignment6 is another dataset that is used to assess SC. This dataset uses company data on carbon
emissions and production to calculate a ratio of carbon emissions per unit of production. Such a ratio is
calculated for companies in key carbon intensive sectors (also called Sectoral Decarbonization Approach, or SDA,
sectors) such as power, steel, cement, aluminum, airlines and automobiles.
An S&P Global Market Intelligence dataset on power plants is also used, and it contains details such as thecapacity of power plants, energy sources used and cogeneration status. This is used for assessing the Taxonomy
activity on electricity generation from bioenergy. Similarly, data on location of the powerplant is used for theassessment of activity Electricity generation from nuclear energy in existing installations. Considering theimportance given to Euratom treaty and the project being located in a member state, a sub-criterion wasdedicated to assessing the location of the nuclear plant. The Market Intelligence power plant dataset was used toshortlist nuclear plants located in EU member states and identify companies associated with them. The data on
revenue generated by a company from nuclear energy was available only at sector level and not at project level.
Given this limitation, aggregated assessment was conducted for companies to verify whether all their associatednuclear plants were located within EU member states. Only if they meet this condition, they will qualify the subcriteria around plant location. If the company in nuclear sector is associated with even one nuclear plant outside
the member states, it will be disqualified. It is important to note that sub-criteria around plant location is only oneof the many criteria required to qualify the substantial contribution assessment. Irrespective of whether acompany passes the sub-criteria around plant location or not, it will not be assessed by S&P Global to meet theoverall substantial contribution assessment due to lack of data on remaining criteria. In the case of natural gas
too, the combined taxonomy assessment will not
relating to the substantial
contribution assessment.

6

Paris Alignment dataset methodology: https://portal.s1.spglobal.com/survey/documents/SPG_S1_Paris_Alignment_Methodology.pdf

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S&P Global EU Taxonomy Independent Assessment
Figure 6 provides some examples of the data that is used to evaluate the Substantial Contribution criteria in thecurrent version of the dataset.
Figure 6: Example data sources used to assess the technical screening criteria
Taxonomy Activity
3.8 Manufactureof aluminum

4.1 Electricity
generation using
solar photovoltaic
technology
3.9 Manufactureof iron and steel

3.3 Manufactureof low-carbon
technologies fortransport

Primary Criteria
Manufacture of secondary
aluminum is automaticallydeemed to be making asubstantial contribution to climatechange mitigation.
Electricity generated from Solar
PV is automatically deemed to be
making a substantial contribution
to climate change mitigation.

Data Source Used
The Trucost Sector Revenue dataset is used to
identify the activity, 331314 Secondary smelting
and alloying of aluminum, to differentiate it fromother types of aluminum production.

A process that meets theemissions threshold per unit
product manufactured is deemed
to be making a substantial
contribution to climate change
mitigation.
Vehicles with zero tailpipe
emissions are deemed to be
making a substantial contribution
to climate change mitigation.

The Trucost Paris Alignment dataset is used toprovide data on the carbon intensity of individualcompanies engaged in iron and steel production.

The Trucost Sector Revenue dataset is used to
identify the breakdown of revenues from each powersource, e.g., 221119A Solar PV vs. 221119B Wind
Power.

Capital IQ (CIQ) Topic Tags are used to identify
manufacturers of electric vehicles that have zero tailpipe emission.

Where relevant data is not currently available to assess the SC requirements for a given Taxonomy businessactivity, No data
will be shown and the analysis will default to the TAC that has been assigned by theregulation to that activity. These coefficients reflect an estimate of the proportion of an activity/sector that is
expected to meet the SC criteria.
Figure 7: Application of the Taxonomy Alignment Coefficient
Overview
The EC Joint Research Centre has published the estimated Taxonomy aligned coefficients7 thatwere used in its report on the implementation of the EU Sustainability Taxonomy.8 These can beused by FMPs to estimate the Taxonomy alignment of their asset holdings to compute their own
KPIs where they do not have sufficient information to assess the SC criteria for a specificExamples••••Manufacture of cement (NACE 23.51) has a TAC of 3%
Rental and leasing of cars and light motor vehicles (NACE 77.11) has a TAC of 18%
Development of building projects (NACE 41.10) has a TAC of 40%
Transmission of electricity (NACE 35.12) has a TAC of 100%

7

-Alignment tool is available at: https://publications.jrc.ec.europa.eu/repository/bitstream/JRC118663/jrc118663uzh_taxonomy-alignment-tool-2020.xlsx
8International Review of Financial Analysis, Vol. 84, 2022, 102319, ISSN 1057-5219, https://doi.org/10.1016/j.irfa.2022.102319

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S&P Global EU Taxonomy Independent Assessment
Applications

Independent Assessment

The Trucost Sector Revenue dataset has identified that Company A, which has total revenues of$10m, generates 30% of their revenue from the development of building projects and 20% from
activities related to the production of cement, while the remaining revenue is generated by
activities that are not included in the Taxonomy. This means that $5m, or 50%,
revenue is eligible under the Taxonomy.
Eligible revenue must then be assessed against the technical screening criteria for each activity toenvironmental objectives.
If data exists to show thattechnical screening criteria, then thefull $5m of eligible revenue could be considered to be substantially contributing. If, however, theinformation is insufficient, the TAC may be applied as follows:••

A TAC of 40% is applied to the $3m revenue generated from the development of building
projects, which results in $1.2m of revenue meeting the SC criteria.
A TAC of 3% is applied to the $2m revenue generated from the production of cement, which
results in $60,000 of revenue meeting the SC criteria.
meets the SC criteria.

For each SC criterion, the following data fields are provided:
•
•
•
•
•
•
•
•

Text: The text of the technical screening criteria to be assessed
Qualitative/Quantitative: An indication of whether the criteria are qualitative or quantitative in nature
Data Source: The name of the S&P Global data source used to evaluate the criteria
Activity Performance Data: Company/activity specific data used to assess the technical screening
criteria; for example, steel production greenhouse gas intensity (tCO2e/tonne steel)
Activity Performance Data Units: The units for the company/activity data provided above
Taxonomy Performance Threshold: The quantitative threshold set in the technical screening criteria
Taxonomy Performance Threshold Units: The units for the quantitative threshold set in the technicalscreening criteria
Assessment: S
are met or not met based on the information above

These data fields are repeated for each SC criterion of relevance to each Taxonomy activity.
A summary assessment is also provided indicating whether or not a company/activity has met all relevant
technical screening criteria (Met or Not Met). The percentage of eligible revenue meeting the SC criteria is also
shown. If all SC criteria are met, 100% of activity revenue is included; however, if data is insufficient or missing,
the eligible revenue multiplied by the TAC is shown.

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S&P Global EU Taxonomy Independent Assessment

Assessing Do No Significant Harm
Criteria
environmental objectives, it must also show that it meets the DNSH requirements in relation to the other fiveenvironmental objectives.
The Taxonomy delegated act provides specific activity-level and generic appendix-level requirements, alongside
more generic appendix-level requirements. Both activity- and appendix-level requirements are assessed using
data collected through the S&P Global Corporate Sustainability Assessment (CSA), an annual assessment basedon company reporting that captures data on a wide range of Environmental, Social and Governance (ESG) issues.
Further information on the CSA methodology is available on the S&P Global CSA website9.
The DNSH assessment is based on the CSA score and data point-level analysis, alongside the S&P Global Mediaand Stakeholder Analysis (MSA). The activity and appendix DNSH requirements for each environmental objective
are matched to data point and question-level information disclosed by companies assessed through the CSA andused to evaluate whether an activity or company has satisfied the requirements. It is important to note that if acompany is identified as being engaged in any of the controversies covered by the MSA, the company would beassessed as not meeting the DNSH threshold irrespective of its performance on the DNSH criteria.

CSA score and data point-level analysis for DNSH
The CSA methodology requires companies to respond to a series of questions on their sustainability performance.
Questions are made up of multiple data points that provide granular indications
specific sustainability topic. Data point-level information includes quantitative and qualitative company
information within specific CSA questions. For the purposes of the S&P Global EU Taxonomy Independent
Assessment, these data points have been mapped to the specific taxonomy delegated act, DNSH activity, andappendix-level requirements. In cases where several data points within a CSA question are relevant to specificrequirements, the question score is used. The combination of data points and question scores form individual
criteria that make up the assessment for each DNSH activity- and appendix-level requirement. Each data point orscore has been assigned a threshold that analysts deem to be reflective of the requirements set out within theTaxonomy delegated act to meet the individual DNSH objectives.
Figure 8: Mapping CSA data to DNSH objectives

9

DNSH Objectives

CSA Data

Description

Climate Change
Mitigation

No Coverage

The CSA does not currently collect relevant data for the
DNSH requirements for climate change mitigation.

Climate Change
Adaptation

Climate Risk Assessment
Physical Risks &Physical Climate Risk
Adaptation

The CSA considers information on whether a company
has completed an assessment of material physicalclimate risks with details on the scope and focus of theassessment as well as planned adaptation measures tomitigate physical climate risks.

S&P Global CSA website: https://www.spglobal.com/esg/csa/methodology/

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S&P Global EU Taxonomy Independent Assessment
Sustainable Use andProtection of Water
and Marine
Resources

Water Quantity- andQuality-Related Risks,
Water-Related
Stakeholder Conflicts,
Water-Saving Devices
and Water Efficiency
Programs for Real Estate
Portfolio

The CSA considers how companies manage water
related risks through implementation of specificpolicies, management systems and stakeholder
engagement. Furthermore, it considers specific aspects
around water saving devices implemented in new andexisting buildings.

Transition to a
Circular Economy

Product Design Criteria,
Coverage ofEnvironmental
Management Policy,
Approach Towards
Recycling

The CSA considers how companies implement circular
economy principles within product design criteria
alongside policies and processes to manage waste
within business operations.

Pollution Prevention
and Control

Hazardous Substances
Commitment

The CSA considers the commitments companies have inplace to reduce hazardous substances within products
and the progress made to remove them altogether.

Protection and
Restoration of
Biodiversity andEcosystems

Biodiversity
Commitment,
Biodiversity Exposure &Assessment, No
Deforestation
Commitment and Forest
Management
Certification

The CSA considers how companies manage biodiversity
related risks through implementation of company
commitments, processes to consider exposure andassessments of how their operations may impact
biodiversity.

A metric column is displayed for each of the individual DNSH environmental objectives and provides an indicationof the Taxonomy requirement (e.g., activity or appendix level) that the company activity is required to meet todemonstrate alignment to DNSH. Below is a list of outputs for the DNSH metric column and their descriptions.
•

EUT Delegated Act Activity Requirements: The activity is required to meet only the activity requirements
within the Taxonomy delegated act•

EUT Delegated Act Appendix Requirements: The activity is required to meet only the appendix
requirements within the Taxonomy delegated act•

EUT Delegated Act Activity & Appendix Requirements: The activity is required to meet both the activity
requirements and the appendix requirements

At this stage, the S&P Global EU Taxonomy Independent Assessment does not have full coverage of all of theactivity requirements of the Taxonomy delegated act. Therefore, within the metric column for each DNSH
objective it is indicated where there is an absence of coverage within the DNSH assessment, as detailed below.
•

EUT Delegated Act Activity Requirements (No Assessment Coverage): The activity is required to meet
only the activity requirements within the Taxonomy delegated act, but the data is not currently available
within the assessment. In these cases, the product returns No Data Available for the specific DNSH
criteria, as detailed below.

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S&P Global EU Taxonomy Independent Assessment•

EUT Delegated Act Activity (No Assessment Coverage) & Appendix Requirements: The activity isrequired to meet both the activity requirements and the appendix requirements. Data is not currently
available for assessment of the activity, but the data for assessing appendix requirements is available. In
these cases, only the assessment for the appendix is used to indicate alignment, but the lack of data
reflects negatively in DNSH Confidence Level score.

An assessment is provided for each of the individual DNSH objectives
alongside the complete DNSH Combined Assessment, which is a summary of all of the individual objectives.
Below is a list of the outputs for the individual assessments of the DNSH objectives and the DNSH Combined
Assessment.
•

Met: The individual DNSH objective assessment will be considered Met if all of the underlying CSA scoresor data points meet the thresholds of the Taxonomy requirements. The DNSH Combined Assessment is
considered Met when one or more of the individual DNSH assessments are Met and the remaining
assessments are not categorized as Not Met or Partially Met.

•

Partially Met: The individual DNSH objective assessment will be considered Partially Met if at least one of
the underlying CSA scores or data points meets the thresholds of the Taxonomy requirements. The DNSH
Combined Assessment is considered Partially Met when at least one of individual DNSH assessments iscategorized as Partially Met and the remaining assessments are not categorized as Not Met.

•

Not Met: The individual DNSH assessment will be considered Not Met if none of the underlying CSA scoresor data points meets the thresholds that are reflective of the Taxonomy requirements. The DNSH
Combined Assessment is categorized as Not Met if one or more of the individual DNSH assessments iscategorized as Not Met.

•

Not Required: For some activities there are no requirements to meet specific DNSH objectives. These aremarked as Not Required under the individual DNSH objectives. The DNSH Combined Assessment iscategorized as Not Required if all six of the individual DNSH assessments are categorized as Not
Required.

•

No Data Available: The individual DNSH assessment will be considered No Data Available if there has notbeen sufficient data collected on a company or there was not substantial coverage of the Taxonomy
delegated act within the CSA methodology. In these cases, the company has participated within the CSA
data collection methodology, but insufficient data was collected due to one or both of the above reasons.
The DNSH Combined Assessment will be categorized as No Data Available if all six of the individual DNSH
assessments are categorized as No Data Available. The No Data Available output affects the Confidence
Level score, which is discussed below.

•

No Coverage: The individual DNSH assessments are considered No Coverage if the company did notparticipate in the CSA data collection methodology. The DNSH Combined Assessment will be considered
No Coverage if one or more objectives are categorized as No Coverage and the remaining objectives are
Not Required.

Alongside the above individual assessment for each DNSH objective, a percentage score is also assigned (e.g.,
100% for DNSH Adaptation Score). The score reflects the performance of companies against the underlying scoreor data point analysis within each DNSH objective. The DNSH Combined Score is an average of the individual
objective scores and weighted where there is No Data Available, or the objective is Not Required as per theTaxonomy delegated act. A company activity does not necessarily need to achieve 100% on the DNSH Combined
indication of their performance even if they have failed the assessment.

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S&P Global EU Taxonomy Independent Assessment
A DNSH Confidence Level is provided to indicate the completeness of the assessment. The Confidence Level takes
into consideration two aspects that affect the quality of the data returned in the assessment. Firstly, it considers
if sufficient data has been collected on a company to assess their specific performance against relevant metrics.
Secondly, it considers if there is substantial coverage of the Taxonomy delegated act within the CSA methodology
to allow for insight into whether a company meets the relevant activity and appendix requirements. These two
aspects are combined to provide one of the following assessments:•

High: There is sufficient company data available to make an assessment, alongside substantial coverageof the Taxonomy delegated act within the CSA.

•

Medium: There is a limitation in either the data collected on a company or coverage of the Taxonomy
delegated act within the CSA.

•

Low: There is a limited amount of data collected on a company and there is limited coverage of theTaxonomy delegated act within the CSA.

Where the CSA does not have sufficient data on a company, the Combined DNSH Assessment will be considered
as Met if two or more individual DNSH objectives where sufficient data is available are Met and the remaining
DNSH objectives are not categorized as either Not Met or Partially Met. The application of this rule will affect theConfidence Level of the DNSH Combined Assessment. Every activity is assessed against the Taxonomy Delegated
Act requirements; however, if the MSA assessment (detailed below) identifies a relevant controversy, the DNSH
Combined Assessment is automatically considered Not Met, even if the DNSH Combined Score is 100%.

Media and Stakeholder Analysis for DNSH
The MSA forms an integral part of the CSA
performance on an ongoing basis by assessing current controversies with potentially negative reputational or
financial impacts. Throughout the year, S&P Global ESG Research monitors news coverage of assessedcompanies daily using news stories from the media and stakeholder groups compiled and pre-screened by
RepRisk.10 During the MSA process, a case is created if a company has been involved in a specific negative eventor incident that
exposes either a failure of management or of company system and processes. When a case is created, several
factors are taken into account, including the level of company responsibility, the materiality of the breach interms of reputation, and the business or operational impact. A case is assessed to determine its impact on the
MSA Methodology Guidebook 11.
The MSA dataset is utilized within the S&P Global EU Taxonomy Independent Assessment to identify whether acompany is engaged in a controversy related to any of the environmental objective, to consider the level ofseverity of that controversy (minor, medium or major), and to assess the response and action taken by thecompany to resolve that controversy. Where a company is identified to be engaged in a major controversy, they
are assessed as failing to meet the DNSH criteria, since this represents evidence of potential significant harm to
the Taxonomy environmental objectives. Where a company is identified as being engaged in a minor or medium
controversy and did not release public communication or did not adopt adequate measures to minimize thenegative impact and avoid future recurrence of such incidents (or insufficient partial measures), then thecompany would be assessed as not meeting the MSA threshold.
Figure 9: Summary of individual MSA assessments that contribute to the DNSH assessment

10

RepRisk, an ESG data science firm, leverages the combination of AI and machine learning with human intelligence tosystematically analyze public information in 23 languages and identify material ESG risks. With daily data updates across 100+
ESG risk factors, RepRisk provides consistent, timely, and actionable data for risk management and ESG integration across acompany’s operations, business relationships, and investments. www.reprisk.com.
11

MSA Methodology Guidebook:17

S&P Global EU Taxonomy Independent Assessment
Media andStakeholder
Analysis (MSA)
Assessment
Environmental
PolicyDescription

Product
Stewardship

The MSA assessment considers specific failures of product stewardship policy andprocesses. Assessment is considered towards the Transition to a Circular Economy
DNSH objective.

Water Related Risks

The MSA assessment considers specific cases that are related to water quality andquantity risks. Assessment is considered towards the Sustainable Use and Protectionof Water and Marine Resources DNSH objective.

Water Operations

The MSA assessment considers specific cases that are related to water operations
within a company. Assessment is considered towards the Sustainable Use andProtection of Water and Marine Resources DNSH objective.

Biodiversity

The MSA assessment considers specific cases that are related to biodiversity.
Assessment is considered towards the Protection and Restoration of Biodiversity andEcosystems DNSH objective.

The MSA assessment considers cases of severe environmental violations caused bycompanies suggesting insufficient management control. Assessment is considered as
an all-encompassing criterion for DNSH objectives.

Assessing Minimum Social
Safeguards
Adherence with MSS is evaluated at the company level using data disclosed by companies in the CSA. S1
reviewed the UN Guiding Principles on Business and Human Rights (UNGPs) and the OECD MNE Guidelines andselected the following social themes to be used for the MSS assessment:
•
•
•
•
•
•

Human Rights
Employment and Industrial Relations
Corruption and Bribery & Anti-Competitive Practices
Consumer InterestTax Strategy
Supply Chain Management

The MSS criteria for individual themes are matched to data point and question-level information disclosed bycompanies assessed through the CSA in order to evaluate whether an activity or company has satisfied thecriteria. Where no individual CSA data points/questions are matched or minimum score threshold was applied, theassessment is based on the negative screen through the MSA assessment only. Where a company is identified as
being engaged in any of the controversies outlined under the MSA for MSS, the company would be assessed as
not meeting the MSA threshold irrespective of the company performance on the individual MSS criteria.

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S&P Global EU Taxonomy Independent Assessment
In 2023 European Commission published a notice on interpretation and implementation of certain legal provisionsof the EU Taxonomy Regulation and links to the Sustainable Finance Disclosure Regulation. This document also
contains additional guidelines on MSS assessment for EU Taxonomy and introduces a link between EUT and SFDR
principle adverse impact indicators (PAI) for social and employee matters, respect for human rights, anticorruption and anti-bribery matters. These metrics are already a part of SFDR dataset and users can access them
directly.

CSA score and data point level analysis for MSS
Data points collected in the CSA are mapped to specific MSS Criteria and used toperformance. Where a company meets all data point level/minimum score threshold requirements, it would beconsidered to have met the MSS recommendations based on the OECD MNE Guidelines; where somerecommendations are met but insufficient data is available on others, the company would be considered Partially
Met; and where any of the recommendations are not met, the company would be assessed as Not Met for the
relevant MSS Criteria.
Where the company has an MSA case, as explained above, the company fails the MSS check irrespective of thecompany performance.
Figure 10: Mapping of CSA data points to MSS Criteria
MSS Criteria

CSA Data

Description

Human Rights

Human Rights
Commitment
Human Rights Due
Diligence Process

The CSA considers whether companies havea public human rights policy in place and towhat extent human rights due diligenceprocesses exist on a company-wide level.
The CSA Human Rights questions aredeveloped in line with the UN Guiding
Principles on Business & Human Rights.

Employment & Industrial
Relations

Human Rights
Commitment

The CSA considers specific policies coveringcommitments to respect to labor rights/laws.

Corruption & Bribery &Competition

Corruption & Bribery
Anti-competitive Practices

The CSA considers the coverage of publicly
available company-wide anti-corruption andbribery policies including bribes in any formand direct and political contributions as wellas cases related to anti-trust/anticompetitive practices and fines incurred.

Consumer Interest

No data point/question
level analysis. Relies
solely on negative screen
through MSA cases.
Tax Strategy andGovernanceTax Strategy

Supply Chain Management

The CSA considers the coverage of publicly
available company-wide tax policies. The
CSA Tax Strategy and Governance question isdeveloped in line with the OECD
recommendations on taxation.

No data point/question
level analysis. Relies

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S&P Global EU Taxonomy Independent Assessment
solely on negative screen
through MSA cases.
An MSS Metric column is provided for each of the individual MSS criteria that reference the OECD MNEGuidelines, which the MSS assessment is based upon. An individual assessment is provided for each of the MSS
criteria (e.g., MSS Human Rights Criteria), alongside one MSS Combined Assessment which is a summary of all of
the individual MSS Criteria assessments. Below is a list of outputs for the individual MSS assessments, alongside
the MSS Combined Assessment.
•

Met: Individual MSS criteria are considered Met if all of the underlying CSA scores or data points meet thethresholds that are reflective of the recommendations of the OECD MNE Guidelines. The Combined MSS
Assessment will be considered Met if two or more of the individual MSS criteria are Met and the remaining
metrics are not categorized as Not Met or Partially Met.

•

Partially Met: Individual MSS criteria are considered Partially Met if at least one of the underlying CSA
scores and data points meets the thresholds that are reflective of the recommendations of the OECD
Guidelines. The Combined MSS Assessment will be considered Partially Met if one or more of theindividual MSS criteria assessments are categorized as Partially Met and the remaining metrics are notcategorized as Not Met.

•

Not Met: Individual MSS criteria are considered Not Met if none of the underlying CSA scores or data
points meets the thresholds that are reflective of the recommendations of the OECD MNE Guidelines. The
Combined MSS Assessment will be considered Not Met if at least one of the individual MSS criteria iscategorized as Not Met.

•No Data Available: Individual MSS criteria are considered No Data Available if the company participated in
the CSA but the data is not sufficient to conduct an assessment against MSS criteria.

•

No Coverage: The individual and combined MSS assessments will be considered No Coverage if thecompany did not participate in the CSA data collection process.

In addition to the individual assessment for each MSS criteria, companies are also given a score from 1–100%(e.g., 100% for MSS Human Rights Criteria). The score reflects the performance of companies against theunderlying CSA score and data point analysis. The final MSS Combined Score is derived from an average of these
individual criteria scores and weighted where there is No Data Available. The MSS Combined Score does notnecessarily need to achieve 100% to be considered Met on the MSS Combined Assessment, as detailed below.
Also, the MSS Combined Score is still provided when a company is considered Not Met for the MSS Combined
Assessment, which gives users an indication of their performance even if they have failed the assessment.
An MSS Confidence Level is provided to indicate the completeness of the assessment. The Confidence Level takes
into consideration two aspects that affect the quality of the data returned in the assessment. Firstly, it considers
if sufficient data has been collected on a company to assess their specific performance against relevant metrics.
Secondly, it considers if there is substantial coverage of the OECD MNE Guidelines within the CSA to allow an
insight into if a company meets its criteria. These two aspects are combined and provide one of the following
outputs:•

High: There is sufficient company data available to make an assessment, alongside substantial coverageof the OECD MNE Guidelines within the CSA.

•

Medium: There is a limitation in either the data collected on a company or coverage of the OECD MNEGuidelines within the CSA.

•

Low: There is a limited amount of data collected on a company and there is limited coverage of the OECD
within the CSA.
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S&P Global EU Taxonomy Independent Assessment

Every activity is assessed against the MSS criteria, which are based on the OECD MNE Guidelines. If the MSA
assessment identifies a relevant controversy (Figure 11), the MSS Combined Assessment is automaticallyconsidered Not Met, although the MSS Combined Score is still available. Where the CSA does not have sufficient
data on a company for individual MSS criteria, the Combined MSS Assessment is considered Met only if two or
more of the individual MSS criteria are Met and the remaining criteria are not categorized as Not Met or Partially
Met.

Media and Stakeholder Analysis (MSA) for MSS
The MSA dataset is utilized to identify whether a company is engaged in a controversy related to the MSS criteria,
the level of severity of that controversy (minor, medium or major), and what actions have been taken by thecompany to resolve that controversy. Where a company is identified as being engaged in in a major controversy, it
would be assessed as failing to meet the MSS Criteria. Where a company is identified as being engaged in a minor
or medium controversy and did not release public communication or did not adopt adequate measures tominimize the negative impact and avoid future recurrence of such incidents (or insufficient partial measures),then the company would be assessed as not meeting the MSA threshold.
Figure 11: Summary of individual MSA assessments that contribute to the MSS assessment
Media and Stakeholder
Analysis (MSA)
Assessment
Human Rights

Description

The MSA assessment considers controversies that are related to human rights
would highlight where a company has been in breach of internationally accepted
human rights standards.

Labor Practices

The MSA assessment considers specific controversial cases that are related tolabor practices. The assessment would consider where a company has breachedbasic internationally accepted labor and employment practices.

Codes of Conduct

The MSA assessment considers specific controversial cases that are related toaccepted best practices in business ethics. The Assessment is considered anumbrella assessment to consider failures in company management control for
issues related to, inter alia, corruption, bribery, anti-competitive practices,
embezzlement, violations of regulations and international sanctions, and moneylaundering transactions.

Customer Relations

The MSA assessment considers specific controversial cases that are related to
Customer Relations. The assessment considers whether a company has, forexample, issued misleading advertising, advice or illegal excessive fees.

Health & Nutrition

The MSA assessment considers specific controversial cases that are related toconsumer health and nutrition. The assessment is to consider whether company

Tax Strategy

The MSA assessment considers specific controversial cases that are related totax evasion, tax fraud or illegal tax optimization. The assessment is considered
towards the Tax Strategy MSS objective.
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S&P Global EU Taxonomy Independent Assessment

Supply Chain Management

The MSA assessment considers specific controversial cases that are related to aassessment is considered towards the Supply Chain Management MSS objective.

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S&P Global EU Taxonomy Independent Assessment

Overall Taxonomy Alignment
Assessment
S1 provides a final assessment of how companies and business activities align with the Taxonomy overall,incorporating all the assessments on eligibility, Substantial Contribution, Do No Significant Harm and Minimum
Social Safeguards. We take a conservative approach in only assigning the Aligned classification where sufficient
data and information are available to demonstrate that an eligible activity or company has met SC, DNSH andMSS requirements.
The below section explains how the activities are assessed depending on their eligibility and performance status:•••

Not Aligned: Sector revenue is mapped to an eligible NACE activity for which the assessment criteria forone or more of the pillars (SC, DNSH, MSS) are Not Met.
Partially Aligned: Sector revenue is mapped to an eligible NACE activity for which at least one of the threepillars are Met while others cannot be evaluated due to insufficient data.
Aligned: Sector revenue is mapped to an eligible NACE activity for which the SC, DNSH and MSS criteria
are metThe full Alignment Assessment output logic categories are as follow:
Figure 12: Logic underlying the Overall Taxonomy Alignment Assessment
SC

DNSH

MSS

Overall Taxonomy
Alignment

Met

Met / Not RequiredMet

AlignedMet

Partially met

No Data Available / Partially
met / Met / No Coverage

Partially aligned

Met

No Data Available / Partially
met / Met / Not Required / No
Coverage

Partially met

Partially aligned

Met

No Data Available / No
Coverage

No Data Available / Partially
met / Met / No Coverage

Partially aligned

Met

No Data Available / Partially
met / Met / Not Required / No
Coverage

No Data Available / No
Coverage

Partially aligned

Not metNot met / Partially met / Met /Not Required / No Coverage

Not met / Partially met / Met /No Coverage

Not aligned

Met / Not met

Not met / No Coverage

Not met / Partially met / Met /No Coverage

Not aligned

Met / Not met

Not met / Partially met / Met /Not Required

Not metNot aligned

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S&P Global EU Taxonomy Independent Assessment

Monitoring and Review
All new methodologies and any material changes to existing methodologies are reviewed and approved by anindependent methodology governance committee.

1313

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S&P Global EU Taxonomy Independent Assessment

Limitations•

Differences in outputs of the S&P Global EU Taxonomy Independent Assessment and the S&P Global EU
Taxonomy As Reported datasets are expected due to their methodological differences and different use
cases.

•The S&P Global EU Taxonomy Independent Assessment covers the business activities currently outlined in
the Taxonomy. Over the coming years, the Taxonomy will continue to evolve as the Platform on
Sustainable Finance considers approaches to additional business activities and to the otherenvironmental objectives•

The Trucost sector classification system is based on NAICS and is currently not granular enough tocapture all of the Taxonomy activities. As such, the activities have been split into primary and secondary
activities. The activity that is the best match for the Trucost business activity gets marked as the primaryactivity and the remaining activities that are still relevant for that Trucost business activity get marked as
secondary activities. All relevant Taxonomy activities are not mapped to the same Trucost businessactivity since it is not feasible to apply multiple screening criteria to a single company. Currently, thecompanies and their activities in the Trucost Core Plus Universe are assessed based on the screening
criteria linked with the primary Taxonomy activity.

•

The Taxonomy Alignment Coefficient (TAC) has been developed in the context of companies present inEuropean Union. The TAC values in current dataset have been applied to companies outside EU too, forlack of data availability.

•

The CSA currently does not have full coverage of all DNSH Delegated Act requirements, nor does it havecomplete coverage of all companies within the S&P Global EU Taxonomy Independent Assessment. In
cases where the CSA does not have coverage of the DNSH and MSS requirements or companies, the•Taxonomy regulation categorizes activities into specific activity types. When activities substantiallycontribute to the climate change mitigation objective, the activity type categories are Enabling andTransitional. Both of these can be measured using revenue as the assessment metric. When activities
substantially contribute to the Climate Change Adaptation (CCA) objective, the activity type categories are
Enabling and Adapted. However, revenue can only be used as the assessment metric for CCA enabling
activities, since these are activities that offer services to support the prevention or reduction of physicalclimate risks from which companies gain revenue. For adapted activities, expenditure is used as theassessment metric since companies incur costs to implement measures to mitigate physical climate risk.
The current version of the dataset assesses companies based on their revenue alignment with theTaxonomy, however their expenditure alignment is not covered. The dataset does include some
information on total Capex and Opex but these are not included in the eligibility or alignment
assessments. For this reason, the dataset only covers an assessment for CCA enabling activities under
the climate change adaptation objective. In addition, only the eligibility assessment is available for thiscategory due to a lack of data availability. The coverage of activity types is summarized in Figure 14 below.

Figure 14: Coverage of Activity types
Taxonomy
Objective

Activity types

Assessment metric

StatusClimate change
mitigation

Enabling/Transitional/General

Revenue

Alignment Assessment

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S&P Global EU Taxonomy Independent Assessment
Climate change
adaptation

Enabling

Revenue

Eligibility Assessment

GeneralCapex or Opex

Not covered

Non-climate
objectives

Enabling/General

Revenue

Eligibility Assessment

Source: S&P Global Sustainable1 (2024)

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S&P Global EU Taxonomy Independent Assessment

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S&P Global EU Taxonomy Independent Assessment

References
1. EUT Regulation or Regulation (EU) 2020/852: https://eur-lex.europa.eu/legalcontent/EN/TXT/?uri=CELEX:32020R0852
2. EUT Delegated acts or Regulation (EU) 2021/2139: https://eur-lex.europa.eu/legalcontent/EN/TXT/?uri=CELEX%3A32021R2139
3. Article 8 disclosure delegated acts or Regulation (EU) 2021/2178: https://eur-lex.europa.eu/legalcontent/EN/TXT/?uri=CELEX:32021R2178
4. Nuclear and Gas delegated acts or Regulation (EU) 2022/1214: https://eur-lex.europa.eu/legalcontent/EN/ALL/?uri=CELEX:32022R1214
5. Non-climate objectives delegated acts or Regulation (EU) 2023/2486:
https://finance.ec.europa.eu/publications/sustainable-finance-package-2023_en
6. SFDR RTS (EU) 2022/1288 Article 17(2)(b): https://eur-lex.europa.eu/eli/reg_del/2022/1288/oj
7. EU Technical Expert Group on Sustainable Finance, (2019), Taxonomy Technical Report. Available at:https://ec.europa.eu/info/publications/sustainable-finance-teg-Taxonomy_en
8. NACE sector classification, (2020). Available at: https://ec.europa.eu/eurostat/statisticsexplained/index.php/Glossary:Statistical_classification_of_economic_activities_in_the_European_Com
munity_(NACE)
9.

Lucia Alessi, Stefano Battiston
5219, https://doi.org/10.1016/j.irfa.2022.102319

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S&P Global EU Taxonomy Independent Assessment

Appendix 1: EU Taxonomy Supplementary Metrics andcorresponding Primary Metrics by activity
Activity
number
3.2

EUT Activity

Primary Metric & Threshold

Supplementary Metric

Manufacture ofequipment forthe production
and use ofhydrogenThe activity complies with the life-cycle GHG emissions savings
requirement of 73.4% for hydrogen (resulting in life-cycle GHG
emissions lower than 3 tCO2e/tH2) and 70% for hydrogen-based
synthetic fuels relative to a fossil fuel comparator of 94 gCO2e/MJ
in analogy to the approach set out in Article 25(2) of and Annex V
to Directive (EU) 2018/2001.

3.3

Manufacture of
low-carbon
technologies
for transport

3.3

Manufacture of
low-carbon
technologies
for transport
Manufacture of
low-carbon
technologies
for transport

The economic activity manufactures, repairs, maintains, retrofits,
repurposes or upgrades: Vehicles with Zero Tail pipe emission.
List of vehicles includes the following: trains, passenger coaches,wagons, urban, suburban and road passenger transport devices,vehicles of category L and Bimode vehicles.
Inland passenger water transport vessels that have zero direct(tailpipe) CO2 emissions.

Life-cycle GHG emissions savings are calculated using themethodology referred to in Article 28(5) of Directive (EU)2018/2001 or, alternatively, using ISO 14067:2018119 or ISO
14064-1:2018120.
Quantified life-cycle GHG emission savings are verified in line with
Article 30 of Directive (EU) 2018/2001 where applicable, or by anindependent third party. Where the CO2 that would otherwise be
emitted from the manufacturing process is captured for the
purpose of underground storage, the CO2 is transported andstored underground in accordance with the technical screening
criteria set out in Sections 5.11 and 5.12.
Bimode vehicles that have zero direct tailpipe CO2 emission when
operated on a track with necessary infrastructure, and use aconventional engine where such infrastructure is not available

3.3

3.3

Manufacture of
low-carbon
technologies
for transport

3.3

Manufacture of
low-carbon

Inland freight water transport vessels, not dedicated totransporting fossil fuels, that, until 31 December 2025, havedirect (tailpipe) emissions of CO2 per tonne kilometer (gCO2/tkm)
that are 50% lower than the average reference value for emissionsof CO2 defined for heavy duty vehicles (vehicle subgroup 5-LH).
Sea and coastal freight water transport vessels, vessels for port
operations and auxiliary activities, that are not dedicated totransporting fossil fuels, that: from 1 January 2026, vessels thatare able to run on zero direct (tailpipe) CO2 emission fuels or on
fuels from renewable sources have an attained Energy Efficiency
Design Index (EEDI) value equivalent to reducing the EEDI
reference line by at least 20 percentage points below the EEDI
requirements applicable on 1 April 2022
Sea and coastal passenger water transport vessels, not dedicatedto transporting fossil fuels, that: from 1 January 2026, vesselsthat are able to run on zero direct (tailpipe) CO2 emission fuels or

Inland passenger water transport vessels that, until 31 December
2025, are hybrid and dual fuel vessels using at least 50% of theirenergy from zero direct (tailpipe) CO2 emission fuels or plug-in
power for their normal operation.
The tailpipe emissions must be calculated (or estimated in case of
new vessels) using the Energy Efficiency Operational Indicator.

(a) are able to plug-in at berth; (b) for gas-fuelled ships,
demonstrate the use of state-of-the-art measures andtechnologies to mitigate methane slippage emissions.

(a) are able to plug-in at berth; (b) for gas-fuelled ships,
demonstrate the use of state-of-the-art measures andtechnologies to mitigate methane slippage emissions

S&P Global EU Taxonomy Independent Assessment
technologies
for transport

Manufacture ofother lowcarbon
technologies
Manufacture ofhydrogenon fuels from renewable sources have an attained Energy
Efficiency Design Index (EEDI) value equivalent to reducing the
EEDI reference line by at least 20 percentage points below the
EEDI requirements applicable on 1 April 2022
The economic activity manufactures technologies that are aimed
at and demonstrate substantial life-cycle GHG emission savings
compared to the best performing alternativetechnology/product/solution available on the market.
The activity complies with the life-cycle GHG emissions savings
requirement of 73.4% for hydrogen (resulting in life-cycle GHG
emissions lower than 3 tCO2e/tH2) and 70% for hydrogen-based
synthetic fuels relative to a fossil fuel comparator of 94 gCO2e/MJ
in analogy to the approach set out in Article 25(2) of and Annex V
to Directive (EU) 2018/2001.

3.13

Manufacture ofchlorine

Electricity consumption for electrolysis and chlorine treatment isequal or lower than 2.45 MWh per tonne of chlorine.

3.14

Manufacture oforganic basic
chemicals

GHG emissions from the organic basic chemicals production
processes are lower than: (a) for HVC: 0.693 tCO2e/t of HVC.

3.14

Manufacture oforganic basic
chemicals

GHG emissions from the organic basic chemicals production
processes are lower than: (b) for aromatics: 0.0072 tCO2e/t ofcomplex weighted throughput.

3.6

3.10

Life-cycle GHG emission savings are calculated using Commission
Recommendation 2013/179/EU96 or, alternatively, ISO
14067:201897 or ISO 14064-1:201898. Quantified life-cycle GHG
emission savings are verified by an independent third party.
Life-cycle GHG emissions savings are calculated using themethodology referred to in Article 28(5) of Directive (EU)2018/2001 or, alternatively, using ISO 14067:2018119 or ISO
14064-1:2018120.
Quantified life-cycle GHG emission savings are verified in line with
Article 30 of Directive (EU) 2018/2001 where applicable, or by anindependent third party. Where the CO2 that would otherwise be
emitted from the manufacturing process is captured for the
purpose of underground storage, the CO2 is transported andstored underground in accordance with the technical screening
criteria set out in Sections 5.11 and 5.12,
Life-cycle GHG emissions are calculated using Recommendation
2013/179/EU or, alternatively, using ISO 14067:2018 or ISO
14064-1:2018.
Quantified life-cycle GHG emissions are verified by anindependent third party.
Where the organic chemicals in scope are produced wholly or
partially from renewable feedstock, the life-cycle GHG emissionsof the manufactured chemical, manufactured wholly or partiallyfrom renewable feedstock, are lower than the life-cycle GHG
emissions of the equivalent chemical manufactured from fossil
fuel feedstock.
Life-cycle GHG emissions are calculated using Recommendation
2013/179/EU or, alternatively, using ISO 14067:2018 or ISO
14064-1:2018.
Quantified life-cycle GHG emissions are verified by anindependent third party.
Agricultural biomass used for the manufacture of organic basic
chemicals complies with the criteria laid down in Article 29,
paragraphs 2 to 5 of Directive (EU) 2018/2001.
Forest biomass used for the manufacture of organic basic
chemicals complies with the criteria laid down in Article 29,
paragraphs 6 and 7 of that Directive.
Where the organic chemicals in scope are produced wholly or
partially from renewable feedstock, the life-cycle GHG emissionsof the manufactured chemical, manufactured wholly or partially30

S&P Global EU Taxonomy Independent Assessment

3.14

Manufacture oforganic basic
chemicals

GHG emissions from the organic basic chemicals production
processes are lower than: (c) for vinyl chloride: 0.171 tCO2e/t ofvinyl chloride.

3.14

Manufacture oforganic basic
chemicals

GHG emissions from the organic basic chemicals production
processes are lower than: (d) for styrene: 0.419 tCO2e/t ofstyrene.

from renewable feedstock, are lower than the life-cycle GHG
emissions of the equivalent chemical manufactured from fossil
fuel feedstock.
Life-cycle GHG emissions are calculated using Recommendation
2013/179/EU or, alternatively, using ISO 14067:2018 or ISO
14064-1:2018.
Quantified life-cycle GHG emissions are verified by anindependent third party.
Agricultural biomass used for the manufacture of organic basic
chemicals complies with the criteria laid down in Article 29,
paragraphs 2 to 5 of Directive (EU) 2018/2001.
Forest biomass used for the manufacture of organic basic
chemicals complies with the criteria laid down in Article 29,
paragraphs 6 and 7 of that Directive.
Where the organic chemicals in scope are produced wholly or
partially from renewable feedstock, the life-cycle GHG emissionsof the manufactured chemical, manufactured wholly or partiallyfrom renewable feedstock, are lower than the life-cycle GHG
emissions of the equivalent chemical manufactured from fossil
fuel feedstock.
Life-cycle GHG emissions are calculated using Recommendation
2013/179/EU or, alternatively, using ISO 14067:2018 or ISO
14064-1:2018.
Quantified life-cycle GHG emissions are verified by anindependent third party.
Agricultural biomass used for the manufacture of organic basic
chemicals complies with the criteria laid down in Article 29,
paragraphs 2 to 5 of Directive (EU) 2018/2001.
Forest biomass used for the manufacture of organic basic
chemicals complies with the criteria laid down in Article 29,
paragraphs 6 and 7 of that Directive.
Where the organic chemicals in scope are produced wholly or
partially from renewable feedstock, the life-cycle GHG emissionsof the manufactured chemical, manufactured wholly or partiallyfrom renewable feedstock, are lower than the life-cycle GHG
emissions of the equivalent chemical manufactured from fossil
fuel feedstock.
Life-cycle GHG emissions are calculated using Recommendation
2013/179/EU or, alternatively, using ISO 14067:2018 or ISO
14064-1:2018.
Quantified life-cycle GHG emissions are verified by anindependent third party.
Agricultural biomass used for the manufacture of organic basic
chemicals complies with the criteria laid down in Article 29,

31

S&P Global EU Taxonomy Independent Assessment

3.14

Manufacture oforganic basic
chemicals

GHG emissions from the organic basic chemicals production
processes are lower than: (e) for ethylene oxide/ethylene glycols:
0.314 tCO2e/t of ethylene oxide/glycol.

3.14

Manufacture oforganic basic
chemicals

GHG emissions from the organic basic chemicals production
processes are lower than: (f) for adipic acid: 0.32 tCO2e/t of adipic
acid.

3.15

Manufacture ofanhydrous
ammonia

The activity complies with one of the following criteria: (a)ammonia is produced from hydrogen that complies with thetechnical screening criteria set out in Section 3.10 of this Annex(Manufacturing of hydrogen). The activity complies with the lifecycle GHG emissions savings requirement of 73.4% for hydrogen(resulting in life-cycle GHG emissions lower than 3 tCO2e/tH2)

paragraphs 2 to 5 of Directive (EU) 2018/2001.
Forest biomass used for the manufacture of organic basic
chemicals complies with the criteria laid down in Article 29,
paragraphs 6 and 7 of that Directive.
Where the organic chemicals in scope are produced wholly or
partially from renewable feedstock, the life-cycle GHG emissionsof the manufactured chemical, manufactured wholly or partiallyfrom renewable feedstock, are lower than the life-cycle GHG
emissions of the equivalent chemical manufactured from fossil
fuel feedstock.
Life-cycle GHG emissions are calculated using Recommendation
2013/179/EU or, alternatively, using ISO 14067:2018 or ISO
14064-1:2018.
Quantified life-cycle GHG emissions are verified by anindependent third party.
Agricultural biomass used for the manufacture of organic basic
chemicals complies with the criteria laid down in Article 29,
paragraphs 2 to 5 of Directive (EU) 2018/2001.
Forest biomass used for the manufacture of organic basic
chemicals complies with the criteria laid down in Article 29,
paragraphs 6 and 7 of that Directive.
Where the organic chemicals in scope are produced wholly or
partially from renewable feedstock, the life-cycle GHG emissionsof the manufactured chemical, manufactured wholly or partiallyfrom renewable feedstock, are lower than the life-cycle GHG
emissions of the equivalent chemical manufactured from fossil
fuel feedstock.
Life-cycle GHG emissions are calculated using Recommendation
2013/179/EU or, alternatively, using ISO 14067:2018 or ISO
14064-1:2018.
Quantified life-cycle GHG emissions are verified by anindependent third party.
Agricultural biomass used for the manufacture of organic basic
chemicals complies with the criteria laid down in Article 29,
paragraphs 2 to 5 of Directive (EU) 2018/2001.
Forest biomass used for the manufacture of organic basic
chemicals complies with the criteria laid down in Article 29,
paragraphs 6 and 7 of that Directive.
The activity complies with one of the following criteria: (a)ammonia is produced from hydrogen that complies with thetechnical screening criteria set out in Section 3.10 of this Annex(Manufacturing of hydrogen). Life-cycle GHG emissions savingsare calculated using the methodology referred to in Article 28(5)of Directive (EU) 2018/2001 or, alternatively, using ISO

32

S&P Global EU Taxonomy Independent Assessment
and 70% for hydrogen-based synthetic fuels relative to a fossil
fuel comparator of 94 gCO2e/MJ in analogy to the approach set
out in Article 25(2) of and Annex V to Directive (EU) 2018/2001.

3.17

Manufacture ofplastics inprimary form

The activity complies with one of the following criteria: (a) theplastic in primary form is fully manufactured by mechanicalrecycling of plastic waste.

3.17

Manufacture ofplastics inprimary form

The activity complies with one of the following criteria: (b) where
mechanical recycling is not technically feasible or economically
viable, the plastic in primary form is fully manufactured bychemical recycling of plastic waste and the life-cycle GHG
emissions of the manufactured plastic, excluding any calculated
credits from the production of fuels, are lower than the life-cycle
GHG emissions of the equivalent plastic in primary form
manufactured from fossil fuel feedstock.

3.17

Manufacture ofplastics inprimary form

The activity complies with one of the following criteria: (c) derived
wholly or partially from renewable feedstock and its life-cycle
GHG emissions are lower than the life-cycle GHG emissions of theequivalent plastics in primary form manufactured from fossil fuelfeedstock.

14067:2018119 or ISO 14064-1:2018120.
The activity complies with one of the following criteria: (a)ammonia is produced from hydrogen that complies with thetechnical screening criteria set out in Section 3.10 of this Annex(Manufacturing of hydrogen): Quantified life-cycle GHG emission
savings are verified in line with Article 30 of Directive (EU)2018/2001 where applicable, or by an independent third party.
The activity complies with one of the following criteria: (a)ammonia is produced from hydrogen that complies with thetechnical screening criteria set out in Section 3.10 of this Annex(Manufacturing of hydrogen): Where the CO2 that would otherwise
be emitted from the manufacturing process is captured for the
purpose of underground storage, the CO2 is transported andstored underground, in accordance with the technical screening
criteria set out in Sections 5.11 and 5.12.
Life-cycle GHG emissions are calculated using Recommendation
2013/179/EU or, alternatively, using ISO 14067:2018 or ISO
14064-1:2018.
Quantified life-cycle GHG emissions are verified by anindependent third party.
Agricultural biomass used for the manufacture of plastics in its
primary form complies with the criteria laid down in Article 29,
paragraphs 2 to 5, of Directive (EU) 2018/2001. Forest biomass
used for the manufacture of plastics in its primary form complies
with the criteria laid down in Article 29, paragraphs 6 and 7, ofthat Directive.
Life-cycle GHG emissions are calculated using Recommendation
2013/179/EU or, alternatively, using ISO 14067:2018 or ISO
14064-1:2018.
Quantified life-cycle GHG emissions are verified by anindependent third party.
Agricultural biomass used for the manufacture of plastics in its
primary form complies with the criteria laid down in Article 29,
paragraphs 2 to 5, of Directive (EU) 2018/2001. Forest biomass
used for the manufacture of plastics in its primary form complies
with the criteria laid down in Article 29, paragraphs 6 and 7, ofthat Directive.
Life-cycle GHG emissions are calculated using Recommendation
2013/179/EU or, alternatively, using ISO 14067:2018 or ISO
14064-1:2018.
Quantified life-cycle GHG emissions are verified by anindependent third party.
Agricultural biomass used for the manufacture of plastics in its
primary form complies with the criteria laid down in Article 29,

33

S&P Global EU Taxonomy Independent Assessment

Manufacturingof aircraft

3.21
Manufacturingof aircraft

3.21
Manufacturingof aircraft

3.21
4.5

4.6

4.7

Electricity
generationfromhydropower
Electricity
generation
fromgeothermalenergyElectricity
generationfromrenewable
non-fossil

The activity manufactures, repairs, maintains, overhauls,
retrofits, designs, repurposes or upgrades one of the following: (b)until 31 December 2027, the aircraft, other than produced for
private or commercial business aviation, meeting the margins
specified below and limited by the replacement ratio to ensurethat the delivery does not increase the worldwide fleet number: (i)having a certified metric value of CO2 emissions of at least 11 %less than the New Type limit of the International Civil Aviation
Organisation (ICAO) standard
The activity manufactures, repairs, maintains, overhauls,
retrofits, designs, repurposes or upgrades one of the following: (b)until 31 December 2027, the aircraft, other than produced for
private or commercial business aviation, meeting the margins
specified below and limited by the replacement ratio to ensurethat the delivery does not increase the worldwide fleet number:(ii) having a certified metric value of CO2 emissions of at least 2 %less than the New Type limit of the ICAO standard
The activity manufactures, repairs, maintains, overhauls,
retrofits, designs, repurposes or upgrades one of the following: (b)until 31 December 2027, the aircraft, other than produced for
private or commercial business aviation, meeting the margins
specified below and limited by the replacement ratio to ensurethat the delivery does not increase the worldwide fleet number:(iii) having a certified metric value of CO2 emissions of at least 1,5% less than the New Type limit of the ICAO standard.
The activity complies with either of the following criteria: the lifecycle GHG emissions from the generation of electricity fromhydropower are lower than 100 gCO2e/kWh.

Life-cycle GHG emissions from the generation of electricity fromgeothermal energy are lower than 100 gCO2e/kWh.

This activity does not include electricity generation from theexclusive use of biogas and bio-liquid fuels. Life-cycle GHG
emissions from the generation of electricity using renewablegaseous and liquid fuels are lower than 100 gCO2e/kWh.

paragraphs 2 to 5, of Directive (EU) 2018/2001. Forest biomass
used for the manufacture of plastics in its primary form complies
with the criteria laid down in Article 29, paragraphs 6 and 7, ofthat Directive.
having a maximum take-off mass greater than 5,7 t and less thanor equal to 60t andhaving a maximum take-off mass greater than 60 t and less thanor equal to 150t

having a maximum take-off mass greater than 150 t

The life-cycle GHG emissions are calculated using
Recommendation 2013/179/EU or, alternatively, using ISO
14067:2018, ISO 14064-1:2018 or the G-res tool.
Quantified life-cycle GHG emissions are verified by anindependent third party.
Life-cycle GHG emission savings are calculated using Commission
Recommendation 2013/179/EU or, alternatively, using ISO
14067:2018 or ISO 14064-1:2018.
Quantified life-cycle GHG emissions are verified by anindependent third party.
Life-cycle GHG emissions are calculated based on projectspecific data, where available, using Recommendation
2013/179/EU or, alternatively, using ISO 14067:2018 or ISO
14064-1:2018.

34

S&P Global EU Taxonomy Independent Assessment

4.8

4.9

gaseous andliquid fuelsElectricity
generationfrom bioenergy

Transmission
anddistribution ofelectricity

1. Agricultural biomass used in the activity complies with thecriteria laid down in Article 29, paragraphs 2 to 5, of Directive (EU)2018/2001. Forest biomass used in the activity complies with thecriteria laid down in Article 29, paragraphs 6 and 7, of that
Directive. This point does not apply to electricity generation
installations with a total rated thermal input below 2 MW andusing gaseous biomass fuels.
2. The greenhouse gas emission savings from the use of biomass
are at least 80% in relation to the GHG saving methodology andthe relative fossil fuel comparator set out in Annex VI to Directive(EU) 2018/2001. This point does not apply to electricity generation
installations with a total rated thermal input below 2 MW andusing gaseous biomass fuels.
Construction and operation of transmission systems thattransport electricity on the extra high-voltage and high-voltage
interconnected system. Construction and operation of
distribution systems that transport electricity on high-voltage,
medium-voltage and low-voltage distribution systems. The
activity complies with one of the following criteria: 1. The
transmission and distribution infrastructure or equipment is in anelectricity system that complies with at least one of the following
criteria: (a) the system is the interconnected European system,
i.e., the interconnected control areas of Member States, Norway,
Switzerland and the United Kingdom, and its subordinatedsystems.

Quantified life-cycle GHG emissions are verified by anindependent third party.
3. Where the installations rely on anaerobic digestion of organic
material, the production of the digestate meets the criteria in
Sections 5.6 and criteria 1 and 2 of Section 5.7 of this Annex, asapplicable.

Construction and operation of transmission systems thattransport electricity on the extra high-voltage and high-voltage
interconnected system. Construction and operation of
distribution systems that transport electricity on high-voltage,
medium-voltage and low-voltage distribution systems. The
activity complies with one of the following criteria: 2. The activity
is one of the following: For the purposes of this Section, thefollowing specifications apply: (a) the rolling five-year period usedin determining compliance with the thresholds is based on fiveconsecutive historical years, including the year for which the mostrecent data are available;
distribution network where the infrastructure or equipment isinstalled;(c) transmission systems may include generation capacity
connected to subordinated distribution systems;(d) distribution systems subordinated to a transmission systemthat is deemed to be on a trajectory to full decarbonization may
also be deemed to be on a trajectory to full decarbonization;(e) to determine compliance, it is possible to consider a systemcovering multiple control areas which are interconnected and withsignificant energy exchanges between them, in which case theweighted average emissions factor across all included control
areas is used, and individual subordinated transmission or
distribution systems within that system is not required todemonstrate compliance separately;(f) it is possible for a system to become non-compliant after
having previously been compliant. In systems that become noncompliant, no new transmission and distribution activities are35

S&P Global EU Taxonomy Independent Assessment

4.9

Transmission
anddistribution ofelectricity

Construction and operation of transmission systems thattransport electricity on the extra high-voltage and high-voltage
interconnected system. Construction and operation of
distribution systems that transport electricity on high-voltage,
medium-voltage and low-voltage distribution systems. The
activity complies with one of the following criteria: 1. The
transmission and distribution infrastructure or equipment is in anelectricity system that complies with at least one of the following
criteria: (b) more than 67% of newly enabled generation capacity
in the system is below the generation threshold value of 100
gCO2e/kWh measured on a life cycle basis in accordance withelectricity generation criteria, over a rolling five-year period.

compliant from that moment onward, until the system complies
again with the threshold (except for those activities that arealways compliant, see above). Activities in subordinated systems
may still be compliant, where those subordinated systems meetthe criteria of this Section;(g) a direct connection or expansion of an existing directconnection to production plants includes infrastructure that is
indispensable to carry the associated electricity from the power
generating facility to a substation or to the network.
Construction and operation of transmission systems thattransport electricity on the extra high-voltage and high-voltage
interconnected system. Construction and operation of
distribution systems that transport electricity on high-voltage,
medium-voltage and low-voltage distribution systems. The
activity complies with one of the following criteria: 2. The activity
is one of the following: For the purposes of this Section, thefollowing specifications apply: (a) the rolling five-year period usedin determining compliance with the thresholds is based on fiveconsecutive historical years, including the year for which the mostrecent data are available;
distribution network where the infrastructure or equipment isinstalled;(c) transmission systems may include generation capacity
connected to subordinated distribution systems;(d) distribution systems subordinated to a transmission systemthat is deemed to be on a trajectory to full decarbonization may
also be deemed to be on a trajectory to full decarbonization;(e) to determine compliance, it is possible to consider a systemcovering multiple control areas which are interconnected and withsignificant energy exchanges between them, in which case theweighted average emissions factor across all included control
areas is used, and individual subordinated transmission or
distribution systems within that system is not required todemonstrate compliance separately;(f) it is possible for a system to become non-compliant after
having previously been compliant. In systems that become noncompliant, no new transmission and distribution activities arecompliant from that moment onward, until the system complies
again with the threshold (except for those activities that arealways compliant, see above). Activities in subordinated systems
may still be compliant, where those subordinated systems meetthe criteria of this Section;(g) a direct connection or expansion of an existing direct36

S&P Global EU Taxonomy Independent Assessment

4.9

4.9

Transmission
anddistribution ofelectricity

Transmission
andConstruction and operation of transmission systems thattransport electricity on the extra high-voltage and high-voltage
interconnected system. Construction and operation of
distribution systems that transport electricity on high-voltage,
medium-voltage and low-voltage distribution systems. The
activity complies with one of the following criteria: 1. The
transmission and distribution infrastructure or equipment is in anelectricity system that complies with at least one of the following
criteria: (c) the average system grid emissions factor, calculated
as the total annual emissions from power generation connectedto the system, divided by the total annual net electricity
production in that system, is below the threshold value of 100
gCO2e/kWh measured on a life cycle basis in accordance withelectricity generation criteria, over a rolling five-year period.

Construction and operation of transmission systems thattransport electricity on the extra high-voltage and high-voltage
interconnected system. Construction and operation ofconnection to production plants includes infrastructure that is
indispensable to carry the associated electricity from the power
generating facility to a substation or to the network.
Construction and operation of transmission systems thattransport electricity on the extra high-voltage and high-voltage
interconnected system. Construction and operation of
distribution systems that transport electricity on high-voltage,
medium-voltage and low-voltage distribution systems. The
activity complies with one of the following criteria: 2. The activity
is one of the following: For the purposes of this Section, thefollowing specifications apply: (a) the rolling five-year period usedin determining compliance with the thresholds is based on fiveconsecutive historical years, including the year for which the mostrecent data are available;
distribution network where the infrastructure or equipment isinstalled;(c) transmission systems may include generation capacity
connected to subordinated distribution systems;(d) distribution systems subordinated to a transmission systemthat is deemed to be on a trajectory to full decarbonization may
also be deemed to be on a trajectory to full decarbonization;(e) to determine compliance, it is possible to consider a systemcovering multiple control areas which are interconnected and withsignificant energy exchanges between them, in which case theweighted average emissions factor across all included control
areas is used, and individual subordinated transmission or
distribution systems within that system is not required todemonstrate compliance separately;(f) it is possible for a system to become non-compliant after
having previously been compliant. In systems that become noncompliant, no new transmission and distribution activities arecompliant from that moment onward, until the system complies
again with the threshold (except for those activities that arealways compliant, see above). Activities in subordinated systems
may still be compliant, where those subordinated systems meetthe criteria of this Section;(g) a direct connection or expansion of an existing directconnection to production plants includes infrastructure that is
indispensable to carry the associated electricity from the power
generating facility to a substation or to the network.
Construction and operation of transmission systems thattransport electricity on the extra high-voltage and high-voltage
interconnected system. Construction and operation of37

S&P Global EU Taxonomy Independent Assessment

4.9

distribution ofelectricity

distribution systems that transport electricity on high-voltage,
medium-voltage and low-voltage distribution systems. The
activity complies with one of the following criteria: 2. The activity
is one of the following: (a) construction and operation of directconnection, or expansion of existing direct connection, of lowcarbon electricity generation below the threshold of 100
gCO2e/kWh measured on a life cycle basis to a substation or
network.

Transmission
anddistribution ofelectricity

Construction and operation of transmission systems thattransport electricity on the extra high-voltage and high-voltage
interconnected system. Construction and operation of
distribution systems that transport electricity on high-voltage,
medium-voltage and low-voltage distribution systems. The
activity complies with one of the following criteria: 2. The activity
is one of the following: (b) construction and operation of electricvehicle (EV) charging stations and supporting electric
infrastructure for the electrification of transport, subject todistribution systems that transport electricity on high-voltage,
medium-voltage and low-voltage distribution systems. The
activity complies with one of the following criteria: 2. The activity
is one of the following: For the purposes of this Section, thefollowing specifications apply: (a) the rolling five-year period usedin determining compliance with the thresholds is based on fiveconsecutive historical years, including the year for which the mostrecent data are available;
l area of the transmission or
distribution network where the infrastructure or equipment isinstalled;(c) transmission systems may include generation capacity
connected to subordinated distribution systems;(d) distribution systems subordinated to a transmission systemthat is deemed to be on a trajectory to full decarbonization may
also be deemed to be on a trajectory to full decarbonization;(e) to determine compliance, it is possible to consider a systemcovering multiple control areas which are interconnected and withsignificant energy exchanges between them, in which case theweighted average emissions factor across all included control
areas is used, and individual subordinated transmission or
distribution systems within that system is not required todemonstrate compliance separately;(f) it is possible for a system to become non-compliant after
having previously been compliant. In systems that become noncompliant, no new transmission and distribution activities arecompliant from that moment onward, until the system complies
again with the threshold (except for those activities that arealways compliant, see above). Activities in subordinated systems
may still be compliant, where those subordinated systems meetthe criteria of this Section;(g) a direct connection or expansion of an existing directconnection to production plants includes infrastructure that is
indispensable to carry the associated electricity from the power
generating facility to a substation or to the network.
Construction and operation of transmission systems thattransport electricity on the extra high-voltage and high-voltage
interconnected system. Construction and operation of
distribution systems that transport electricity on high-voltage,
medium-voltage and low-voltage distribution systems. The
activity complies with one of the following criteria: 2. The activity
is one of the following: For the purposes of this Section, thefollowing specifications apply: (a) the rolling five-year period usedin determining compliance with the thresholds is based on five38

S&P Global EU Taxonomy Independent Assessment
compliance with the technical screening criteria under thetransport Section of this Annex.

4.9

Transmission
anddistribution ofelectricity

Construction and operation of transmission systems thattransport electricity on the extra high-voltage and high-voltage
interconnected system. Construction and operation of
distribution systems that transport electricity on high-voltage,
medium-voltage and low-voltage distribution systems. The
activity complies with one of the following criteria: 2. The activity
is one of the following: (c) installation of transmission anddistribution transformers that comply with the Tier 2 (1 July 2021)
requirements set out in Annex I to the Commission Regulation(EU) No 548/2014 and, for medium power transformers withhighest voltage for equipment not exceeding 36 kV, with AAA0level requirements on no-load losses set out in standard EN
50588-1.

consecutive historical years, including the year for which the mostrecent data are available;
distribution network where the infrastructure or equipment isinstalled;(c) transmission systems may include generation capacity
connected to subordinated distribution systems;(d) distribution systems subordinated to a transmission systemthat is deemed to be on a trajectory to full decarbonization may
also be deemed to be on a trajectory to full decarbonization;(e) to determine compliance, it is possible to consider a systemcovering multiple control areas which are interconnected and withsignificant energy exchanges between them, in which case theweighted average emissions factor across all included control
areas is used, and individual subordinated transmission or
distribution systems within that system is not required todemonstrate compliance separately;(f) it is possible for a system to become non-compliant after
having previously been compliant. In systems that become noncompliant, no new transmission and distribution activities arecompliant from that moment onward, until the system complies
again with the threshold (except for those activities that arealways compliant, see above). Activities in subordinated systems
may still be compliant, where those subordinated systems meetthe criteria of this Section;(g) a direct connection or expansion of an existing directconnection to production plants includes infrastructure that is
indispensable to carry the associated electricity from the power
generating facility to a substation or to the network.
Construction and operation of transmission systems thattransport electricity on the extra high-voltage and high-voltage
interconnected system. Construction and operation of
distribution systems that transport electricity on high-voltage,
medium-voltage and low-voltage distribution systems. The
activity complies with one of the following criteria: 2. The activity
is one of the following: For the purposes of this Section, thefollowing specifications apply: (a) the rolling five-year period usedin determining compliance with the thresholds is based on fiveconsecutive historical years, including the year for which the mostrecent data are available;
distribution network where the infrastructure or equipment isinstalled;(c) transmission systems may include generation capacity

39

S&P Global EU Taxonomy Independent Assessment

4.9

Transmission
anddistribution ofelectricity

Construction and operation of transmission systems thattransport electricity on the extra high-voltage and high-voltage
interconnected system. Construction and operation of
distribution systems that transport electricity on high-voltage,
medium-voltage and low-voltage distribution systems. The
activity complies with one of the following criteria: 2. The activity
is one of the following: (d) construction/installation and operationof equipment and infrastructure where the main objective is anincrease of the generation or use of renewable electricity
generation.

connected to subordinated distribution systems;(d) distribution systems subordinated to a transmission systemthat is deemed to be on a trajectory to full decarbonization may
also be deemed to be on a trajectory to full decarbonization;(e) to determine compliance, it is possible to consider a systemcovering multiple control areas which are interconnected and withsignificant energy exchanges between them, in which case theweighted average emissions factor across all included control
areas is used, and individual subordinated transmission or
distribution systems within that system is not required todemonstrate compliance separately;(f) it is possible for a system to become non-compliant after
having previously been compliant. In systems that become noncompliant, no new transmission and distribution activities arecompliant from that moment onward, until the system complies
again with the threshold (except for those activities that arealways compliant, see above). Activities in subordinated systems
may still be compliant, where those subordinated systems meetthe criteria of this Section;(g) a direct connection or expansion of an existing directconnection to production plants includes infrastructure that is
indispensable to carry the associated electricity from the power
generating facility to a substation or to the network.
Construction and operation of transmission systems thattransport electricity on the extra high-voltage and high-voltage
interconnected system. Construction and operation of
distribution systems that transport electricity on high-voltage,
medium-voltage and low-voltage distribution systems. The
activity complies with one of the following criteria: 2. The activity
is one of the following: For the purposes of this Section, thefollowing specifications apply: (a) the rolling five-year period usedin determining compliance with the thresholds is based on fiveconsecutive historical years, including the year for which the mostrecent data are available;
distribution network where the infrastructure or equipment isinstalled;(c) transmission systems may include generation capacity
connected to subordinated distribution systems;(d) distribution systems subordinated to a transmission systemthat is deemed to be on a trajectory to full decarbonization may
also be deemed to be on a trajectory to full decarbonization;(e) to determine compliance, it is possible to consider a systemcovering multiple control areas which are interconnected and with40

S&P Global EU Taxonomy Independent Assessment

4.9

Transmission
anddistribution ofelectricity

Construction and operation of transmission systems thattransport electricity on the extra high-voltage and high-voltage
interconnected system. Construction and operation of
distribution systems that transport electricity on high-voltage,
medium-voltage and low-voltage distribution systems. The
activity complies with one of the following criteria: 2. The activity
is one of the following: (e) installation of equipment to increase
the controllability and observability of the electricity system andto enable the development and integration of renewable energy
sources, including: (i) sensors and measurement tools (including
meteorological sensors for forecasting renewable production).

significant energy exchanges between them, in which case theweighted average emissions factor across all included control
areas is used, and individual subordinated transmission or
distribution systems within that system is not required todemonstrate compliance separately;(f) it is possible for a system to become non-compliant after
having previously been compliant. In systems that become noncompliant, no new transmission and distribution activities arecompliant from that moment onward, until the system complies
again with the threshold (except for those activities that arealways compliant, see above). Activities in subordinated systems
may still be compliant, where those subordinated systems meetthe criteria of this Section;(g) a direct connection or expansion of an existing directconnection to production plants includes infrastructure that is
indispensable to carry the associated electricity from the power
generating facility to a substation or to the network.
Construction and operation of transmission systems thattransport electricity on the extra high-voltage and high-voltage
interconnected system. Construction and operation of
distribution systems that transport electricity on high-voltage,
medium-voltage and low-voltage distribution systems. The
activity complies with one of the following criteria: 2. The activity
is one of the following: For the purposes of this Section, thefollowing specifications apply: (a) the rolling five-year period usedin determining compliance with the thresholds is based on fiveconsecutive historical years, including the year for which the mostrecent data are available;
distribution network where the infrastructure or equipment isinstalled;(c) transmission systems may include generation capacity
connected to subordinated distribution systems;(d) distribution systems subordinated to a transmission systemthat is deemed to be on a trajectory to full decarbonization may
also be deemed to be on a trajectory to full decarbonization;(e) to determine compliance, it is possible to consider a systemcovering multiple control areas which are interconnected and withsignificant energy exchanges between them, in which case theweighted average emissions factor across all included control
areas is used, and individual subordinated transmission or
distribution systems within that system is not required todemonstrate compliance separately;(f) it is possible for a system to become non-compliant after

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S&P Global EU Taxonomy Independent Assessment

4.9

Transmission
anddistribution ofelectricity

Construction and operation of transmission systems thattransport electricity on the extra high-voltage and high-voltage
interconnected system. Construction and operation of
distribution systems that transport electricity on high-voltage,
medium-voltage and low-voltage distribution systems. The
activity complies with one of the following criteria: 2. The activity
is one of the following: (f) installation of equipment such as, but
not limited to future smart metering systems or those replacing
smart metering systems in line with Article 19(6) of Directive (EU)2019/944 of the European Parliament and of the Council, whichmeet the requirements of Article 20 of Directive (EU) 2019/944,
able to carry information to users for remotely acting on
consumption, including customer data hubs.

having previously been compliant. In systems that become noncompliant, no new transmission and distribution activities arecompliant from that moment onward, until the system complies
again with the threshold (except for those activities that arealways compliant, see above). Activities in subordinated systems
may still be compliant, where those subordinated systems meetthe criteria of this Section;(g) a direct connection or expansion of an existing directconnection to production plants includes infrastructure that is
indispensable to carry the associated electricity from the power
generating facility to a substation or to the network.
Construction and operation of transmission systems thattransport the electricity on the extra high-voltage and highvoltage interconnected system. Construction and operation of
distribution systems that transport electricity on high-voltage,
medium-voltage and low-voltage distribution systems. The
activity complies with one of the following criteria: 2. The activity
is one of the following: (e) installation of equipment to increase
the controllability and observability of the electricity system andto enable the development and integration of renewable energy
sources, including: (ii) communication and control (including
advanced software and control rooms, automation of substations
or feeders, and voltage control capabilities to adapt to more
decentralized renewable infeed).
Construction and operation of transmission systems thattransport electricity on the extra high-voltage and high-voltage
interconnected system. Construction and operation of
distribution systems that transport electricity on high-voltage,
medium-voltage and low-voltage distribution systems. The
activity complies with one of the following criteria: 2. The activity
is one of the following: For the purposes of this Section, thefollowing specifications apply: (a) the rolling five-year period usedin determining compliance with the thresholds is based on fiveconsecutive historical years, including the year for which the mostrecent data are available;
distribution network where the infrastructure or equipment isinstalled;(c) transmission systems may include generation capacity
connected to subordinated distribution systems;(d) distribution systems subordinated to a transmission systemthat is deemed to be on a trajectory to full decarbonization may
also be deemed to be on a trajectory to full decarbonization;(e) to determine compliance, it is possible to consider a system

42

S&P Global EU Taxonomy Independent Assessment

4.9

Transmission
anddistribution ofelectricity

Construction and operation of transmission systems thattransport electricity on the extra high-voltage and high-voltage
interconnected system. Construction and operation of
distribution systems that transport electricity on high-voltage,
medium-voltage and low-voltage distribution systems. The
activity complies with one of the following criteria: 2. The activity
is one of the following: (g) construction/installation of equipment
to allow for exchange of specifically renewable electricity
between users.

covering multiple control areas which are interconnected and withsignificant energy exchanges between them, in which case theweighted average emissions factor across all included control
areas is used, and individual subordinated transmission or
distribution systems within that system is not required todemonstrate compliance separately;(f) it is possible for a system to become non-compliant after
having previously been compliant. In systems that become noncompliant, no new transmission and distribution activities arecompliant from that moment onward, until the system complies
again with the threshold (except for those activities that arealways compliant, see above). Activities in subordinated systems
may still be compliant, where those subordinated systems meetthe criteria of this Section;(g) a direct connection or expansion of an existing directconnection to production plants includes infrastructure that is
indispensable to carry the associated electricity from the power
generating facility to a substation or to the network.
Construction and operation of transmission systems thattransport electricity on the extra high-voltage and high-voltage
interconnected system. Construction and operation of
distribution systems that transport electricity on high-voltage,
medium-voltage and low-voltage distribution systems. The
activity complies with one of the following criteria: 2. The activity
is one of the following: For the purposes of this Section, thefollowing specifications apply: (a) the rolling five-year period usedin determining compliance with the thresholds is based on fiveconsecutive historical years, including the year for which the mostrecent data are available;
distribution network where the infrastructure or equipment isinstalled;(c) transmission systems may include generation capacity
connected to subordinated distribution systems;(d) distribution systems subordinated to a transmission systemthat is deemed to be on a trajectory to full decarbonization may
also be deemed to be on a trajectory to full decarbonization;(e) to determine compliance, it is possible to consider a systemcovering multiple control areas which are interconnected and withsignificant energy exchanges between them, in which case theweighted average emissions factor across all included control
areas is used, and individual subordinated transmission or
distribution systems within that system is not required todemonstrate compliance separately;

43

S&P Global EU Taxonomy Independent Assessment

4.9

Transmission
anddistribution ofelectricity

Construction and operation of transmission systems thattransport electricity on the extra high-voltage and high-voltage
interconnected system. Construction and operation of
distribution systems that transport electricity on high-voltage,
medium-voltage and low-voltage distribution systems. The
activity complies with one of the following criteria: 2. The activity
is one of the following: (h) construction and operation ofinterconnectors between transmission systems, provided that
one of the systems is compliant.

(f) it is possible for a system to become non-compliant after
having previously been compliant. In systems that become noncompliant, no new transmission and distribution activities arecompliant from that moment onward, until the system complies
again with the threshold (except for those activities that arealways compliant, see above). Activities in subordinated systems
may still be compliant, where those subordinated systems meetthe criteria of this Section;(g) a direct connection or expansion of an existing directconnection to production plants includes infrastructure that is
indispensable to carry the associated electricity from the power
generating facility to a substation or to the network.
Construction and operation of transmission systems thattransport electricity on the extra high-voltage and high-voltage
interconnected system. Construction and operation of
distribution systems that transport electricity on high-voltage,
medium-voltage and low-voltage distribution systems. The
activity complies with one of the following criteria: 2. The activity
is one of the following: For the purposes of this Section, thefollowing specifications apply: (a) the rolling five-year period usedin determining compliance with the thresholds is based on fiveconsecutive historical years, including the year for which the mostrecent data are available;
distribution network where the infrastructure or equipment isinstalled;(c) transmission systems may include generation capacity
connected to subordinated distribution systems;(d) distribution systems subordinated to a transmission systemthat is deemed to be on a trajectory to full decarbonization may
also be deemed to be on a trajectory to full decarbonization;(e) to determine compliance, it is possible to consider a systemcovering multiple control areas which are interconnected and withsignificant energy exchanges between them, in which case theweighted average emissions factor across all included control
areas is used, and individual subordinated transmission or
distribution systems within that system is not required todemonstrate compliance separately;(f) it is possible for a system to become non-compliant after
having previously been compliant. In systems that become noncompliant, no new transmission and distribution activities arecompliant from that moment onward, until the system complies
again with the threshold (except for those activities that arealways compliant, see above). Activities in subordinated systems

44

S&P Global EU Taxonomy Independent Assessment

4.10

Storage ofelectricity

The activity is the construction and operation of electricity
storage, including pumped hydropower storage.

4.13

Manufacture ofbiogas andbiofuels for use
in transportand ofbioliquids

4.15

Districtheating/cooling
distribution

1. Agricultural biomass used for the manufacture of biogas or
biofuels for use in transport and for the manufacture of bioliquids
complies with the criteria laid down in Article 29, paragraphs 2 to5, of Directive (EU) 2018/2001. Forest biomass used for the
manufacture of biogas or biofuels for use in transport and for the
manufacture of bioliquids complies with the criteria laid down in
Article 29, paragraphs 6 and 7, of that Directive. Food and feedcrops are not used for the manufacture of biofuels for use intransport or for the manufacture of bioliquids.
Construction, refurbishment and operation of pipelines andassociated infrastructure for distribution of heating and cooling,ending at the sub-station or heat exchanger. The activity complies
with one of the following criteria: (c) the activity is the following:(i) modification to lower temperature regimes;

4.16

Installationand operationof electric heatpumps
Cogenerationof heat/cooland powerfromgeothermalenergyCogenerationof heat/cooland power
fromrenewable
non-fossil

4.18

4.19

The installation and operation of electric heat pumps complies
with both of the following criteria: (a) refrigerant threshold: Global
Warming Potential does not exceed 675
The life-cycle GHG emissions from the combined generation ofheat/cool and power from geothermal energy are lower than 100
gCO2e per 1 kWh of energy output from the combined generation.

Construction and operation of combined heat/cool and power
generation facilities using gaseous and liquid fuels of renewable
origin. This activity does not include cogeneration of heat/cooland power from the exclusive use of biogas and bio-liquid fuels. 1.
The life-cycle GHG emissions from the co-generation of heat/cooland power from renewable gaseous and liquid fuels are lower

may still be compliant, where those subordinated systems meetthe criteria of this Section;(g) a direct connection or expansion of an existing directconnection to production plants includes infrastructure that is
indispensable to carry the associated electricity from the power
generating facility to a substation or to the network.
Where the activity includes chemical energy storage, the mediumof storage (such as hydrogen or ammonia) complies with thecriteria for manufacturing of the corresponding product specified
in Sections 3.7 to 3.17 of this Annex. In case of using hydrogen as
electricity storage, where hydrogen meets the technical screening
criteria specified in Section 3.10 of this Annex, re-electrificationof hydrogen is also considered part of the activity.
3. Where the manufacture of biogas relies on anaerobic digestionof organic material, the production of the digestate meets thecriteria in Sections 5.6 and criteria 1 and 2 of Section 5.7 of thisAnnex, as applicable.
4. Where the CO2 that otherwise would be emitted from the
manufacturing process is captured for the purpose ofunderground storage, the CO2 is transported and stored
underground in accordance with the technical screening criteria
set out in Sections 5.11 and 5.12 of this Annex.
Construction, refurbishment and operation of pipelines andassociated infrastructure for distribution of heating and cooling,ending at the sub-station or heat exchanger. The activity complies
with one of the following criteria: (c) the activity is the following:(ii) advanced pilot systems (control and energy management
systems, Internet of Things).
The installation and operation of electric heat pumps complies
with both of the following criteria: (b) energy efficiency
requirements laid down in the implementing regulations underDirective 2009/125/EC are met.
Life-cycle GHG emissions are calculated based on projectspecific data, where available, using Commission
Recommendation 2013/179/EU or, alternatively, using ISO
14067:2018 or ISO 14064-1:2018.
Quantified life-cycle GHG emissions are verified by anindependent third party.
Life-cycle GHG emissions are calculated based on projectspecific data, where available, using Recommendation
2013/179/EU or, alternatively, using ISO 14067:2018 or ISO
14064-1:2018.
Quantified life-cycle GHG emissions are verified by anindependent third party.

45

S&P Global EU Taxonomy Independent Assessment
gaseous andliquid fuels

than 100 gCO2e per 1 kWh of energy output from the cogeneration.

4.20

Cogenerationof heat/cooland power
from bioenergy

4.22

Production ofheat/cool fromgeothermalenergyConstruction and operation of installations used for cogenerationof heat/cool and power exclusively from biomass, biogas or
bioliquids, and excluding cogeneration from blending of
renewable fuels with biogas or bioliquids (see Section 4.19 of thisAnnex). 1. Agricultural biomass used in the activity complies withthe criteria laid down in Article 29, paragraphs 2 to 5, of Directive(EU) 2018/2001. Forest biomass used in the activity complies withthe criteria laid down in Article 29, paragraphs 6 and 7 of that
Directive.
Construction or operation of facilities that produce heat/cool fromgeothermal energy. The life-cycle GHG emissions from thegeneration of heat/cool from geothermal energy are lower than
100 gCO2e/kWh.

4.23

Production ofheat/cool fromrenewable
non-fossil
gaseous andliquid fuels

Construction and operation of heat generation facilities that
produce heat/cool using gaseous and liquid fuels of renewable
origin. This activity does not include production of heat/cool fromthe exclusive use of biogas and bio-liquid fuels. 1. The life-cycle
GHG emissions from the generation of heat/cool using renewablegaseous and liquid fuels are lower than 100 gCO2e/kWh.

2. Where facilities incorporate any form of abatement (including
carbon capture or use of decarbonized fuels), that abatement
activity complies with the relevant Sections of this Annex, whereapplicable. Where the CO2 that would otherwise be emitted fromthe cogeneration process is captured for the purpose ofunderground storage, the CO2 is transported and stored
underground, in accordance with the technical screening criteria
set out in Sections 5.11 and 5.12 of this Annex.
4. Where the activity blends renewable gaseous or liquid fuelswith biogas or bioliquids, the agricultural biomass used for the
production of the biogas or bioliquids complies with the criteria
laid down in Article 29, paragraphs 2 to 5, of Directive (EU)2018/2001 while forest biomass complies with the criteria laid
down in Article 29, paragraphs 6 and 7, of that Directive.
Where the cogeneration installations rely on anaerobic digestionof organic material, the production of the digestate meets thecriteria in Sections 5.6 and criteria 1 and 2 of Section 5.7 of thisAnnex, as applicable.
Points 1 and 2 do not apply to cogeneration installations with a
total rated thermal input below 2 MW and using gaseous biomass
fuels.

Life-cycle GHG emissions are calculated based on projectspecific data, where available, using Commission
Recommendation 2013/179/EU or, alternatively, using ISO
14067:2018 or ISO 14064-1:2018.
Quantified life-cycle GHG emissions are verified by anindependent third party.
Life-cycle GHG emissions are calculated based on projectspecific data, where available, using Recommendation
2013/179/EU or, alternatively, using ISO 14067:2018 or ISO
14064-1:2018.
Quantified life-cycle GHG emissions are verified by anindependent third party.
2. Where facilities incorporate any form of abatement (including
carbon capture or use of decarbonized fuels), that abatement
activity complies with the relevant Sections of this Annex, whereapplicable. Where the CO2 that would otherwise be emitted fromthe electricity generation process is captured for the purpose ofunderground storage, the CO2 is transported and stored
underground, in accordance with the technical screening criteria
set out in Sections 5.11 and 5.12 of this Annex.
4. Where the activity blends renewable gaseous or liquid fuels

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S&P Global EU Taxonomy Independent Assessment

4.24

Production ofheat/cool frombioenergy

5.3

Construction,
extension andoperation ofwastewatercollection andtreatment
Construction,
extension andoperation ofwastewatercollection andtreatment
Construction,
extension andoperation ofwaste watercollection andtreatment
Renewal ofwastewatercollection andtreatment

5.3

5.3

5.4

1. Construction and operation of facilities that produce heat/cool
exclusively from biomass, biogas or bioliquids, excluding
production of heat/cool from blending of renewable fuels withbiogas or bioliquids. Agricultural biomass used in the activity forthe production of heat and cool complies with the criteria laid
down in Article 29, paragraphs 2 to 5, of Directive (EU) 2018/2001.
Forest biomass used in the activity complies with the criteria laid
down in Article 29, paragraphs 6 and 7, of that Directive.
2. The greenhouse gas emission savings from the use of biomass
are at least 80% in relation to the GHG emission saving
methodology and relative fossil fuel comparator set out in Annex
VI to Directive (EU) 2018/2001.
Construction, extension and operation of centralized wastewater
systems, including collection (sewer network) and treatment. 1.
The net energy consumption of the wastewater treatment plant isequal to or lower than: (a) 35 kWh per population equivalent (p.e.)
per annum for treatment plant capacity below 10,000 p.e.
Construction, extension and operation of centralized wastewater
systems, including collection (sewer network) and treatment. 1.
The net energy consumption of the wastewater treatment plant isequal to or lower than: (b) 25 kWh per population equivalent (p.e.)
per annum for treatment plant capacity between 10,000 and
100,000 p.e.
Construction, extension and operation of centralized wastewater
systems, including collection (sewer network) and treatment. 1.
The net energy consumption of the waste-water treatment plant
is equal to or lower than: (c) 20 kWh per population equivalent(p.e.) per annum for treatment plant capacity above 100,000 p.e.
1. The renewal of a collection system that improves energy
efficiency by decreasing the average energy consumption by 20%
compared to own baseline performance averaged over three
years, demonstrated on an annual basis. That decrease of energy
consumption can be accounted for at the level of the project (i.e.,the collection system renewal) or across the downstream
wastewater agglomeration (i.e., including the downstream
collection system, treatment plant or discharge of wastewater).

with biogas or bioliquids, the agricultural biomass used for the
production of the biogas or bioliquids complies with the criteria
laid down in Article 29, paragraphs 2 to 5, of Directive (EU)2018/2001 while forest biomass complies with the criteria laid
down in Article 29, paragraphs 6 and 7, of that Directive.
3. Where the installations rely on anaerobic digestion of organic
material, the production of the digestate meets the criteria in
Sections 5.6 and criteria 1 and 2 of Section 5.7 of this Annex, asapplicable.
Points 1 and 2 do not apply to heat generation installations with a
total rated thermal input below 2 MW and using gaseous biomass
fuels.

2. For the construction and extension of a wastewater treatment
plant or a wastewater treatment plant with a collection system,
which are substituting more GHG-intensive treatment systems(such as septic tanks, anaerobic lagoons), an assessment of thedirect GHG emissions is performed. The results are disclosed toinvestors and clients on demand.
2. For the construction and extension of a wastewater treatment
plant or a wastewater treatment plant with a collection system,
which are substituting more GHG-intensive treatment systems(such as septic tanks, anaerobic lagoons), an assessment of thedirect GHG emissions is performed. The results are disclosed toinvestors and clients on demand.
2. For the construction and extension of a wastewater treatment
plant or a wastewater treatment plant with a collection system,
which are substituting more GHG-intensive treatment systems(such as septic tanks, anaerobic lagoons), an assessment of thedirect GHG emissions is performed. The results are disclosed toinvestors and clients on demand.
3. For the purposes of points 1 and 2, the net energy consumptionof the system is calculated in kWh per population equivalent per
annum of the wastewater collected or effluent treated, taking into
account measures taken to decrease energy consumption related
to source control (reduction of storm water or pollutant load
inputs) and, as appropriate, energy generation within the system(such as hydraulic, solar, thermal and wind energy).
For the purposes of points 1 and 2, the operator demonstrates
that there are no material changes relating to external conditions,47

S&P Global EU Taxonomy Independent Assessment

5.4

Renewal ofwaste watercollection andtreatment

2. The renewal of a wastewater treatment plant that improvesenergy efficiency by decreasing the average energy consumptionof the system by at least 20% compared to own baseline
performance averaged over three years, demonstrated on anannual basis.

5.6

Anaerobic
digestion of
sewage sludge

Construction and operation of facilities for the treatment of
sewage sludge by anaerobic digestion with the resulting
production and utilization of biogas or chemicals. 1. A monitoring
and contingency plan is in place in order to minimize methaneleakage at the facility.

5.7

Anaerobic
digestion of
bio-waste

5.8

Composting of
bio-waste

1. Construction and operation of dedicated facilities for thetreatment of separately collected bio-waste through anaerobic
digestion with the resulting production and utilization of biogas
and digestate and/or chemicals. 1. A monitoring and contingency
plan is in place in order to minimize methane leakage at thefacility.
In the dedicated bio-waste treatment plants, the share of foodand feed crops* used as input feedstock, measured in weight, as
an annual average, is less than or equal to 10% of the input
feedstock. (*As defined in Article 2, point (40), of Directive (EU)2018/2001.)
Construction and operation of dedicated facilities for thetreatment of separately collected bio-waste through composting(aerobic digestion) with the resulting production and utilization ofcompost. 1. The bio-waste that is composted is sourcesegregated and collected separately.

5.10

Landfill gas
capture andutilization

Installation and operation of infrastructure for landfill gas capture
and utilization in permanently closed landfills or landfill cells
using new or supplementary dedicated technical facilities andincluding modifications to discharge authorization(s) or changes
in load to the agglomeration that would lead to a reduction ofenergy consumption, independent of efficiency measures taken.
3. For the purposes of points 1 and 2, the net energy consumptionof the system is calculated in kWh per population equivalent per
annum of the wastewater collected or effluent treated, taking into
account measures taken to decrease energy consumption related
to source control (reduction of storm water or pollutant load
inputs) and, as appropriate, energy generation within the system(such as hydraulic, solar, thermal and wind energy).
4. For the purposes of points 1 and 2, the operator demonstrates
that there are no material changes relating to external conditions,
including modifications to discharge authorization(s) or changes
in load to the agglomeration that would lead to a reduction ofenergy consumption, independent of efficiency measures taken.
Construction and operation of facilities for the treatment of
sewage sludge by anaerobic digestion with the resulting
production and utilization of biogas or chemicals. 2. The produced
biogas is used directly for the generation of electricity or heat, or
upgraded to bio-methane for injection in the natural gas grid, orused as vehicle fuel or as feedstock in chemical industry.
2. The produced biogas is used directly for the generation ofelectricity or heat, or upgraded to bio-methane for injection in thenatural gas grid, or used as vehicle fuel or as feedstock inchemical industry.
3. The bio-waste that is used for anaerobic digestion is source
segregated and collected separately.
4. The produced digestate is used as fertilizer or soil improver,either directly or after composting or any other treatment.

Construction and operation of dedicated facilities for thetreatment of separately collected bio-waste through composting(aerobic digestion) with the resulting production and utilization ofcompost. 2. The compost produced is used as fertilizer or soil
improver and meets the requirements for fertilizing materials set
out in Component Material Category 3 in Annex II to Regulation(EU) 2019/1009 or national rules on fertilizers or soil improvers for
agricultural use.
Installation and operation of infrastructure for landfill gas capture
and utilization in permanently closed landfills or landfill cells
using new or supplementary dedicated technical facilities andequipment installed during or post landfill or landfill cell closure.

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S&P Global EU Taxonomy Independent Assessment
equipment installed during or post landfill or landfill cell closure.
1. The landfill has not been opened after 8 July 2020.

5.11

Transport of
CO2

Transport of captured CO2 via all modes. Construction andoperation of CO2 pipelines and retrofit of gas networks where themain purpose is the integration of captured CO2. 1. The CO2transported from the installation where it is captured to theinjection point does not lead to CO2 leakages above 0.5% of themass of CO2 transported.

5.12

Undergroundpermanent
geologicalstorage of CO2

Permanent storage of captured CO2 in appropriate undergroundgeological formations. 1. Characterization and assessment of thepotential storage complex and surrounding area, or exploration
within the meaning of Article 3, point (8), of Directive 2009/31/EC
of the European Parliament and of the Council is carried out in

2. The landfill or landfill cell where the gas capture system isnewly installed, extended, or retrofitted is permanently closed
and is not taking in further biodegradable waste (As set out in
Article 5(3) of Directive 1999/31/EC.)
Installation and operation of infrastructure for landfill gas capture
and utilization in permanently closed landfills or landfill cells
using new or supplementary dedicated technical facilities andequipment installed during or post landfill or landfill cell closure.
3. The produced landfill gas is used for the generation ofelectricity or heat as biogas*, or upgraded to bio-methane forinjection in the natural gas grid, or used as vehicle fuel or as
point 28, of Directive (EU) 2018/2001.)
Installation and operation of infrastructure for landfill gas capture
and utilization in permanently closed landfills or landfill cells
using new or supplementary dedicated technical facilities andequipment installed during or post landfill or landfill cell closure.
4. Methane emissions from the landfill and leakages from thelandfill gas collection and utilization facilities are subject tocontrol and monitoring procedures set out in Annex III to Council
Directive 1999/31/EC.
Transport of captured CO2 via all modes. Construction andoperation of CO2 pipelines and retrofit of gas networks where themain purpose is the integration of captured CO2. 2. The CO2 isdelivered to a permanent CO2 storage site that meets the criteria
for underground geological storage of CO2 set out in Section 5.12of this Annex, or to other transport modalities, which lead topermanent CO2 storage site that meet those criteria.
Transport of captured CO2 via all modes. Construction andoperation of CO2 pipelines and retrofit of gas networks where themain purpose is the integration of captured CO2. 3. Appropriate
leak detection systems are applied and a monitoring plan is inplace, with the report verified by an independent third party.
Transport of captured CO2 via all modes. Construction andoperation of CO2 pipelines and retrofit of gas networks where themain purpose is the integration of captured CO2. 4. The activity
may include the installation of assets that increase the flexibility
and improve the management of an existing network.
Permanent storage of captured CO2 in appropriate undergroundgeological formations. 2. For operation of underground geologicalCO2 storage sites, including closure and post-closure obligations:(a) appropriate leakage detection systems are implemented toprevent release during operation.
Permanent storage of captured CO2 in appropriate underground49

S&P Global EU Taxonomy Independent Assessment
order to establish whether the geological formation is suitable foruse as a CO2 storage site.

6.2

Freight railtransport

6.2

Freight railtransport

6.4

Operation of
personal
mobility
devices, cycle
logistics

6.6

Freighttransport
services by
road

6.6

Freighttransport
services byroad

Purchase, financing, leasing, rental and operation of freighttransport on mainline rail networks as well as short line freightrailroads. 1. The activity complies with one or both of thefollowing criteria: (a) the trains and wagons have zero direct
tailpipe CO2 emission.
Purchase, financing, leasing, rental and operation of freighttransport on mainline rail networks as well as short line freightrailroads. 1. The activity complies with one or both of thefollowing criteria: (b) the trains and wagons have zero direct
tailpipe CO2 emission when operated on a track with necessary
infrastructure, and use a conventional engine where suchinfrastructure is not available (bimodal).
Selling, purchasing, financing, leasing, renting and operation of
personal mobility or transport devices where the propulsion
comes from the physical activity of the user, from a zeroemissions motor, or a mix of zero-emissions motor and physicalactivity. This includes the provision of freight transport servicesby (cargo) bicycles. 1. The propulsion of personal mobility devices
comes from the physical activity of the user, from a zeroemissions motor, or a mix of zero-emissions motor and physicalactivity.
Purchase, financing, leasing, rental and operation of vehicles
designated as category N1, N2 or N3 falling under the scope ofEURO VI, step E or its successor, for freight transport services byroad. The activity complies with one of the following criteria: (a)vehicles of category N1 have zero direct (tailpipe) CO2 emissions.
Purchase, financing, leasing, rental and operation of vehicles
designated as category N1, N2 or N3 falling under the scope ofEURO VI, step E or its successor, for freight transport services byroad. 1. The activity complies with one of the following criteria: (b)vehicles of category N2 and N3 with a technically permissible-

geological formations. 2. For operation of underground geologicalCO2 storage sites, including closure and post-closure obligations:(b) a monitoring plan of the injection facilities, the storage
complex, and, where appropriate, the surrounding environment isin place, with the regular reports checked by the competent
national authority.
Permanent storage of captured CO2 in appropriate undergroundgeological formations. 3. For the exploration and operation ofstorage sites within the Union, the activity complies with Directive
2009/31/EC. For the exploration and operation of storage sites inthird countries, the activity complies with ISO 27914:2017 forgeological storage of CO2.
Purchase, financing, leasing, rental and operation of freighttransport on mainline rail networks as well as short line freightrailroads. 2. The trains and wagons are not dedicated to thetransport of fossil fuels.
Purchase, financing, leasing, rental and operation of freighttransport on mainline rail networks as well as short line freightrailroads. 2. The trains and wagons are not dedicated to thetransport of fossil fuels.

2. The personal mobility devices are allowed to be operated on thesame public infrastructure as bikes or pedestrians.

Purchase, financing, leasing, rental and operation of vehicles
designated as category N1, N2 or N3 falling under the scope ofEURO VI, step E or its successor, for freight transport services byroad. 2. Vehicles are not dedicated to the transport of fossil fuels.
Purchase, financing, leasing, rental and operation of vehicles
designated as category N1, N2 or N3 falling under the scope ofEURO VI, step E or its successor, for freight transport services byroad. 2. Vehicles are not dedicated to the transport of fossil fuels.

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S&P Global EU Taxonomy Independent Assessment

6.6

Freighttransport
services by
road

6.6

Freighttransport
services by
road

6.8

Inland freightwatertransport

6.8

Inland freightwatertransport

6.9

Retrofitting of
inland water
passenger andfreighttransport

emission heavyticle 3, point 11, ofRegulation (EU) 2019/1242.
Purchase, financing, leasing, rental and operation of vehicles
designated as category N1, N2 or N3 falling under the scope ofEURO VI, step E or its successor, for freight transport services byroad. 1. The activity complies with one of the following criteria: (c)vehicles of category N2 and N3 with a technically permissible
maximum laden mass exceeding 7.5 tonnes are one of the-emission heavyArticle 3, point (11), of Regulation (EU) 2019/1242.
Purchase, financing, leasing, rental and operation of vehicles
designated as category N1, N2 or N3 falling under the scope ofEURO VI, step E or its successor, for freight transport services byroad. 1. The activity complies with one of the following criteria: (c)vehicles of category N2 and N3 with a technically permissible
maximum laden mass exceeding 7.5 tonnes are one of thefollowing: (ii) where technologically and economically not feasible-emission heavy-duty
Purchase, financing, leasing, rental and operation of freightvessels on inland waters, involving vessels that are not suitable
for sea transport. 1. The activity complies with one or both of thefollowing criteria: (a) the vessels have zero direct (tailpipe) CO2
emission.
Purchase, financing, leasing, rental and operation of freightvessels on inland waters, involving vessels that are not suitable
for sea transport. 1. The activity complies with one or both of thefollowing criteria: (b) where technologically and economically not
feasible to comply with the criterion in point (a) until December
31, 2025, the vessels have direct (tailpipe) emissions of CO2 per
tonne kilometer (gCO2/tkm), calculated (or estimated in case of
new vessels) using the Energy Efficiency Operational Indicator
245, 50% lower than the average reference value for emissions of
CO2 defined for heavy duty vehicles (vehicle subgroup 5- LH) in
accordance with Article 11 of Regulation 2019/1242.
Retrofit and upgrade of vessels for transport of freight or
passengers on inland waters, involving vessels that are notsuitable for sea transport. 1. Until December 31, 2025, theretrofitting activity reduces fuel consumption of the vessel by atleast 10% expressed in liter of fuel per tonne kilometer, as
demonstrated by a comparative calculation for the representative
navigation areas (including representative load profiles) in which
the vessel is to operate or by means of the results of model tests
or simulations.

Purchase, financing, leasing, rental and operation of vehicles
designated as category N1, N2 or N3 falling under the scope ofEURO VI, step E or its successor, for freight transport services byroad. 2. Vehicles are not dedicated to the transport of fossil fuels.

Purchase, financing, leasing, rental and operation of vehicles
designated as category N1, N2 or N3 falling under the scope ofEURO VI, step E or its successor, for freight transport services byroad. 2. Vehicles are not dedicated to the transport of fossil fuels.

Purchase, financing, leasing, rental and operation of freightvessels on inland waters, involving vessels that are not suitable
for sea transport. 2. Vessels are not dedicated to the transport offossil fuels.
Purchase, financing, leasing, rental and operation of freightvessels on inland waters, involving vessels that are not suitable
for sea transport. 2. Vessels are not dedicated to the transport offossil fuels.

Retrofit and upgrade of vessels for transport of freight or
passengers on inland waters, involving vessels that are notsuitable for sea transport. 2. Vessels retrofitted or upgraded are
not dedicated to transport of fossil fuels.

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S&P Global EU Taxonomy Independent Assessment
6.10

6.10

6.10

Sea andcoastal freightwatertransport,
vessels for port
operations andauxiliary
activities
Sea andcoastal freightwatertransport,
vessels for port
operations andauxiliary
activities
Sea andcoastal freightwatertransport,
vessels for port
operations andauxiliary
activities

6.10

Sea andcoastal freightwatertransport,
vessels for port
operations andauxiliary
activities

6.12

Retrofitting of
sea and

Purchase, financing, chartering (with or without crew) andoperation of vessels designed and equipped for transport of
freight or for the combined transport of freight and passengers on
sea or coastal waters, whether scheduled or not. 1. The activity
complies with one or more of the following criteria: (a) the vessels
have zero direct (tailpipe) CO2 emissions.

Purchase, financing, chartering (with or without crew) andoperation of vessels designed and equipped for transport of
freight or for the combined transport of freight and passengers on
sea or coastal waters, whether scheduled or not. 2. Vessels are
not dedicated to the transport of fossil fuels.

Purchase, financing, chartering (with or without crew) andoperation of vessels designed and equipped for transport of
freight or for the combined transport of freight and passengers on
sea or coastal waters, whether scheduled or not. 1. The activity
complies with one or more of the following criteria: (b) until
December 31, 2025, hybrid and dual fuel vessels derive at least
25% of their energy from zero direct (tailpipe) CO2 emission fuelsor plug-in power for their normal operation at sea and in ports.
Purchase, financing, chartering (with or without crew) andoperation of vessels designed and equipped for transport of
freight or for the combined transport of freight and passengers on
sea or coastal waters, whether scheduled or not. 1. The activity
complies with one or more of the following criteria: (c) where
technologically and economically not feasible to comply with thecriterion in point (a) until December 31, 2025, and only where it
can be proved that the vessels are used exclusively for operating
coastal and short sea services designed to enable modal shift offreight currently transported by land to sea, and the vessels havedirect (tailpipe) CO2 emissions, calculated using the International
Maritime Organization (IMO) Energy Efficiency Design Index(EEDI), 50% lower than the average reference CO2 emissions
value defined for heavy duty vehicles (vehicle sub group 5-LH) in
accordance with Article 11 of Regulation 2019/1242.
Purchase, financing, chartering (with or without crew) andoperation of vessels designed and equipped for transport of
freight or for the combined transport of freight and passengers on
sea or coastal waters, whether scheduled or not. 1. The activity
complies with one or more of the following criteria: (d) where
technologically and economically not feasible to comply with thecriterion in point (a) until December 31, 2025, the vessels have an
attained Energy Efficiency Design Index (EEDI) value 10% below
the EEDI requirements applicable on 1 April 2022 if the vessels
are able to run on zero direct (tailpipe) CO2 emission fuels or on
fuels from renewable sources.
Retrofit and upgrade of vessels designed and equipped for thetransport of freight or passengers on sea or coastal waters, and of

Purchase, financing, chartering (with or without crew) andoperation of vessels designed and equipped for transport of
freight or for the combined transport of freight and passengers on
sea or coastal waters, whether scheduled or not. 2. Vessels are
not dedicated to the transport of fossil fuels.

Purchase, financing, chartering (with or without crew) andoperation of vessels designed and equipped for transport of
freight or for the combined transport of freight and passengers on
sea or coastal waters, whether scheduled or not. 2. Vessels are
not dedicated to the transport of fossil fuels.

Purchase, financing, chartering (with or without crew) andoperation of vessels designed and equipped for transport of
freight or for the combined transport of freight and passengers on
sea or coastal waters, whether scheduled or not. 2. Vessels are
not dedicated to the transport of fossil fuels.

Retrofit and upgrade of vessels designed and equipped for thetransport of freight or passengers on sea or coastal waters, and of52

S&P Global EU Taxonomy Independent Assessment
coastal freightand passenger
water
transport

6.14

Infrastructure
for railtransport

6.14

Infrastructure
for railtransport

6.14

Infrastructure
for railtransport

vessels required for port operations and auxiliary activities, suchas tugboats, mooring vessels, pilot vessels, salvage vessels andice-breakers. 1. Until December 31, 2025, the retrofitting activity
reduces fuel consumption of the vessel by at least 10% expressedin grams of fuel per deadweight tons per nautical mile, as
demonstrated by computational fluid dynamics (CFD), tank tests
or similar engineering calculations.
Construction, modernization, operation and maintenance ofrailways and subways as well as bridges and tunnels, stations,terminals, rail service facilities, safety and traffic management
systems. 1. The activity complies with one of the following
criteria: (a) the infrastructure (as defined in Annex II.2 to Directive(EU) 2016/797 of the European Parliament and of the Council) iseither: (i) electrified trackside infrastructure and associatedsubsystems: infrastructure, energy, on-board control-commandand signaling, and trackside control-command and signaling
subsystems as defined in Annex II.2 to Directive (EU)2016/797.
Construction, modernization, operation and maintenance ofrailways and subways as well as bridges and tunnels, stations,terminals, rail service facilities, safety and traffic management
systems. 1. The activity complies with one of the following
criteria: (a) the infrastructure (as defined in Annex II.2 to Directive(EU) 2016/797 of the European Parliament and of the Council) iseither: (ii) new and existing trackside infrastructure andassociated subsystems where there is a plan for electrification as
regards line tracks, and, to the extent necessary for electric train
operations, as regards sidings, or where the infrastructure will be
fit for use by zero tailpipe CO2 emission trains within 10 years
from the beginning of the activity: infrastructure, energy, onboard control-command and signaling, and trackside controlcommand and signaling subsystems as defined in Annex II.2 toDirective (EU)2016/797.
Construction, modernization, operation and maintenance ofrailways and subways as well as bridges and tunnels, stations,terminals, rail service facilities, safety and traffic management
systems. 1. The activity complies with one of the following
criteria: (a) the infrastructure (as defined in Annex II.2 to Directive(EU) 2016/797 of the European Parliament and of the Council) iseither: (iii) until 2030, existing trackside infrastructure andassociated subsystems that are not part of the TEN-T network
and its indicative extensions to third countries, nor any nationally,
supranationally or internationally defined network of major raillines: infrastructure, energy, on-board control-command andvessels required for port operations and auxiliary activities, suchas tugboats, mooring vessels, pilot vessels, salvage vessels andice-breakers. 2. Vessels are not dedicated to the transport offossil fuels.

Construction, modernization, operation and maintenance ofrailways and subways as well as bridges and tunnels, stations,terminals, rail service facilities, safety and traffic management
systems. 2. The infrastructure is not dedicated to the transport orstorage of fossil fuels.

Construction, modernization, operation and maintenance ofrailways and subways as well as bridges and tunnels, stations,terminals, rail service facilities, safety and traffic management
systems. 2. The infrastructure is not dedicated to the transport orstorage of fossil fuels.

Construction, modernization, operation and maintenance ofrailways and subways as well as bridges and tunnels, stations,terminals, rail service facilities, safety and traffic management
systems. 2. The infrastructure is not dedicated to the transport orstorage of fossil fuels.

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S&P Global EU Taxonomy Independent Assessment

6.14

Infrastructure
for railtransport

6.14

Infrastructure
for railtransport

6.15

Infrastructure
enabling lowcarbon roadtransport andpublictransport

6.15

Infrastructure
enabling lowcarbon roadtransport andpublictransport

6.15

Infrastructure
enabling lowcarbon roadtransport andpublictransport

signaling, and trackside control-command and signaling
subsystems as defined in Annex II.2 to Directive (EU) 2016/797.
Construction, modernization, operation and maintenance ofrailways and subways as well as bridges and tunnels, stations,terminals, rail service facilities, safety and traffic management
systems. 1. The activity complies with one of the following
criteria: (b) the infrastructure and installations are dedicated totransshipping freight between the modes: terminal infrastructureand superstructures for loading, unloading and transshipment ofgoods.
Construction, modernization, operation and maintenance ofrailways and subways as well as bridges and tunnels, stations,terminals, rail service facilities, safety and traffic management
systems. 1. The activity complies with one of the following
criteria: (c) infrastructure and installations are dedicated to thetransfer of passengers from rail to rail or from other modes to rail.
Construction, modernization, maintenance and operation of
infrastructure that is required for zero tailpipe CO2 operation of
zero-emissions road transport, as well as infrastructure
dedicated to transshipment, and infrastructure required for
operating urban transport. 1. The activity complies with one ormore of the following criteria: (a) the infrastructure is dedicatedto the operation of vehicles with zero tailpipe CO2 emissions:electric charging points, electricity grid connection upgrades,
hydrogen fueling stations or electric road systems (ERS).
Construction, modernization, maintenance and operation of
infrastructure that is required for zero tailpipe CO2 operation of
zero-emissions road transport, as well as infrastructure
dedicated to transshipment, and infrastructure required for
operating urban transport. 1. The activity complies with one ormore of the following criteria: (b) the infrastructure andinstallations are dedicated to transshipping freight between themodes: terminal infrastructure and superstructures for loading,unloading and transshipment of goods.
Construction, modernization, maintenance and operation of
infrastructure that is required for zero tailpipe CO2 operation of
zero-emissions road transport, as well as infrastructure
dedicated to transshipment, and infrastructure required for
operating urban transport. 1. The activity complies with one ormore of the following criteria: (c) the infrastructure andinstallations are dedicated to urban and suburban publicpassenger transport, including associated signaling systems for
metro, tram and rail systems.

Construction, modernization, operation and maintenance ofrailways and subways as well as bridges and tunnels, stations,terminals, rail service facilities, safety and traffic management
systems. 2. The infrastructure is not dedicated to the transport orstorage of fossil fuels.

Construction, modernization, operation and maintenance ofrailways and subways as well as bridges and tunnels, stations,terminals, rail service facilities, safety and traffic management
systems. 2. The infrastructure is not dedicated to the transport orstorage of fossil fuels.
Construction, modernization, maintenance and operation of
infrastructure that is required for zero tailpipe CO2 operation of
zero-emissions road transport, as well as infrastructure
dedicated to transshipment, and infrastructure required for
operating urban transport. 2. The infrastructure is not dedicatedto the transport or storage of fossil fuels.

Construction, modernization, maintenance and operation of
infrastructure that is required for zero tailpipe CO2 operation of
zero-emissions road transport, as well as infrastructure
dedicated to transshipment, and infrastructure required for
operating urban transport. 2. The infrastructure is not dedicatedto the transport or storage of fossil fuels.

Construction, modernization, maintenance and operation of
infrastructure that is required for zero tailpipe CO2 operation of
zero-emissions road transport, as well as infrastructure
dedicated to transshipment, and infrastructure required for
operating urban transport. 2. The infrastructure is not dedicatedto the transport or storage of fossil fuels.

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S&P Global EU Taxonomy Independent Assessment
6.16

6.16

6.16

6.16

Infrastructure
enabling lowcarbon watertransport

Infrastructure
enabling lowcarbon watertransport

Infrastructure
enabling lowcarbon watertransport

Infrastructure
enabling lowcarbon watertransport

6.17

Low-carbon
airportinfrastructure

6.17

Low-carbon
airportinfrastructure

Construction, modernization, operation and maintenance ofinfrastructure that is required for zero tailpipe CO2 operation ofConstruction, modernization, operation and maintenance ofinfrastructure that is required for zero tailpipe CO2 operation of

dedicated to transshipment. 1. The activity complies with one ormore of the following criteria: (a) the infrastructure is dedicatedto the operation of vessels with zero direct (tailpipe) CO2
emissions: electricity charging, hydrogen-based refueling.
Construction, modernization, operation and maintenance ofinfrastructure that is required for zero tailpipe CO2 operation of

dedicated to transshipment. 2. The infrastructure is not dedicatedto the transport or storage of fossil fuels.

dedicated to transshipment. 1. The activity complies with one ormore of the following criteria: (b) the infrastructure is dedicatedto the provision of shore-side electrical power to vessels at berth.
Construction, modernization, operation and maintenance ofinfrastructure that is required for zero tailpipe CO2 operation ofConstruction, modernization, operation and maintenance ofinfrastructure that is required for zero tailpipe CO2 operation ofns, as well as infrastructure
dedicated to transshipment. 2. The infrastructure is not dedicatedto the transport or storage of fossil fuels.
Construction, modernization, operation and maintenance ofinfrastructure that is required for zero tailpipe CO2 operation of

dedicated to transshipment. 1. The activity complies with one ormore of the following criteria: (c) the infrastructure is dedicated to

dedicated to transshipment. 2. The infrastructure is not dedicatedto the transport or storage of fossil fuels.

(tailpipe) CO2 emissions
Construction, modernization, operation and maintenance ofinfrastructure that is required for zero tailpipe CO2 operation ofConstruction, modernization, operation and maintenance ofinfrastructure that is required for zero tailpipe CO2 operation of

dedicated to transshipment. 1. The activity complies with one ormore of the following criteria: (d) the infrastructure andinstallations are dedicated to transshipping freight between themodes: terminal infrastructure and superstructures for loading,unloading and transshipment of goods.
Construction, modernization, maintenance and operation of
infrastructure that is required for zero tailpipe CO2 operation of
aircraft or th
fixed electrical ground power and preconditioned air to stationary
aircraft. 1. The activity complies with one or more of the following
criteria: (a) the infrastructure is dedicated to the operation of
aircraft with zero tailpipe CO2 emissions: electricity charging andhydrogen refueling.
Construction, modernization, maintenance and operation of
infrastructure that is required for zero tailpipe CO2 operation of

dedicated to transshipment. 2. The infrastructure is not dedicatedto the transport or storage of fossil fuels.

fixed electrical ground power and preconditioned air to stationary
aircraft. 1. The activity complies with one or more of the following
criteria: (b) the infrastructure is dedicated to the provision of fixed
electrical ground power and preconditioned air to stationary
aircrafts.

fixed electrical ground power and preconditioned air to stationary
aircraft. 2. The infrastructure is not dedicated to the transport orstorage of fossil fuels.

Construction, modernization, maintenance and operation of
infrastructure that is required for zero tailpipe CO2 operation ofas well as for provision of
fixed electrical ground power and preconditioned air to stationary
aircraft. 2. The infrastructure is not dedicated to the transport orstorage of fossil fuels.

Construction, modernization, maintenance and operation of
infrastructure that is required for zero tailpipe CO2 operation of55

S&P Global EU Taxonomy Independent Assessment
6.17

Low-carbon
airportinfrastructure

Leasing ofaircraft

6.18
Passenger andfreight airtransport

6.19
Passenger andfreight airtransport
6.19
Passenger andfreight airtransport
6.19
7.1

Construction of
new buildings

Construction, modernization, maintenance and operation of
infrastructure that is required for zero tailpipe CO2 operation ofperations, as well as for provision of
fixed electrical ground power and preconditioned air to stationary
aircraft. 1. The activity complies with one or more of the following
criteria: (c) the infrastructure is dedicated to the zero directemissions perfor
charging points, electricity grid connection upgrades, hydrogen
refueling stations.
Renting and leasing of aircraft and aircraft parts and equipment.
The activity consists of renting or leasing of one of the following:(c) the aircraft delivered after the date of the entry into
application of this Regulation complying with the technicalscreening criteria and with the commitment that another noncompliant aircraft in the fleet is permanently withdrawn from useor fleet
Purchase, financing and operation of aircraft including transportof passengers and goods. The activity is performed using one of
the following: (c) until 31 December 2029, the aircraft acquired
after the date of entry into application of this Regulation, andcomplying with the technical screening criteria. With thecommitment that another non-compliant aircraft in the fleet iseither permanently withdrawn from use or fleet
Purchase, financing and operation of aircraft including transportof passengers and goods. The activity is performed using one of
the following: (d) from 1 January 2030, the aircraft meeting
technical screening criteria specified in points (b) or (c) above andoperated with a minimum share of sustainable aviation fuels(SAF), corresponding to 15 % in 2030
Purchase, financing and operation of aircraft including transportof passengers and goods. The activity is performed using one of
the following: (e) the aircraft operated with a minimum share ofsustainable aviation fuels (SAF), corresponding to 5 % SAF in
2022
Development of building projects for residential and nonresidential buildings by bringing together financial, technical andphysical means to realize the building projects for later sale aswell as the construction of complete residential or nonresidential buildings, on own account for sale or on a fee orcontract basis. Constructions of new buildings for which: 1. The
Primary Energy Demand (PED), defining the energy performanceof the building resulting from the construction, is at least 10%
lower than the threshold set for the nearly zero-energy building(NZEB) requirements in national measures implementing

Construction, modernization, maintenance and operation of
infrastructure that is required for zero tailpipe CO2 operation of
fixed electrical ground power and preconditioned air to stationary
aircraft. 2. The infrastructure is not dedicated to the transport orstorage of fossil fuels.

with the commitment that another non-compliant aircraft in the
fleet is either: (i) permanently withdrawn from use within 6months of delivery of the compliant aircraft, in which case, thereplacement ratio does not apply; or (ii) permanently withdrawn
from the fleet within six months of delivery of the compliant
aircraft in which case the share of Taxonomy compliance of
eligible aircraft is limited by the replacement ratiowith the commitment that another non-compliant aircraft in the
fleet is either: (i) permanently withdrawn from use within 6months of delivery of the compliant aircraft in which case, thereplacement ratio does not apply; or (ii) permanently withdrawn
from the fleet within 6 months of delivery of the compliant aircraftin which case, the share of Taxonomy compliance of eligible
aircraft is limited by the replacement ratio
minimum share of sustainable aviation fuels (SAF) increased by 2
percentage points annually after 2030

percentage of SAF increasing by 2 percentage points annually
after 2022

Development of building projects for residential and nonresidential buildings by bringing together financial, technical andphysical means to realize the building projects for later sale aswell as the construction of complete residential or nonresidential buildings, on own account for sale or on a fee orcontract basis. Constructions of new buildings for which: 2. For
buildings larger than 5000 m2, upon completion, the building
resulting from the construction undergoes testing for airtightness and thermal integrity, and any deviation in the levels of
performance set at the design stage or defects in the building

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S&P Global EU Taxonomy Independent Assessment
Directive 2010/31/EU of the European Parliament and of theCouncil. The energy performance is certified using an as built
Energy Performance Certificate (EPC).

7.7

Acquisition andownership ofbuildings

Buying real estate and exercising ownership of that real estate. 1.
For buildings built before December 31, 2020, the building has atleast an Energy Performance Certificate (EPC) class A.

7.7

Acquisition andownership ofbuildings

7.7

Acquisition andownership ofbuildings

Buying real estate and exercising ownership of that real estate. Asan alternative, the building is within the top 15% of the national orregional building stock expressed as operational Primary Energy
Demand (PED) and demonstrated by adequate evidence, which atleast compares the performance of the relevant asset to theperformance of the national or regional stock built before
December 31, 2020, and at least distinguishes between
residential and non-residential buildings.
Buying real estate and exercising ownership of that real estate. 2.
For buildings built after 31 December 2020, the building meetsthe criteria specified in Section 7.1 of this Annex that are relevantat the time of the acquisition.

8.1

Data
processing,hosting andrelatedactivities

The activity has implemented all relevant practices listed as
Code of Conduct on Data Centre Energy Efficiency, or in CENCENELEC document CLC TR50600-99-1 Data centre facilities
and infrastructures - Part 99-1: Recommended practices forenergy management . The global warming potential (GWP) of
refrigerants used in the data center cooling system does notexceed 675.

envelope are disclosed to investors and clients. Where robust andtraceable quality control processes are in place during theconstruction process, this is acceptable as an alternative tothermal integrity testing.
Development of building projects for residential and nonresidential buildings by bringing together financial, technical andphysical means to realize the building projects for later sale aswell as the construction of complete residential or nonresidential buildings, on own account for sale or on a fee orcontract basis. Constructions of new buildings for which: 3. For
buildings larger than 5000 m2, the life-cycle Global Warming
Potential (GWP) of the building resulting from the construction
has been calculated for each stage in the life cycle and isdisclosed to investors and clients on demand.
Buying real estate and exercising ownership of that real estate. 3.
Where the building is a large non-residential building (with aneffective rated output for heating systems, systems for combined
space heating and ventilation, air-conditioning systems or
systems for combined air-conditioning and ventilation of over 290
kW) it is efficiently operated through energy performancemonitoring and assessment.
Buying real estate and exercising ownership of that real estate. 3.
Where the building is a large non-residential building (with aneffective rated output for heating systems, systems for combined
space heating and ventilation, air-conditioning systems or
systems for combined air-conditioning and ventilation of over 290
kW) it is efficiently operated through energy performancemonitoring and assessment.
Buying real estate and exercising ownership of that real estate. 3.
Where the building is a large non-residential building (with aneffective rated output for heating systems, systems for combined
space heating and ventilation, air-conditioning systems or
systems for combined air-conditioning and ventilation of over 290
kW) it is efficiently operated through energy performancemonitoring and assessment.
The implementation of those practices is verified by anindependent third-party and audited at least every three years.
Where an expected practice is not considered relevant due tophysical, logistical, planning or other constraints, an explanationof why the expected practice is not applicable or practical isprovided. Alternative best practices from the European Code of
Conduct on Data Centre Energy Efficiency or other equivalent

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S&P Global EU Taxonomy Independent Assessment

8.2

Data-driven
solutions for
GHG emissions
reductions

The ICT solutions are predominantly used for the provision of data
and analytics enabling GHG emission reductions.

sources may be identified as direct replacements if they result insimilar energy savings.
Where an alternative solution/technology is already available on
the market, the ICT solution demonstrates substantial life-cycle
GHG emission savings compared to the best performing
alternative solution/technology. Life-cycle GHG emissions and net
emissions are calculated using Recommendation 2013/179/EU or,alternatively, using ETSI ES 203 199, ISO 14067:2018 or ISO
14064-2:2019.
Quantified life-cycle GHG emission reductions are verified by anindependent third party which transparently assesses how thestandard criteria, including those for critical review, have been
followed when the value was derived.

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S&P Global EU Taxonomy Independent Assessment

Appendix 2: Mapping Trucost business activity to EU
Taxonomy activity
TC UIDTC sector list

Environmental Objective

NACE-based Business Activity in the EU
Taxonomy V2 (Primary activity)

Secondary Mapped Taxonomy Activities(Concatenated)

113300

Logging

Climate Change Mitigation

Forest management

113A00Forest nurseries,
forest products,
and timber tracts

Climate Change Mitigation

Afforestation

115000Support activities
for agriculture andforestry

Climate Change Mitigation

Conservation forestry

221111

HydroelectricPower Generation

Climate Change Mitigation

Electricity generation from hydropower

221119d

Wave & Tidal Power Climate Change Mitigation
Generation

Electricity generation from ocean energy
technologies

221119f

Landfill Gas Power
Generation

Climate Change Mitigation

Electricity generation from renewable nonfossil gaseous and liquid fuels

Landfill gas capture and utilization

221119aSolar Power
Generation

Climate Change Mitigation

Electricity generation using solar
photovoltaic technology

Electricity generation using concentrated solar
power (CSP) technology; Cogeneration ofheat/cool and power from solar energy

221119bWind Power
Generation

Climate Change Mitigation

Electricity generation from wind power

221119c

Geothermal Power
Generation

Climate Change Mitigation

Electricity generation from geothermalenergyRehabilitation and restoration of forests,
including reforestation and natural forest
regeneration after an extreme event

Cogeneration of heat/cool and power fromgeothermal energy

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S&P Global EU Taxonomy Independent Assessment
221119e

Biomass Power
Generation

Climate Change Mitigation

Electricity generation from bioenergy

221121

Electric Bulk Power Climate Change Mitigation
Transmission andControl

Transmission and distribution of electricity

221222

Electric PowerDistribution

Climate Change Mitigation

Transmission and distribution of electricity

221300

Water, sewage andother systems

Climate Change Mitigation

Construction, extension and operation ofwastewater collection and treatment

230101

Nonresidentialcommercial andhealth carestructures

Climate Change Mitigation

Construction of new buildings

230102

Nonresidential
manufacturing
structures

Climate Change Mitigation

Construction of new buildings

Cogeneration of heat/cool and power frombioenergy

District heating/cooling distribution;
Cogeneration of heat/cool and power fromrenewable non-fossil gaseous and liquid fuels;
Production of heat/cool from solar thermal
heating; Production of heat/cool fromgeothermal energy; Production of heat/cool fromrenewable non-fossil gaseous and liquid fuels;
Production of heat/cool from bioenergy;
Production of heat/cool using waste heat;
Construction, extension and operation of watercollection, treatment and supply systems;
Renewal of water collection, treatment andsupply systems; Renewal of wastewatercollection and treatment; Anaerobic digestion of
sewage sludge

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S&P Global EU Taxonomy Independent Assessment
230103Othernonresidential
structures

Climate Change Mitigation

Low-carbon airport infrastructure

230201

Residential
permanent site
single- and multifamily structures

Climate Change Mitigation

Construction of new buildings

230202Other residential
structures

Climate Change Mitigation

Construction of new buildings

230301

Nonresidential
maintenance andrepairClimate Change Mitigation

Renovation of existing buildings

230302

Residential
maintenance andrepairClimate Change Mitigation

Renovation of existing buildings

321219Reconstituted
wood productmanufacturing

Climate Change Mitigation

Manufacture of energy efficiency
equipment for buildings

32121B

Engineered wood
member and truss
manufacturing

Climate Change Mitigation

Manufacture of energy efficiency
equipment for buildings

Infrastructure for rail transport; Infrastructure
enabling low-carbon road transport and public
transport; Infrastructure enabling low-carbon
water transport; Infrastructure enabling roadtransport and public transport; Infrastructure forwater transport; Airport infrastructure61

S&P Global EU Taxonomy Independent Assessment
321910Wood windows anddoors and millwork

Climate Change Mitigation

Manufacture of energy efficiency
equipment for buildings

321992Prefabricated wood Climate Change Mitigationbuilding
manufacturing

Manufacture of energy efficiency
equipment for buildings

321999All othermiscellaneous
wood productmanufacturing

Climate Change Mitigation

Manufacture of energy efficiency
equipment for buildings

33712A

Metal and otherhouseholdfurniture
manufacturing

Climate Change Mitigation

Manufacture of energy efficiency
equipment for buildings

324122Asphalt shingle and Climate Change Mitigation
coating materials
manufacturing

Manufacture of energy efficiency
equipment for buildings

325110Petrochemical
manufacturing

Climate Change Mitigation

Manufacture of organic basic chemicals

325120Industrial gas
manufacturing

Climate Change Mitigation

Manufacture of hydrogen

325181

Alkalies andchlorine
manufacturing

Climate Change Mitigation

Manufacture of chlorine

325182

Carbon black
manufacturing

Climate Change Mitigation

Manufacture of carbon black

325188All other basic
inorganic chemical
manufacturing

Climate Change Mitigation

Manufacture of soda ash

62

S&P Global EU Taxonomy Independent Assessment
325190

Other basic organic Climate Change Mitigation
chemicalmanufacturing

Manufacture of organic basic chemicals

325211

Plastics material
and resinmanufacturing
Synthetic rubber
manufacturing

Climate Change Mitigation

Manufacture of plastics in primary form

Climate Change Mitigation

Manufacture of other low-carbon
technologies

325310Fertilizer
manufacturing

Climate Change Mitigation

Manufacture of anhydrous ammonia

3259A0All other chemical
product andpreparation
manufacturing

Climate Change Mitigation

Manufacture of nitric acid

326110

Plastics packaging
materials andunlaminated film
and sheet
manufacturing
Plastics pipe andpipe fitting
manufacturing

Climate Change Mitigation

Manufacture of other low-carbon
technologies

Climate Change Mitigation

Manufacture of other low-carbon
technologies

Laminated plastics Climate Change Mitigation
plate, sheet(except packaging),and shape
manufacturing
Polystyrene foam
Climate Change Mitigation
product
manufacturing

Manufacture of other low-carbon
technologies

325212326122326130326140

Manufacture of biogas and biofuels for use intransport and of bioliquids

Manufacture of other low-carbon
technologies

63

S&P Global EU Taxonomy Independent Assessment
326150Urethane and other Climate Change Mitigation
foam product(except
polystyrene)
manufacturing

Manufacture of other low-carbon
technologies

326160

Plastics bottle
manufacturing

Climate Change Mitigation

Manufacture of other low-carbon
technologies

32619A

Other plastics
product
manufacturing
Other rubber
product
manufacturing

Climate Change Mitigation

Manufacture of plastics in primary form

Climate Change Mitigation

Manufacture of other low-carbon
technologies

336612

Boat building

Climate Change Mitigation

Manufacture of low-carbon technologies fortransport

326210Tire manufacturing

Climate Change Mitigation

Manufacture of other low-carbon
technologies

326220

Rubber andplastics hoses andbelting
manufacturing
Brick, tile, andother structuralclay productmanufacturing

Climate Change Mitigation

Manufacture of other low-carbon
technologies

Climate Change Mitigation

Manufacture of energy efficiency
equipment for buildings

32712B

Clay and nonclay
refractory
manufacturing

Climate Change Mitigation

Manufacture of energy efficiency
equipment for buildings

327211

Flat glass
manufacturing
Cementmanufacturing

Climate Change Mitigation

Manufacture of energy efficiency
equipment for buildings
Manufacture of cement32629032712A

327310

Climate Change Mitigation

64

S&P Global EU Taxonomy Independent Assessment
327320

Ready-mix
concretemanufacturing

Climate Change Mitigation

Manufacture of energy efficiency
equipment for buildings

327330Concrete pipe,
brick, and block
manufacturing

Climate Change Mitigation

Manufacture of energy efficiency
equipment for buildings

327390

Other concrete
product
manufacturing

Climate Change Mitigation

Manufacture of energy efficiency
equipment for buildings

331110Iron and steel mills
and ferroalloy
manufacturing

Climate Change Mitigation

Manufacture of iron and steel

331200

Steel productmanufacturingfrom purchased
steel

Climate Change Mitigation

Manufacture of other low-carbon
technologies

331314

Secondarysmelting andalloying ofaluminum
Alumina refining
and primaryaluminumproduction

Climate Change Mitigation

Manufacture of aluminum

Climate Change Mitigation

Manufacture of aluminum

33131B

Aluminum productmanufacturingfrom purchased
aluminum

Climate Change Mitigation

Manufacture of other low-carbon
technologies

331420

Copper rolling,drawing, extruding
and alloying

Climate Change Mitigation

Manufacture of other low-carbon
technologies

33131A

65

S&P Global EU Taxonomy Independent Assessment
331490331510Nonferrous metal(except copper andaluminum) rolling,drawing, extruding
and alloying
Ferrous metalfoundries

Climate Change Mitigation

Manufacture of other low-carbon
technologies

Climate Change Mitigation

Manufacture of iron and steel

332114

Custom roll forming Climate Change Mitigation

33211AAll other forging,stamping, andsintering
Crown and closure
manufacturing andmetal stamping

Climate Change Mitigation

Climate Change Mitigation

Manufacture of other low-carbon
technologies

33221B

Handtoolmanufacturing

Climate Change Mitigation

Manufacture of other low-carbon
technologies

332310

Plate work andfabricatedstructural productmanufacturing

Climate Change Mitigation

Manufacture of energy efficiency
equipment for buildings

332320

Ornamental andarchitectural metal
products
manufacturing

Climate Change Mitigation

Manufacture of energy efficiency
equipment for buildings

332410Power boiler andheat exchanger
manufacturing

Climate Change Mitigation

Manufacture of renewable energy
technologies

332420

Metal tank (heavy
gauge)
manufacturing

Climate Change Mitigation

Manufacture of other low-carbon
technologies

33211B

Manufacture of other low-carbon
technologies
Manufacture of other low-carbon
technologies

66

S&P Global EU Taxonomy Independent Assessment
332430

Metal can, box, and Climate Change Mitigation
other metal
container (lightgauge)
manufacturing

Manufacture of other low-carbon
technologies

332600Spring and wire
product
manufacturing

Climate Change Mitigation

Manufacture of other low-carbon
technologies

332720Turned product and Climate Change Mitigationscrew, nut, andbolt manufacturing

Manufacture of other low-carbon
technologies

33291A

Valve and fittingsother thanplumbing
Ball and roller
bearing
manufacturing
Fabricated pipe
and pipe fitting
manufacturing
Other fabricatedmetalmanufacturing

Climate Change Mitigation

Manufacture of other low-carbon
technologies

Climate Change Mitigation

Manufacture of other low-carbon
technologies

Climate Change Mitigation

Manufacture of other low-carbon
technologies

Climate Change Mitigation

Manufacture of other low-carbon
technologies

333111

Farm machineryand equipment
manufacturing

Climate Change Mitigation

Manufacture of other low-carbon
technologies

333220

Plastics and rubber Climate Change Mitigationindustry machinery
manufacturing
Other industrial
Climate Change Mitigation
machinery
manufacturing

Manufacture of other low-carbon
technologies

33299133299633299C33329A

Manufacture of renewable energy
technologies

67

S&P Global EU Taxonomy Independent Assessment
333415Air conditioning,refrigeration, andwarm air heating
equipment
manufacturing

Climate Change Mitigation

Manufacture of energy efficiency
equipment for buildings

33399A

Other general
purpose machinery
manufacturing

Climate Change Mitigation

Manufacture of renewable energy
technologies

33411A

Computer
Climate Change Mitigation
terminals and othercomputer
peripheral
equipment
manufacturing

Manufacture of other low-carbon
technologies

333319Other commercial
and service
industry machinery
manufacturing
Vending,commercial,industrial, andoffice machinery
manufacturing

Climate Change Mitigation

Manufacture of equipment for the
production and use of hydrogen

Climate Change Mitigation

Manufacture of other low-carbon
technologies

33351B

Rolling mill andClimate Change Mitigation
other metalworking
machinery
manufacturing

Manufacture of other low-carbon
technologies

333611

Turbine and turbine Climate Change Mitigation
generator set units
manufacturing

Manufacture of renewable energy
technologies

33331A

68

S&P Global EU Taxonomy Independent Assessment
333612

Speed changer,
Climate Change Mitigationindustrial highspeed drive, andgear manufacturing

Manufacture of renewable energy
technologies

333613Mechanical powertransmission
equipment
manufacturing

Climate Change Mitigation

Manufacture of renewable energy
technologies

333618Other engine
equipment
manufacturing

Climate Change Mitigation

Manufacture of other low-carbon
technologies

333911

Pump and pumping Climate Change Mitigationequipment
manufacturing

Manufacture of energy efficiency
equipment for buildings

333912

Air and gas
compressor
manufacturing
Material handlingequipment
manufacturing

Climate Change Mitigation

Manufacture of other low-carbon
technologies

Climate Change Mitigation

Manufacture of other low-carbon
technologies

Power-driven
handtoolmanufacturing
Packagingmachinery
manufacturing
Fluid powerprocess machinery
Electronic
computermanufacturing

Climate Change Mitigation

Manufacture of other low-carbon
technologies

Climate Change Mitigation

Manufacture of other low-carbon
technologies

Climate Change Mitigation

Manufacture of renewable energy
technologies
Manufacture of other low-carbon
technologies

33392033399133399333399B
334111

Climate Change Mitigation

69

S&P Global EU Taxonomy Independent Assessment
334112Computer storage
devicemanufacturing

Climate Change Mitigation

Manufacture of other low-carbon
technologies

334419Other electronic
Climate Change Mitigation
component
manufacturing
Semiconductor and Climate Change Mitigation
related device
manufacturing

Manufacture of other low-carbon
technologies

Electronic
connector
manufacturing
Printed circuitassembly(electronic
assembly)
manufacturing

Climate Change Mitigation

Manufacture of other low-carbon
technologies

Climate Change Mitigation

Manufacture of other low-carbon
technologies

33441AElectronic
capacitor, resistor,coil, transformer,
and other inductor
manufacturing

Climate Change Mitigation

Manufacture of other low-carbon
technologies

334512

Automatic
environmental
control
manufacturing
Industrial process
variable
instruments
manufacturing

Climate Change Mitigation

Manufacture of other low-carbon
technologies

Climate Change Mitigation

Manufacture of other low-carbon
technologies

334413334417334418334513

Manufacture of renewable energy
technologies

70

S&P Global EU Taxonomy Independent Assessment
33461A

Software, audio,
and video media
reproducing
Electric lamp bulb
and part
manufacturing

Climate Change Adaptation

335120Lighting fixture
manufacturing

Climate Change Mitigation

Manufacture of other low-carbon
technologies

335210

Small electricalappliance
manufacturing
Household cooking
appliance
manufacturing
Householdrefrigerator andhome freezer
manufacturing

Climate Change Mitigation

Manufacture of energy efficiency
equipment for buildings

Climate Change Mitigation

Manufacture of energy efficiency
equipment for buildings

Climate Change Mitigation

Manufacture of energy efficiency
equipment for buildings

335224

Household laundry
equipment
manufacturing

Climate Change Mitigation

Manufacture of energy efficiency
equipment for buildings

335228Other major
householdappliance
manufacturing

Climate Change Mitigation

Manufacture of energy efficiency
equipment for buildings

335311

Power, distribution, Climate Change Mitigationand specialty
transformer
manufacturing

Manufacture of renewable energy
technologies

335312Motor andgenerator
manufacturing

Manufacture of low-carbon technologies fortransport

335110335221335222

Climate Change Mitigation

Climate Change Mitigation

Motion picture, video and television
program production, sound recording andmusic publishing activities
Manufacture of other low-carbon
technologies

71

S&P Global EU Taxonomy Independent Assessment
335313

Switchgear andswitchboard
apparatus
manufacturing

Climate Change Mitigation

Manufacture of other low-carbon
technologies

335314

Relay andindustrial control
manufacturing
Storage battery
manufacturing
Primary battery
manufacturing

Climate Change Mitigation

Manufacture of other low-carbon
technologies

Climate Change Mitigation

Manufacture of batteries

Climate Change Mitigation

Manufacture of batteries

335920Communicationand energy wireand cable
manufacturing

Climate Change Mitigation

Manufacture of other low-carbon
technologies

335930

Wiring device
manufacturing

Climate Change Mitigation

Manufacture of energy efficiency
equipment for buildings

335991

Carbon andgraphite productmanufacturing

Climate Change Mitigation

Manufacture of other low-carbon
technologies

335999All othermiscellaneouselectricalequipment andcomponent
manufacturing

Climate Change Mitigation

Manufacture of renewable energy
technologies

336111

Automobile
manufacturing

Climate Change Mitigation

Manufacture of low-carbon technologies fortransport

335911335912

72

S&P Global EU Taxonomy Independent Assessment
336112

Light truck andutility vehicle
manufacturing

Climate Change Mitigation

Manufacture of low-carbon technologies fortransport

336120

Heavy duty truck
manufacturing

Climate Change Mitigation

Manufacture of low-carbon technologies fortransport

336211

Motor vehicle bodymanufacturing

Climate Change Mitigation

Manufacture of low-carbon technologies fortransport

336212

Truck trailer
manufacturing

Climate Change Mitigation

Manufacture of low-carbon technologies fortransport

336213Motor home
manufacturing

Climate Change Mitigation

Manufacture of low-carbon technologies fortransport

336214

Travel trailer andcampermanufacturing

Climate Change Mitigation

Manufacture of low-carbon technologies fortransport

336300Motor vehicle parts Climate Change Mitigation
manufacturing

Manufacture of low-carbon technologies fortransport

336412

Aircraft engine andengine parts
manufacturing

Climate Change Mitigation

Manufacture of other low-carbon
technologies

336413

Other aircraft parts Climate Change Mitigation
and auxiliary
equipment
manufacturing

Manufacture of other low-carbon
technologies

336500Railroad rollingstock
manufacturing
Ship building andrepairing

Climate Change Mitigation

Manufacture of low-carbon technologies fortransport

Climate Change Mitigation

Manufacture of low-carbon technologies fortransport

Motorcycle,
bicycle, and parts
manufacturing

Climate Change Mitigation

Manufacture of low-carbon technologies fortransport

336611336991

73

S&P Global EU Taxonomy Independent Assessment
336999All othertransportationequipment
manufacturing

Climate Change Mitigation

Manufacture of low-carbon technologies fortransport

337920Blind and shade
manufacturing

Climate Change Mitigation

Manufacture of energy efficiency
equipment for buildings

33999AAll othermiscellaneous
manufacturing

Climate Change Mitigation

Manufacture of renewable energy
technologies

482000a

Rail transportation(Electric)

Climate Change Mitigation

Passenger interurban rail transport

482000b

Rail transportation(Diesel)Climate Change Mitigation

Passenger interurban rail transport

483000Watertransportation

Climate Change Mitigation

Inland passenger water transport

484000Truck
transportation

Climate Change Mitigation

Freight transport services by road

485000Transit and groundpassenger
transportation

Climate Change Mitigation

Urban and suburban transport, roadpassenger transport

Freight rail transport

Inland freight water transport; Sea and coastal
freight water transport, vessels for port
operations and auxiliary activities; Sea andcoastal passenger water transport

Transport by motorbikes, passenger cars andlight commercial vehicles

74

S&P Global EU Taxonomy Independent Assessment
486000

Pipelinetransportation

Climate Change Mitigation

Transmission and distribution networks forrenewable and low-carbon gases

Transport of CO2

48A000Support activities
for transportation

Climate Change Mitigation

Operation of personal mobility devices,
cycle logistics

Infrastructure for personal mobility, cycle
logistics; Retrofitting of inland water passenger
and freight transport; Retrofitting of sea andcoastal freight and passenger water transport

512100

Motion picture andvideo industries

Climate Change Adaptation

Motion picture, video and television
program production, sound recording andmusic publishing activities

512200Sound recording
industries

Climate Change Adaptation

Motion picture, video and television
program production, sound recording andmusic publishing activities

515100Radio andtelevision
broadcasting
Cable and othersubscription
programming

Climate Change Adaptation

Programming and broadcasting activities

Climate Change Adaptation

Programming and broadcasting activities

516110Internet publishingand broadcasting

Climate Change Adaptation

Programming and broadcasting activities

517000

Telecommunication Climate Change Mitigations

Data-driven solutions for GHG emissions
reductions

518100Internet service
providers and web
search portals

Climate Change Mitigation

Data processing, hosting and related
activities

518200

Data processing,hosting, andrelated services

Climate Change Mitigation

Data processing, hosting and related
activities

51520075

S&P Global EU Taxonomy Independent Assessment
519100

Other information
services

Climate Change Mitigation

Data processing, hosting and related
activities

524100Insurance carriers

Climate Change Adaptation

Non-life insurance: underwriting of climate- Reinsurance
related perils

524200Insurance
agencies,
brokerages, andrelated activities
Real estate

Climate Change Adaptation

Non-life insurance: underwriting of climaterelated perils

Climate Change Mitigation

Acquisition and ownership of buildings

541300Architectural,engineering, andrelated services

Climate Change Mitigation

Installation, maintenance and repair ofcharging stations for electric vehicles inbuildings (and parking spaces attached tobuildings)

541511

Custom computer
programming
services

Climate Change Adaptation

Computer programming, consultancy andrelated activities

541512Computer systems
design services

Climate Change Mitigation

Data-driven solutions for GHG emissions
reductions

5416A0

Environmental andother technicalconsulting services

Climate Change Adaptation

Engineering activities and related technicalconsultancy dedicated to adaptation toclimate change

541700Scientific researchand development
services
Wastemanagement andClimate Change Mitigation

Close to market research, development andinnovation

Research, development and innovation for direct
air capture of CO2

Climate Change Mitigation

Collection and transport of non-hazardous
waste in source segregated fractions

Anaerobic digestion of bio-waste; Composting of
bio-waste; Material recovery from non-

531000562000Installation, maintenance and repair of
instruments and devices for measuring,
regulation and controlling energy performance ofbuildings; Installation, maintenance and repairof renewable energy technologies; Professional
services related to energy performance ofbuildings

76

S&P Global EU Taxonomy Independent Assessment

611100

remediation
services
Elementary andsecondary schools

hazardous waste; Underground permanentgeological storage of CO2
Climate Change Adaptation

Education

611A00Junior colleges,colleges,
universities, andprofessional
schools

Climate Change Adaptation

Education

611B00

Other educational
services

Climate Change Adaptation

Education

623000Nursing andresidential carefacilities

Climate Change Adaptation

Residential care activities

711100

Performing arts
companies

Climate Change Adaptation

Creative, arts and entertainment activities

711500Independent
Climate Change Adaptation
artists, writers, andperformers
Promoters of
Climate Change Adaptation
performing artsand sports andagents for public
figuresCreative, arts and entertainment activities

712000Museums,
historical sites,
zoos, and parks

Climate Change Adaptation

Libraries, archives, museums and culturalactivities

713B00

Other amusement
and recreationindustries

Climate Change Adaptation

Creative, arts and entertainment activities

8111A0Automotive repair
and maintenance,
except car washes
Commercial andindustrial
machinery andClimate Change Mitigation

Manufacture of low-carbon technologies fortransport

Climate Change Mitigation

Installation, maintenance and repair ofenergy efficiency equipment

711A00811300Creative, arts and entertainment activities

Installation and operation of electric heat pumps

77

S&P Global EU Taxonomy Independent Assessment
equipment repair
and maintenancePre-commercial stages of advanced
technologies to produce energy from
nuclear processes with minimal waste fromthe fuel cycle;
221113
Nuclear ElectricPower Generation

Electricity generation from
nuclear energy in existing
installations

Construction and safe operation of new
nuclear power plants, for the generation ofelectricity or heat, including for hydrogenproduction, using best-available
technologies

High-efficiency co-generation of heat/cooland power from fossil gaseous fuels;
221122B

Natural Gas Power
Generation

Electricity generation fromfossil gaseous fuels

Production of heat/cool from fossil gaseous
fuels in an efficient district heating andcooling system

336411

Aircraftmanufacturing
Automotive
equipment rental
and leasingAirtransportation
Community food,housing, andother relief
services,
includingrehabilitation
services
Plumbing fixture
fitting and trim
manufacturing

Climate Change Mitigation

Manufacturing of aircraft

Climate Change Mitigation

Leasing of aircraft

Climate Change Mitigation

Passenger and freight air transport

Climate Change Adaptation

Emergency Services

Water and Marine
Resources

Manufacture, installation andassociated services for leakage control
technologies enabling leakage

532100481000624200332913

Air transport ground handling operations

78

S&P Global EU Taxonomy Independent Assessment

32222A

541610811200811400423800a332710325412325411

7211A0

Coated andlaminated paper,
packaging paper
and plastics film
manufacturing
Management,scientific, andtechnical
consulting
services
Electronic andprecisionequipment repair
and maintenance
Personal andhousehold goods
repair andmaintenanceMotor Vehicle
and Machinery,
Equipment, andSupplies
Wholesalers
Machine shops
Pharmaceuticalpreparation
manufacturing
Medicinal andbotanical
manufacturing
Hotels andmotels, including
casino hotels

Circular Economy

reduction and prevention in watersupply systems
Manufacture of plastic packaging
goods

Circular Economy

Provision of IT/OT data-driven solutions

Circular Economy

Repair, refurbishment andremanufacturing

Circular Economy

Repair, refurbishment andremanufacturing

Circular Economy

Sale of spare parts

Circular Economy
Pollution Prevention andControl

Sale of spare parts
Manufacture of active pharmaceuticalingredients (API) or active substances

Pollution Prevention andControl

Manufacture of medicinal products

Biodiversity andecosystems

Hotels, holiday, camping grounds andsimilar accommodation

79

S&P Global EU Taxonomy Independent Assessment

80

S&P Global EU Taxonomy Independent Assessment

Appendix 3: Data sources used for Substantial
Contribution (SC) Assessment
EUT Activities
Manufacture of
cementData sources used
Trucost Paris alignment and
TAC

Assessment logic
Priority is given to Paris alignment data that analyzes an activity based on emission intensity for manufacturing
cement. If this data is not available, then TAC scores are used for assessment.

Manufacture of ironand steel

Trucost Paris alignment and
TAC

Priority is given to Paris alignment data that analyzes an activity based on emission intensity for manufacturing
Iron and Steel. If this data is not available, then TAC scores are used for assessment. For Iron and steel
manufacturing the EUT SC emission threshold values were broken down to individual stages. However, Parisalignment data was available only for the whole process. Hence, the stage level emission threshold values
provided by EUT were summed to arrive at the emission intensity threshold for the entire manufacturing
process and this was used for assessment.

Manufacture ofaluminum

Trucost Sector Revenue;
Paris alignment data and
TAC

Priority is given to Trucost sector revenue for assessment. Activities covered under the TC sector "Secondary
smelting and alloying of aluminum" is considered to be substantially contributing, as the SC criteria considers
manufacture of secondary aluminum as met. If the activity manufactures primary aluminum, then Parisalignment dataset is used for assessment. When both these Trucost data are not available, TAC is used forassessment.

Electricity generation
using solar
photovoltaic
technology
Electricity generationfrom wind power

Trucost Sector Revenue

Activity is considered to be substantially contributing due to the renewable energy sector it belongs to. There
are no specific emission thresholds to be met and it is sufficient if the activity belongs to this sector.

Trucost Sector Revenue

Activity is considered to be substantially contributing due to the renewable energy sector it belongs to. There
are no specific emission thresholds to be met and it is sufficient if the activity belongs to this sector.

Electricity generationfrom ocean energy
technologies
Electricity generationfrom bioenergy
Electricity generationfrom nuclear energy
in existing
installations

Trucost Sector Revenue

Activity is considered to be substantially contributing due to the renewable energy sector it belongs to. There
are no specific emission thresholds to be met and it is sufficient if the activity belongs to this sector.

MI power plant and TAC

Priority is given to MI power plant database and in the absence of this, TAC is used for assessing the activity.

MI power plant

Considering the importance given to Euratom treaty and the project being located in a member state, a subcriterion was dedicated to assessing the location of the nuclear plant. The Market Intelligence power plantdataset was used to shortlist nuclear plants located in EU member states and identify companies associatedwith them. The data on revenue generated by a company from nuclear energy was available only at sector leveland not at project level. Given this limitation, aggregated assessment was conducted for companies to verify
whether all their associated nuclear plants were located within EU member states. Only if they meet thiscondition, they will qualify the sub-criteria around plant location. If the company in nuclear sector is associated81

S&P Global EU Taxonomy Independent Assessmentwith even one nuclear plant outside the member states, it will be disqualified. It is important to note that subcriteria around plant location is only one of the many criteria required to qualify the substantial contribution
assessment. Irrespective of whether a company passes the sub-criteria around plant location or not, it will not
be assessed by S&P Global to meet the overall substantial contribution assessment due to lack of data on
remaining criteria.
Priority is given to Paris alignment data that provides emissions per vehicle kilometer. If Paris alignment data is
not available for the activity, the assessment is done based on the topic tag "electric vehicle". This topic tag
was utilized since SC criteria focuses on zero tail pipe emission.

Manufacture of lowcarbon technologies
for transport

Trucost Paris alignment and
CIQ topic tags

Manufacture ofenergy efficiency
equipment forbuildings
Transmission anddistribution ofelectricity
Electricity generationfrom hydropower
Passenger interurban
rail transport
Electricity generationfrom geothermalenergyConstruction of newbuildings
Urban and suburban
transport, roadpassenger transport
Renovation of existingbuildings
Acquisition andownership ofbuildings
Manufacture ofaluminum
Manufacture of
cementManufacture of ironand steel

CIQ topic tags

Analysis uses the topic tag "Smart building" for assessment. This topic tag was utilized since SC criteria refers
to smart monitoring and regulating of heating system, and sensing equipment.

TAC

TAC value of 100% used for assessment

TAC

TAC value of 100% used for assessment

TAC

TAC value of 100% used for assessment

TAC

TAC value of 100% used for assessment

TAC

TAC value of 60% used for assessment

TAC

TAC value of 50% used for assessment

TAC

TAC value of 40% used for assessment

TAC

TAC value of 15% used for assessment

TAC

TAC value of 3% used for assessment

TAC

TAC value of 3% used for assessment

TAC

TAC value of 3% used for assessment

82

S&P Global EU Taxonomy Independent Assessment

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