MSCI EU Taxonomy Reported Data | User Guide

EU Taxonomy
Reported Data – User
Guide
MSCI ESG Research LLC
September 2023

Authors
Nakul Jadhav
Amandeep Kaur

© 2023 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

MSCI EU Taxonomy Reported Data | User Guide

Table of Contents
Executive summary ..................................................................................................... 3
Introduction to the EU Taxonomy ................................................................................. 4
Reporting timelines for Taxonomy templates ............................................................... 7
MSCI’s assessment of the NFRD use case ................................................................... 9Interpreting data requirements for non-financial companies ...................................... 10
Key performance indicators ............................................................................................. 10Interpreting data requirements for financial companies ............................................. 16
Key performance indicators ............................................................................................. 16
Sector - specific KPIs ........................................................................................................ 17
MSCI EU Taxonomy Metrics Overview ....................................................................... 18
Data availability .................................................................................................................. 20
Appendix ................................................................................................................... 21
Appendix 1: Mapping tables ............................................................................................. 21
Appendix 2: Company mapping example ........................................................................ 35
Appendix 3: Acronyms ...................................................................................................... 39

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MSCI EU Taxonomy Reported Data | User Guide

Executive summary
The objective of this guide is to help users understand and fulfil the reporting requirements underCommission Delegated Regulation (EU) 2021/2178 1 which supplemented Article 8 under the EU
Taxonomy Regulation2. Clients that are subject to report their Taxonomy data under the Non-financial
Reporting Disclosure (NFRD)3 obligation in the EU Taxonomy regulation have encountered common
challenges in interpreting the reporting templates. Here, we aim to provide guidance on MSCI’s
interpretation of the reporting templates and how our EU Sustainable Finance factors may be used tofill these templates.
The guide focuses on explaining MSCI’s interpretation of the EU Taxonomy reporting templates forfinancial and non-financial companies. Based on our analysis of the reported data for FY2022, most
non-financial companies have completed their taxonomy reporting by following the reporting templatein Annex II of the Commission Delegated Regulation. Hence, this guide aims to explain therequirements of the different columns in the template and how MSCI’s reported taxonomy dataset canbe used to fulfill this requirement.
For templates related to financial companies, this guide provides an explanation of the various KPIs
that are required for reporting, and how such templates can be interpreted by mapping to MSCI’s
reported financial datapoints.
This guide also provides an easy - to - understand summary on the various reporting timelines that are
differentiated based on type of entity, type of reporting metric, environmental objectives, andenforcement status.
In the Appendix, we provide a high-level mapping of MSCI factors to respective EU Taxonomy reporting
templates, including nuclear and gas. It is important to note that some datapoints that have been
mapped in the tables are in the pipeline and have not yet been published on ESG Manager (as ofAugust 2023). Some missing data points have not yet been mapped. Since the EU Taxonomy reporting
requirements continue to undergo changes, this guide will be updated regularly to incorporate new
updates to dataset and reporting templates.
It is important to note that the information provided in this guide does not constitute legal advice or
any binding interpretation. Any approach to comply with legal, regulatory or policy initiatives should
be discussed with your own legal counsel and/or the relevant competent authority, as needed.

1 Commission Delegated Regulation (EU) 2021/2178, , as of Aug 31, 2023
2 EU Taxonomy Regulation 2020/852, Article 8, , as of Aug 31, 2023
3 Non-financial Reporting Directive (EU) 2014/95, , as of Aug 31, 2023

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MSCI EU Taxonomy Reported Data | User Guide

Introduction to the EU Taxonomy
The aim of the EU Taxonomy regulation as per Article 14 is ’’to establish the criteria for determining
whether an economic activity qualifies as environmentally sustainable for the purposes of establishingthe degree to which an investment is environmentally sustainable’’ .
The EU Taxonomy Regulation was published in the Official Journal of the European Union 5 on
22 June 2020 and entered into force on 12 July 2020. It established the basis for the EU Taxonomy bysetting out four overarching conditions that an economic activity must meet in order to qualify asenvironmentally sustainable.
In Article 3 of the EU Taxonomy regulation, the following critieria for environmentally sustainableeconomic activities have been defined6:(a) contributes substantially to one or more of the environmental objectives set out in
Article 9 in accordance with Articles 10 to 16;(b) does not significantly harm any of the environmental objectives set out in Article 9in accordance with Article 17;(c) is carried out in compliance with the minimum safeguards laid down in Article 18;
and(d) complies with technical screening criteria that have been established by theCommission in accordance with Article 10 (3), 11(3), 12(2), 13(2), 14(2) or 15(2)’'All six environmental objectives have now been defined by the European Commission.
The below graphic illustrates the EU Taxonomy regulation and the classification process for an
economic activity to qualify as taxonomy-aligned

4 EU Taxonomy Regulation 2020/852, Article 1, , as of Aug 31, 2023
5 Official Journal of the European Union L 198, , as of Aug 31, 2023
6 EU Taxonomy Regulation 2020/852, Article 3, , as of Aug 31, 2023

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MSCI EU Taxonomy Reported Data | User Guide

Exhibit 1: EU Taxonomy Regulation – Six environmental objectives & classification criteria
C mate chan e m t at onans t on to a c cu a econom

C mate chan e a a t ono ut onSusta na e anotect on of
ate an ma ne esou ces

Su stant aCont ut on toat east one
en onmentao ect eo

Do No
S n cant
am nothe
en onmentaa eas

e ent on an cont ootect on an esto at on ofe s t an ecos stems

M n mum
Safe ua s

Source: MSCI ESG Research LLC, as of Aug 31, 2023

The EU Taxonomy regulation has different use cases within the EU sustainable finance framework. As
per MSCI’s interpretation of the usability of EU Taxonomy data, the use cases can be divided among
two groups i.e., use cases for reported EU Taxonomy data and use cases for estimated EU Taxonomy
data.
The EU Taxonomy reported data is primarily used for the NFRD use case and the estimated data canbe used for the SFDR use case. The below graphic explains the scope of application of the EU
Taxonomy regulation.

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MSCI EU Taxonomy Reported Data | User Guide

Exhibit 2: EU Taxonomy data use cases

Source: MSCI ESG Research LLC, as of Aug 31, 2023

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MSCI EU Taxonomy Reported Data | User Guide

Reporting timelines for Taxonomy templates
The reporting obligations and timelines for financial market participants are set out in the Disclosures
Delegated Act7 supplementing Article 8 of the Taxonomy Regulation.
As per Article 8(1) –’’Financial undertakings and non-financial undertakings shall include all additional
disclosures accompanying the key performance indicators laid down in Annexes I, III, V, VII, XI in thesame parts of the non-financial statement that contains those indicators, or shall provide crossreferences to the parts of the non-financial statements that contain those indicators’’.8
The graphic below illustrates the overall timeline for reporting obligations under the EU Taxonomy
regulations.
Exhibit 3: Reporting timelines for EU Taxonomy regulation

Source: European Commission, EU Taxonomy Navigator, MSCI ESG Research LLC, as of Aug 29, 2023

With the adoption of the remaining four environmental objectives, the reporting timelines are as
follows:
ReportingperiodBased onfinancial
year

EntityTaxonomy reporting
metric

2022
2022
2023
2023
2024
2024

2021
2021
2022
2022
2023
2023

Non-financial
Financial
Non-financial
Financial
Non-financial
Financial

Eligibility
Eligibility
Eligibility + Alignment
Eligibility
Eligibility + Alignment
Eligibility + Alignment

2024

2023

Non-financial

Eligibility

Environmental objective
CCM & CCA
CCM & CCA
CCM & CCA
CCM & CCA
CCM & CCA
CCM & CCA
Remaining four
environmental objectives

ReportingstatusIn force
In force
In force
In force
Expected
Expected
Expected

7 Disclosures Delegated Act (EU) 2021/4987, , as of Aug 31, 2023
8 Disclosures Delegated Act (EU) 2021/4987, Article 8(1), page 15, as of Aug 31, 2023

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MSCI EU Taxonomy Reported Data | User Guide

ReportingperiodBased onfinancial
year

EntityTaxonomy reporting
metric2024

2023

Financial

Eligibility

2025

2024

Non-financial

Eligibility + Alignment

2025

2024

Financial

Eligibility

2026

2025

Non-financial

Eligibility + Alignment

2026

2025

Financial

Eligibility + Alignment

Environmental objective
Remaining four
environmental objectives
Remaining four
environmental objectives
Remaining four
environmental objectives
Remaining four
environmental objectives
Remaining four
environmental objectives

ReportingstatusExpected
Expected
Expected
Expected
Expected

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MSCI EU Taxonomy Reported Data | User Guide

MSCI’s assessment of the NFRD use case
The EU Taxonomy regulation requires that all NFRD companies report on their taxonomy alignment
KPIs. The NFRD use case is important for reported taxonomy data. Financial market participants use
the reported taxonomy data from NFRD issuers to fulfill their reporting obligations under Article 8 of
the EU Taxonomy regulation.
MSCI partnered with a third-party vendor, CEPS (Centre for European Policy Studies) to provide anindicator for companies that are in scope of the NFRD regulation. Companies are flagged based oncompany-disclosed data and eligibility thresholds set by the regulatory text. The detailed methodology
and process used by CEPS to flag NFRD issuers can be found on the publicly available link, Study on
the Non-Financial Reporting Directive9.
To qualify as in- scope for the NFRD, a public interest entity (PIE) must:•have more than 500 employees on average throughout the year

as well as either:•

total assets of more than EUR 20 million and/or•

a net turnover of more than EUR 40 million.

A PIE is an EU limited liability company which either has securities listed on an EU - regulated
exchange, is a bank, and/or an insurance company as specified in article 2(f) of the NFRD regulation10.
Only companies with listed securities within MSCI EU Taxonomy coverage were considered for review
of NFRD eligibility, based on listing status between July 2022 and August 2022.
Exemptions of NFRD reporting apply to companies that are a part of a corporate group that at somelevel of majority ownership are required to publish a non-financial statement under the NFRD. Thismeans that subsidiaries of PIEs are in principle excluded from the requirement to publish a nonfinancial statement under the NFRD. Therefore, as per MSCI’s interpretation of the regulation,
subsidiaries of an in-scope NFRD parent company are not required to report their taxonomy KPIs, andthey do not inherit the parent company’s KPIs in the MSCI data set.
Any company that meets the outlined requirements will be flagged as subject to the NFRD regulation.
The following MSCI factors can be used to screen companies under the NFRD assessment in the MSCIACWI IMI index.
Factor nameFactor description

NFRD Assessment
Year – Time Series

Calendar year in which the company’s Non-financial Reporting Directive (NFRD) eligibility isassessed.

NFRD Eligible –Time Series

Indicates (Yes/No) if the company fulfils the criteria to disclose non-financial information
defined in the Non-Financial Reporting Directive (NFRD, Directive 2014/95/EU). The data isprovided by fiscal year. Additional information on eligibility criteria is provided in the MSCIEU Taxonomy Methodology document.

9 CEPS Study on the Non-Financial Reporting Directive, as of Aug 31, 2023
10 Non-financial Reporting Directive 2014/95/EU Article 2(f), as of Aug 31, 2023

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MSCI EU Taxonomy Reported Data | User Guide

Interpreting data requirements for non-financial companies
Key performance indicators
The EU Taxonomy regulation dictates different reporting requirements for financial companies andnon-financial companies.
For non-financial companies (e.g., consumer companies, energy companies, agriculture companies,etc.) the regulation requires that three types of KPIs be disclosed:•••

Turnover
Capital expenditures
Operating expenditures

For each indicator, companies are required to provide details on what proportion of the assets iseligible for alignment with the EU Taxonomy (i.e., the EUR or % that is in scope or has the potential tobe green) and how much is actually aligned (i.e., is green).
For example, for vehicles, since manufacturing of vehicles falls within the scope of the EU Taxonomy,
all vehicle manufacturing is considered eligible. However, only electric vehicles, and in some cases,
hybrid vehicles are aligned to the Taxonomy’s sustainable criteria. If a vehicle manufacturing company
generates 100% turnover from vehicle sales but only 20% turnover from electric vehicles, thenTaxonomy-eligible turnover would be 100%, and Taxonomy-aligned turnover would be 20%.
Beyond this basic example, there are several criteria that need to be met for an activity, product,
service, or investment, to be considered taxonomy-aligned as shown in the graphic below:

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MSCI EU Taxonomy Reported Data | User Guide

Exhibit 4: Stepwise flowchart for classification of an economic activity as Taxonomy-aligned
Step 2:

Step 1:Yes
Is the economic
activity eligible
under the EU
Taxonomy
Regulation?

Does the economic
activity substantiallycontribute to atleast one of the six
environmental
objectives?

No

Step 3:Yes

Does the economic
activity ‘Do No
Significant Harm’ tothe otherenvironmental
objectives?

No

No

The economic
activity is notaligned with the
EU Taxonomy

Step 4:
Yes
Does the company
comply with thecriteria for‘Minimum
Safeguards’?

Yes

The economic
activity is alignedwith the EU
Taxonomy

Source: MSCI ESG Research LLC, as of Aug 31, 2023

1. ELIGIBILITY: In Step 1, a company’s economic activities are screened against the activities
listed in the Annexes of the Complimentary Climate Delegated Act. Any qualified activities arelabeled ‘Taxonomy Eligible’. The European Commission has published the list of eligible
activities for all six environmental objectives, but for 2023, non-financial companies must
report only on the eligibility of activities under the Climate Change Mitigation (CCM) andClimate Change Adaptation (CCA) objectives. Eligibility reporting for the remaining four
objectives is due from January 2024.
2. SUBSTANTIAL CONTRIBUTION: As per the EU Taxonomy, the economic activities that havebeen identified as eligible in Step 1 will be considered for taxonomy-alignment if they make a
substantial contribution to at least one of the six environmental objectives. The way in whichan economic activity can substantially contribute to one of the six environmental objectives
has been listed in Articles 10 to 15 11 in the EU Taxonomy Regulation. Further detailed
information has been given in the activity-specific Technical Screening Criteria (TSC)12.
3. DO NO SIGNIFICANARM (“DNS ”): It is not sufficient for an economic activity to
substantially contribute to one of the environmental objectives as per Step 2. In fact, it also
must demonstrate that it does not actively harm any of the other five environmental objectives;
only then may the economic activity be considered for taxonomy-alignment. The European
11 EU Taxonomy Regulation 2020/852, Articles 10 to 15, page 17 – 22, as of Aug 31, 2023
12 EU Taxonomy Technical Screening Criteria (TSC) EU 2021/2139, as of Aug 31, 2023

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MSCI EU Taxonomy Reported Data | User Guide

Commission has given detailed DNSH criteria 13 in the Climate Delegated Act and theComplimentary Climate Delegated Act for the economic activities that are considered as
taxonomy-eligible, and which comply with the substantial contribution criteria as per thecompany’s assessment. The company must conduct a thorough verification process bygathering relevant data and evidence to ensure that the economic activity adheres to the DNSH
criteria set out in the Taxonomy regulation.
4. MINIMUM SAFEGUARDS: In the final step, the EU Taxonomy regulation requires that a given
company demonstrates adherence to minimum human and labor rights standards which
support sustainable and inclusive growth. For this, the EU Taxonomy regulation as per Article
18(1) and 18(2) 14 requires companies to have minimum safeguards that comply with theOECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business andHuman Rights, including the principles and rights set out in the eight fundamental conventions
identified in the Declaration of International Labor Organization on Fundamental Principles
and Rights at Work and the International Bill of Human Rights.
5. ALIGNMENT: The taxonomy eligible activity in Step 1 that substantially contributes as per Step
2 and meets the requirements for DNSH and Minimum Safeguards in Steps 3 and 4 is thenconsidered to be taxonomy - aligned.

For non-financial companies, the EU Taxonomy regulation requires disclosures as per the above steps.
To assist companies in fulfilling their regulatory disclosure requirements, the following reporting
template has been specified in Annex II of the EU Taxonomy Regulation.

13 EU Taxonomy Regulation 2020/852, Article 17, page 23, as of Aug 31, 2023
14 EU Taxonomy Regulation 2020/852, Article 18, page 23, as of Aug 31, 2023

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MSCI EU Taxonomy Reported Data | User Guide

Exhibit 5: EU Taxonomy reporting template for non-financial companies

Source: European Commission, Commission Delegated Regulation (EU) 2021/2178, MSCI ESG Research LLC, as of Aug 31, 2023

Sect on A : Actt es ee an ane (o “enonmenta y sustainable”)

Box (a) will provide, by activity, the EU Taxonomy activity code. For example, the activity “Electricity
generation using solar photovoltaic technology” has a code of 4.1. This code references the activity
from the EU Taxonomy regulation. See below the overview of number of activities/codes that havebeen defined per environmental objective in the EU Taxonomy Regulation.
Environmental Objective
Climate Change Mitigation
Climate Change Adaptation
Water and Marine Resources

No. Of EU Taxonomy Activity Codes
88
97
6

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MSCI EU Taxonomy Reported Data | User-Guide

Environmental Objective

No. Of EU Taxonomy Activity Codes

Transition to Circular Economy
Pollution Prevention and Control
Protection and restoration of biodiversity and ecosystem

2162

Note: EU Taxonomy activities are associated with one or more NACE codes (or sector codes) but thetwo should not be confused. NACE codes often start with a letter, followed by numbers. EU Taxonomy
codes are numbered 1 to 13 including decimals in between. As per MSCI’s interpretation of the template,column (a) refers to the EU Taxonomy Activity code and this is the information that is collected by MSCI.
Box (b) details the absolute and percentage values of turnover generated from that activity. It is
important to note the currency and units for which the data is reported. The percentage turnover frombox (b) refers only to the eligible portion of turnover from that activity. It does not necessarily mean
the turnover is fully aligned to the EU Taxonomy.
At the bottom of columns/box b will be the aggregate amount of eligible and aligned turnover (referredin the template as activities under A.1). This value corresponding to A.1 is NOT necessarily the totaleligible turnover. It is only the portion of eligible turnover that is also aligned.
Box (c) represents the amount of turnover/turnover that meets the Technical Screening Criteria(TSC)15 and thus can be considered positively contributing to at least one environmental objective.
This figure should represent the percentage of total turnover that meets the criteria (i.e., 5% of total
turnover from solar power generation has substantial contribution to climate change mitigation),though we have observed that some companies disclose the percentage of activities with eligible
turnover that meets the criteria. For the latter, this may mean that the company reports 5% eligible
turnover from solar power generation in box (b), then in box (c) discloses 93%. This would mean 93%
of 5% meets the criteria.
Next, box (d) provides details on if the activity meets the DNSH criteria for each of the environmental
objectives. The options are typically “Y” for Yes, “N” for No or blank when there are no criteria to test
for that particular activity. This information must be entered into the template at the activity level. The
same is true for box (e) regarding Minimum Safeguards.
Finally, box (f) provides the amount of turnover that is aligned, i.e., is eligible, meets the technicalcriteria to substantially contribute, and passes the DNSH and minimum safeguards. This field can also
be disclosed in different ways depending on the company’s interpretation of the requirements. In
general, it is disclosed as a percentage of total turnover; however, some companies disclose it as apercentage of the activities eligible or as a percentage of total eligible turnover.
Box (h) aggregates the aligned turnover percentages to show the amount of total aligned turnover.
Again, it is important to collate this as a percentage of total turnover and not a percentage of totaleligible turnover.
Section A.2: Eligible but not aligned activities.

15 EU Taxonomy Technical Screening Criteria 2021/2139, as of Aug 31, 2023

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In box (i), Section A.2 will show eligible turnover that is not aligned. Since this eligible turnover belongs
to activities which are identified as not aligned with the EU Taxonomy, the subsequent cells in thesame row belonging to DNSH & Minimum Safeguards will remain blank (hence they have beendarkened). To calculate the total amount of turnover that is eligible, take the information from box (j)which aggregates box (b) and box (i) (which is A.1 and A.2). Box (j) is total eligible turnover.
Section B will show the information about taxonomy non-eligible activities.
Lastly, sum the total turnover A + B (or A1 + A2 + B) which is shown in box (k).
The same logic can be used for taxonomy reporting related to CapEx and OpEx KPIs.

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Interpreting data requirements for financial companies
Key performance indicators
For financial companies, the indicators are not directly based on turnover, CapEx, and OpEx, but rather
assets. Given this, the template to collect reported EU Taxonomy data is different from the nonfinancial template. For example, we are not concerned (as it is not required in the regulation) about EU
Taxonomy turnover for a bank, but rather what percentage of the assets are EU Taxonomy aligned.
This includes the bank’s loans and investments (i.e., assets).
There are four types of financial companies subject to these requirements. Each of these has theirown template for EU Taxonomy reporting.
••••

Investment Managers
Insurance (or Re Insurance)
Credit institutions (i.e., Banks)
Asset Managers

From 2024, it is expected that financial companies disclose the percentage of eligible (and aligned)
assets based on turnover and CapEx. Thus, there will eventually be three types of indicators eligible:
1. Eligible assets: Assets on the balance sheet or under management that are eligible for
EU Taxonomy reporting
2. Eligible assets based on turnover of counterparts/borrowers/investments/Assets
under management (AUM): The weighted average percentage of turnover from eligible
assets
3. Eligible assets based on CapEx of counterparts/borrowers/investments/Assets undermanagement (AUM): The weighted average percentage of CapEx from eligible assets
Financial companies are not required to disclose OpEx. For alignment indicators, it will be based onaligned turnover of counterparties, and aligned CapEx of counterparties (only 2 and 3 above will apply
for alignment KPIs).
Eligible assets can be disclosed in several ways, particularly related to the denominator of thecalculation. Based on data collection observations, we have observed that companies offer different
ways of reporting, e.g., as an eligible percentage of total assets or eligible percentage of covered
assets.
If a company discloses the percentage of eligible assets as 20%, additional due diligence may be
performed by financial market participants to confirm whether the figure represents 20% eligible oftotal assets, or 20% eligible of covered assets. EU Taxonomy has proposed that all asset reporting bebased on covered assets by default. However, we have found that many companies are not yetreporting as a percentage of covered assets (as of August 2023).
•

Total assets include everything within the business’ balance sheet or
portfolio/AUM/Investments. Covered assets exclude non-covered securities such as
government securities/treasuries.

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MSCI EU Taxonomy Reported Data | User-Guide•

Covered assets include only those assets that fall into the scope of reporting. For mostcompanies, this will at a minimum include assets that fall in scope of the NFRD (NonFinancial Reporting Directive) or “Article 19a and 29a” of NFRD.16

Sector - specific KPIs
As indicated above, four types of entities fall under the financial classification: Banks/credit
institutions, insurance (re-insurance), investment, and asset managers.
Insurance companies must disclose the percentage of premiums written that are eligible for the EU
Taxonomy. This may be disclosed under other terms such as: gross written premiums, premium
turnover, or insurance underwriting activities (these will all fall under premiums category). Investment
firms will disclose the percentage of investment turnover from fees and commissions when dealingin accounts outside of their own.
Based on the above, while collecting data for the “Sector” column or entity type, if the company reports
a percentage of investment turnover as well as a percentage of assets, it is interpreted as aninvestment firm entity, and the relevant reporting template should be used. If a company reports a
percentage of assets and a percentage of gross written premiums, it is interpreted as an insurancecompany.
In theory, it is possible that large financial institutions may report more than one entity type of KPI. For
example, a credit institution may have a business unit or subsidiary that is an insurance firm. In thiscase, all KPIs should be collected, marked by the domain type for which it is being collected (credit
institution domain for the banking assets and insurance domain for the insurance and premiums KPI).
The “main” KPIs for the ultimate parent company should be flagged.

16 Non-Financial Reporting Directive (EU) 2014/95, as of Aug 31, 2023

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MSCI EU Taxonomy Metrics Overview
All EU Taxonomy data points are available in ESG Manager as part of the MSCI Sustainable FinancePackage offering. To simplify ease of user access and to best locate the relevant information, the data
points are segregated into different folders.
Below is the current folder structure available in ESG Manager:

However, as the number of data points increases, it is important to find a way to make the folder
structure leaner and easier to navigate. Hence, we expect to enhance the folder structure for the EU
Taxonomy dataset going forward, as proposed below:
Primarily, the EU Taxonomy dataset will be split into two types – Estimated & Reported•

In the Estimated dataset, there will be two main folders – Most Recent & Time SeriesoThese two folders will have two sub-folders each – Eligibility & Alignment▪

•

The Alignment sub-folder will also have a separate sub-folder just for DNSH &Minimum Safeguards data points.

In the Reported dataset, there will be two main folders – Most Recent & Time SeriesoThese two folders are further divided into two folders – Non-financials & Financials▪

Under them, there will be two sub-folders – Eligibility & Alignment

Within each sub-folder for Eligibility & Alignment, there will be 7 datasets - one per environmental
objective and one total, all of which will be further divided into data points for Turnover/CapEx/OpEx.
The Alignment dataset will also cover Enabling & Transitional data points.
Nuclear and Gas dataset will be shown in a separate folder.
Users will be able to access this data via ESG Manager and enhanced data feeds.

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MSCI EU Taxonomy Reported Data | User-Guide

For non-financial companies, the reported metrics can be used in the following way:

Source: European Commission, Commission Delegated Regulation (EU) 2021/2178, MSCI ESG Research LLC, as of Aug 31, 2023

For Section A (Taxonomy Eligible Activities), the metrics to be used are from the Eligibility Folder as
per the column requirements.
In column b for section A, the Reported EU Taxonomy Eligible Turnover (%) factor should be used todisclose the data.
For Section A.1(Taxonomy Aligned), at an aggregated level, the factors to be used are from the
Alignment folder in ESG Manager.
In column b for Section A.1, the Reported EU Taxonomy Aligned Turnover (%) should be used.

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MSCI EU Taxonomy Reported Data | User-Guide

In column c for section A.1, non-financial companies must report on Turnover/CapEx percentage
values related to Substantial Contribution. For this purpose, the Estimated EU Taxonomy Substantial
Contribution datapoints can be used.
For Section A.2, non-financial companies must report on the Taxonomy-eligible but not Taxonomyaligned Turnover/CapEx percentages. For this, the Reported EU Taxonomy Non-aligned datapoints
can be used as per the relevance of the columns.

Data availability
As of July 2023, for both financial and non-financial companies, reported data is available for two
objectives (Climate Change Adaptation and Climate Change Mitigation) and the Totals. We also
provide the reported turnover and CapEx data for Nuclear & Gas.
Below is an overview of the mapping tables available in this guide:
Annex

Template details

Table number

Annex II

Template for the KPIs of
non-financial undertakings

Appendix 1, table 1

Annex II

Template for the KPIs of
non-financial undertakings

Appendix 1, table 2

Objective level DNSH for non-financials

Appendix 1, table 3

The table shows a mapping of objective levelfactors, but the data is not available currently
as financials are required to report beginningnext year onwards. The missing factors are in
the pipeline

Annex IV

Annex VI
Annex VIII
Annex X

Annex III

Annex III

Annex III
Annex III

Template for the KPIs of
asset managers
Template for the KPIs ofcredit institutions
Template for the KPIs ofinvestment firms
Template for the KPIs of
insurance and reinsurance
undertakings
Template 2 Taxonomyaligned economic activities(denominator)
Template 3 Taxonomyaligned economic activities(numerator)
Template 4 Taxonomyeligible but not taxonomyaligned economic activities
Template 5 Taxonomy noneligible economic activities

Appendix 1, table 4
Appendix 1, table 4
Appendix 1, table 4

MSCI comments
The table shows a mapping of objective levelfactors, but the data is not available currently
since it is only required to report Totals at thispoint

The table displays a mapping of overall
financial factors, which can be leveraged
along
with
the
factor:
REP_EU_TAXONOMY_TYPE (EU Taxonomy
Reported - Financial Type) to report on thecorresponding entity type for financials

Appendix 1, table 5

Appendix 1, table 6

Appendix 1, table 7

These tables display mapping of activity-levelfactors for Nuclear and Gas as per thereporting templates in Annex III of the
COMMISSION DELEGATED REGULATION (EU)2022/1214

Appendix 1, table 8© 2023 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

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Appendix
Appendix 1: Mapping tables
Table 1:
Annex II: Template for the KPIs of non-financial undertakings

Climate Change Mitigation (CCM)
Taxonomy
REP_EU_TAXONOMY_NON_FIN_MITIGATION_ELIGIBLE_TURNOVER
Taxonomy
REP_EU_TAXONOMY_MITIGATION_ALIGNEDTransitional
REP_EU_TAXONOMY_NON_FIN_MITIGATION_ALIG
NED_TRANSITION_TURNOVER

Eligible
AlignedEnabling
REP_EU_TAXONOMY_NON_FIN_MITIGATION_ALI
GNED_ENABLING_TURNOVER

Climate Change Adaptation (CCA)
Taxonomy
REP_EU_TAXONOMY_NON_FIN_ADAPTATION_ELIGIBLE_TURNOVER

EligibleTaxonomy
REP_EU_TAXONOMY_ADAPT_ALIGNEDTransitional
REP_EU_TAXONOMY_NON_FIN_ADAPTATION_ALIG
NED_TRANSITION_TURNOVER

AlignedEnabling
REP_EU_TAXONOMY_NON_FIN_ADAPTATION_ALI
GNED_ENABLING_TURNOVER

Total (CCM + CCA)
Taxonomy
REP_EU_TAXONOMY_REV_ELIGIBLE

EligibleTaxonomy
REP_EU_TAXONOMY_REVENUE_ALIGNEDTransitional
REP_EU_TAXONOMY_TRANSITION_ALIGNED© 2023 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

AlignedEnabling
REP_EU_TAXONOMY_ENABLE_ALIGNED

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Table 2:Annex II: Template for the KPIs of non-financial undertakings (DNSH)
DNSH criteria

Economic
Activities

ClimateChangeMitigation
REP_EU_TA
XONOMY_M
ITIGATION_
DNSH_TOTAL

ClimateChangeAdaptation
REP_EU_TAX
ONOMY_AD
APTATION_D
NSH_TOTAL

Water andMarineresources

Circular
Economy

REP_EU_T
AXONOMY_WATER_D
NSH_TOTALREP_EU_TAX
ONOMY_CIR
C_ECONOMY_DNSH_TOTA
L

Biodiversit
y andEcosystems
Pollution
REP_EU_T
AXONOMY_POLL_DN
SH_TOTALREP_EU_T
AXONOMY_BIODIV_D
NSH_TOTA
L

Minimum
Safeguards

REP_EU_T
AXONOM
Y_MIN_S
AFEGUARD

Taxonomy Eligible
Activities- refer toAppendix 1, table 1
Taxonomy Aligned
Activities- refer toAppendix 1, table 1
Taxonomy NonAligned
REP_EU_TAXONO
MY_NON_FIN_ADA
PTATION_NON_ALI
GNED_TURNOVERREP_EU_TAXONO
MY_NON_FIN_MIT
IGATION_NON_ALI
GNED_TURNOVERREP_EU_TAXONO
MY_NON_FIN_TOT
AL_NON_ALIGNED_TURNOVER
Taxonomy NonEligible
REP_EU_TAXONO
MY_NON_FIN_ADA
PTATION_NON_ELIGIBLE_TURNOVERREP_EU_TAXONO
MY_NON_FIN_MIT
IGATION_NON_ELIGIBLE_TURNOVERREP_EU_TAXONO
MY_REV_NON_ELI
GIBLE© 2023 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

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MSCI EU Taxonomy Reported Data | User-Guide

Table 3:Annex IV: Template for the KPIs of asset managers

The weighted average value of all the investments thatare directed at funding, or are associated withtaxonomy-aligned economic activities relative to thevalue of total assets covered by the KPI, with following
weights for investments in undertakings per below:
Turnover-based: %CapEx—based: %The percentage of assets covered by the KPI relative tototal investments (total AuM). Excluding investments insovereign entities, Coverage ratio: %The weighted average value of all of the investmentsthat are directed at funding, or are associated withtaxonomy-aligned economic activities, with following
weights for investments in undertakings per below:
Turnover-based: [monetary amount]
CapEx-based: [monetary amount]

The monetary value of assets covered by the KPI.
Excluding investments in sovereign entities.
Coverage: [monetary amount]

Additional, complementary disclosures: Breakdown of denominator of the KPIThe percentage of derivatives relative to total assets
The value in monetary amounts of derivatives:
covered by the KPI.
[monetary amount]
X%
The proportion of exposures to EU financial and nonValue of exposures to EU financial and non-financial
financial undertakings not subject to Articles 19a andundertakings not subject to Articles 19a and 29a of
29a of Directive 2013/34/EU over total assets covered
Directive 2013/34/EU:
by the KPI:For non-financial undertakings: [monetary amount]
For financial undertakings: [monetary amount]
For non-financial undertakings:
For financial undertakings:
The proportion of exposures to financial and nonValue of exposures to financial and non-financial
financial undertakings from non-EU countries notundertakings from non-EU countries not subject tosubject to Articles 19a and 29a of Directive 2013/34/EU Articles 19a and 29a of Directive 2013/34/EU:
over total assets covered by the KPI:For non-financial undertakings: [monetary amount]
For financial undertakings: [monetary amount]
For non-financial undertakings:
For financial undertakings:
The proportion of exposures to financial and nonValue of exposures to financial and non-financial
financial undertakings subject to Articles 19a and 29aundertakings subject to Articles 19a and 29a ofof Directive 2013/34/EU over total assets covered by
Directive 2013/34/EU:
the KPI:For non-financial undertakings: [monetary amount]
For financial undertakings: [monetary amount]
For non-financial undertakings:
For financial undertakings:
The proportion of exposures to other counterparties
Value of exposures to other counterparties:
over total assets covered by the KPI:
[monetary amount]
X%
The value of all the investments that are funding
Value of all of the investments that are funding
economic activities that are not taxonomy-eligible
economic activities that are not taxonomy-eligible:
relative to the value of total assets covered by the KPI:
[monetary amount]
X%
The value of all the investments that are funding
Value of all the investments that are funding
taxonomy-eligible economic activities, but not
Taxonomy- eligible economic activities, but not
taxonomy-aligned relative to the value of total assets
taxonomy- aligned:
covered by the KPI:
[monetary amount]X%© 2023 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

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Additional, complementary disclosures: Breakdown of numerator of the KPIThe proportion of Taxonomy-aligned exposures to
Value of Taxonomy-aligned exposures to financial andfinancial and non-financial undertakings subject tonon-financial undertakings subject to Articles 19a andArticles 19a and 29a of Directive 2013/34/EU over total 29a of Directive 2013/34/EU:
assets covered by the KPI:For non-financial undertakings:
Turnover-based: [monetary amount]
For non-financial undertakings:
Capital expenditures-based: [monetary amount]
Turnover-based:
For financial undertakings:
Capital expenditures-based:
Turnover-based: [monetary amount]
For financial undertakings:
Capital expenditures-based: [monetary amount]
Turnover-based:
Capital expenditures-based:
The proportion of taxonomy-aligned exposures to
Value of taxonomy-aligned exposures to other
other counterparties in over total assets covered bycounterparties:
the KPI:
Turnover-based: [monetary amount]
Capital expenditures-based: [monetary amount]
Turnover-based: %Capital expenditures-based: %Breakdown of the numerator of the KPI per environmental objective
Taxonomy-aligned activities
1.
Turnover:Transitional activities:
Climate REP_EU_TAXONOMY_AM_MITIGATION_ALI
REP_EU_TAXONOMY_AM_MITIGATION_ALIGNED_TR
Change GNED_TURNOVERANSITION_TURNOVER
Mitigati CapEx:
REP_EU_TAXONOMY_AM_MITIGATION_ALIGNED_TR
on
REP_EU_TAXONOMY_AM_MITIGATION_ALIANSITION_CAPEXGNED_CAPEX
Enabling activities:
REP_EU_TAXONOMY_AM_MITIGATION_ALIGNED_EN
ABLE_TURNOVERREP_EU_TAXONOMY_AM_MITIGATION_ALIGNED_EN
ABLE_CAPEX
2.
Turnover:Transitional activities:
Climate REP_EU_TAXONOMY_AM_ADAPTATION_ALI REP_EU_TAXONOMY_AM_ADAPTATION_ALIGNED_T
Change GNED_TURNOVERRANSITION_TURNOVER
Adapta REP_EU_TAXONOMY_AM_ADAPTATION_ALI REP_EU_TAXONOMY_AM_ADAPTATION_ALIGNED_T
tion
GNED_CAPEXRANSITION_CAPEX
Enabling activities:
REP_EU_TAXONOMY_AM_ADAPTATION_ALIGNED_E
NABLE_TURNOVERREP_EU_TAXONOMY_AM_ADAPTATION_ALIGNED_E
NABLE_CAPEX
3. TheTurnover:Transitional activities:
sustain REP_EU_TAXONOMY_AM_WATER_ALIGNED REP_EU_TAXONOMY_AM_WATER_ALIGNED_TRANSI
able_TURNOVER
TION_TURNOVER
use and CapEx:
REP_EU_TAXONOMY_AM_WATER_ALIGNED_TRANSI
protecti REP_EU_TAXONOMY_AM_WATER_ALIGNED TION_CAPEX
on of_CAPEX
Enabling activities:
water
REP_EU_TAXONOMY_AM_WATER_ALIGNED_ENABLE
and_TURNOVER
marineREP_EU_TAXONOMY_AM_WATER_ALIGNED_ENABLE
resourc_CAPEXes© 2023 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

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MSCI EU Taxonomy Reported Data | User-Guide

Taxonomy-aligned activities
4. TheTurnover:transiti REP_EU_TAXONOMY_AM_CIRC_ECONOMY_
on to a ALIGNED_TURNOVER
circular CapEx:
econo
REP_EU_TAXONOMY_AM_CIRC_ECONOMY_my
ALIGNED_CAPEX

5.
Pollutionprevent
ion andcontrol

Turnover:REP_EU_TAXONOMY_AM_POLL_ALIGNED_T
URNOVERCapEx:REP_EU_TAXONOMY_AM_POLL_ALIGNED_C
APEX

6. Theprotecti
on andrestoration ofbiodiversity
andecosystems

Turnover:REP_EU_TAXONOMY_AM_BIODIV_ALIGNED_TURNOVER
CapEx:REP_EU_TAXONOMY_AM_BIODIV_ALIGNED_CAPEX

Transitional activities:
REP_EU_TAXONOMY_AM_CIRC_ECONOMY_ALIGNED_TRANSITION_TURNOVERREP_EU_TAXONOMY_AM_CIRC_ECONOMY_ALIGNED_TRANSITION_CAPEX
Enabling activities:
REP_EU_TAXONOMY_AM_CIRC_ECONOMY_ALIGNED_ENABLE_TURNOVERREP_EU_TAXONOMY_AM_CIRC_ECONOMY_ALIGNED_ENABLE_CAPEXTransitional activities:
REP_EU_TAXONOMY_AM_POLL_ALIGNED_TRANSITIO
N_TURNOVERREP_EU_TAXONOMY_AM_POLL_ALIGNED_TRANSITIO
N_CAPEX
Enabling activities:
REP_EU_TAXONOMY_AM_POLL_ALIGNED_ENABLE_T
URNOVERREP_EU_TAXONOMY_AM_POLL_ALIGNED_ENABLE_C
APEXTransitional activities:
REP_EU_TAXONOMY_AM_BIODIV_ALIGNED_TRANSITION_TURNOVERREP_EU_TAXONOMY_AM_BIODIV_ALIGNED_TRANSITION_CAPEX
Enabling activities:
REP_EU_TAXONOMY_AM_BIODIV_ALIGNED_ENABLE_TURNOVERREP_EU_TAXONOMY_AM_BIODIV_ALIGNED_ENABLE_CAPEX© 2023 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

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MSCI EU Taxonomy Reported Data | User-Guide

Table 4:
Annex VI: Template for the KPIs of credit institutions
Annex VIII: Template for the KPIs of investment firms
Annex X: Template for the KPIs of insurance and reinsurance undertakings

Climate Change Mitigation (CCM)
Taxonomy
REP_EU_TAXONOMY_FIN_MITIGATION_ELIGIBLE_TURNOVER

EligibleTaxonomy
Aligned
REP_EU_TAXONOMY_FIN_MITIGATION_ALIGNED_TURNOVER
Transitional
Enabling
REP_EU_TAXONOMY_FIN_MITIGATION_ALIGNED_TR REP_EU_TAXONOMY_FIN_MITIGATION_ALIGNEDANSITIONAL_TURNOVER_ENABLING_TURNOVER
Climate Change Adaptation (CCA)
Taxonomy
REP_EU_TAXONOMY_FIN_ADAPTATION_ELIGIBLE_TURNOVER

EligibleTaxonomy
REP_EU_TAXONOMY_FIN_ADAPTATION_ALIGNED_TURNOVER
Transitional
REP_EU_TAXONOMY_FIN_ADAPTATION_ALIGNED_T
RANSITIONAL_TURNOVER

AlignedEnabling
REP_EU_TAXONOMY_FIN_ADAPTATION_ALIGNED_ENABLING_TURNOVER

Total (CCM + CCA)
Taxonomy
REP_EU_TAXONOMY_FIN_TOTAL_ELIGIBLE_ASSETS_TURNOVER

EligibleTaxonomy

AlignedTransitional© 2023 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

Enabling

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MSCI EU Taxonomy Reported Data | User-Guide

Table 5:Annex III Template 2: Taxonomy-aligned economic activities (denominator)

Row

Economic activities

1

Amount and proportion oftaxonomy- aligned economic
activity referred to in Section
4.26 of Annexes I and II to
Delegated Regulation
2021/2139 in the
denominator of the applicable
KPI

2

3

4

5

Amount and proportion oftaxonomy- aligned economic
activity referred to in Section
4.27 of Annexes I and II to
Delegated Regulation
2021/2139 in the
denominator of the applicable
KPI

Amount and proportion oftaxonomy- aligned economic
activity referred to in Section
4.28 of Annexes I and II to
Delegated Regulation
2021/2139 in the
denominator of the applicable
KPI

Amount and proportion oftaxonomy- aligned economic
activity referred to in Section
4.29 of Annexes I and II to
Delegated Regulation
2021/2139 in the
denominator of the applicable
KPI
Amount and proportion oftaxonomy- aligned economic
activity referred to in Section
4.30 of Annexes I and II to
Delegated Regulation
2021/2139 in the

CCM + CCA

Climate Change
Mitigation(CCM)

Climate Change
Adaptation(CCA)

REP_EU_TAXONOMY_TOTAL_ELIGIBLE_ALIG
NED_4_26_DENOM_T
URNOVERREP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_ALIGNED_4_26_D
ENOM_TURNOVERREP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_ALIGNED_4_
26_DENOM_TURNO
VER

REP_EU_TAXONOMY_TOTAL_ELIGIBLE_ALIG
NED_4_26_DENOM_C
APEX

REP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_ALIGNED_4_26_D
ENOM_CAPEXREP_EU_TAXONOMY_TOTAL_ELIGIBLE_ALIG
NED_4_27_DENOM_T
URNOVERREP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_ALIGNED_4_27_D
ENOM_TURNOVERREP_EU_TAXONOMY_TOTAL_ELIGIBLE_ALIG
NED_4_27_DENOM_C
APEX

REP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_ALIGNED_4_27_D
ENOM_CAPEXREP_EU_TAXONOMY_TOTAL_ELIGIBLE_ALIG
NED_4_28_DENOM_T
URNOVERREP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_ALIGNED_4_28_D
ENOM_TURNOVERREP_EU_TAXONOMY_TOTAL_ELIGIBLE_ALIG
NED_4_28_DENOM_C
APEX

REP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_ALIGNED_4_28_D
ENOM_CAPEXREP_EU_TAXONOMY_TOTAL_ELIGIBLE_ALIG
NED_4_29_DENOM_T
URNOVERREP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_ALIGNED_4_29_D
ENOM_TURNOVERREP_EU_TAXONOMY_TOTAL_ELIGIBLE_ALIG
NED_4_29_DENOM_C
APEX

REP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_ALIGNED_4_29_D
ENOM_CAPEXREP_EU_TAXONOMY_TOTAL_ELIGIBLE_ALIG
NED_4_30_DENOM_T
URNOVERREP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_ALIGNED_4_30_D
ENOM_TURNOVER© 2023 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

REP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_ALIGNED_4_
26_DENOM_CAPEXREP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_ALIGNED_4_
27_DENOM_TURNO
VER
REP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_ALIGNED_4_
27_DENOM_CAPEXREP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_ALIGNED_4_
28_DENOM_TURNO
VER
REP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_ALIGNED_4_
28_DENOM_CAPEXREP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_ALIGNED_4_
29_DENOM_TURNO
VER
REP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_ALIGNED_4_
29_DENOM_CAPEXREP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_ALIGNED_4_
30_DENOM_TURNO
VER

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MSCI EU Taxonomy Reported Data | User-Guide

Row

6

7

8

Economic activities

CCM + CCA

Climate Change
Mitigation(CCM)

Climate Change
Adaptation(CCA)

denominator of the applicable
KPI

REP_EU_TAXONOMY_TOTAL_ELIGIBLE_ALIG
NED_4_30_DENOM_C
APEX

REP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_ALIGNED_4_30_D
ENOM_CAPEXREP_EU_TAXONOMY_TOTAL_ELIGIBLE_ALIG
NED_4_31_DENOM_T
URNOVERREP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_ALIGNED_4_31_D
ENOM_TURNOVERREP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_ALIGNED_4_
30_DENOM_CAPEXREP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_ALIGNED_4_
31_DENOM_TURNO
VER

REP_EU_TAXONOMY_TOTAL_ELIGIBLE_ALIG
NED_4_31_DENOM_C
APEX

REP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_ALIGNED_4_31_D
ENOM_CAPEXREP_EU_TAXONOMY_TOTAL_OTHER_ELIGIBL
E_ALIGNED_DENOM_T
URNOVERREP_EU_TAXONOMY_MITIGATION_OTH
ER_ELIGIBLE_ALIGNE
D_DENOM_TURNOVERAmount and proportion oftaxonomy- aligned economic
activity referred to in Section
4.31 of Annexes I and II to
Delegated Regulation
2021/2139 in the
denominator of the applicable
KPI

Amount and proportion ofother taxonomy-aligned
economic activities notreferred to in rows 1 to 6
above in the denominator of
the applicable KPI

REP_EU_TAXONOMY_TOTAL_OTHER_ELIGIBL
E_ALIGNED_DENOM_C
APEX

REP_EU_TAXONOMY_MITIGATION_OTHE
R_ELIGIBLE_ALIGNED_DENOM_CAPEXREP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_ALIGNED_4_
31_DENOM_CAPEXREP_EU_TAXONOMY_ADAPTATION_OT
HER_ELIGIBLE_ALIG
NED_DENOM_TUR
NOVER
REP_EU_TAXONOMY_ADAPTATION_OT
HER_ELIGIBLE_ALIG
NED_DENOM_OPEX

Total applicable KPI© 2023 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

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MSCI EU Taxonomy Reported Data | User-Guide

Table 6:
Annex III Template 3: Taxonomy-aligned economic activities (numerator)

Row

Economic activities

1

Amount and proportion oftaxonomy- aligned economic
activity referred to in Section
4.26 of Annexes I and II to
Delegated Regulation
2021/2139 in the numeratorof the applicable KPI

2

3

4

5

Amount and proportion oftaxonomy- aligned economic
activity referred to in Section
4.27 of Annexes I and II to
Delegated Regulation
2021/2139 in the numeratorof the applicable KPIAmount and proportion oftaxonomy- aligned economic
activity referred to in Section
4.28 of Annexes I and II to
Delegated Regulation
2021/2139 in the numeratorof the applicable KPIAmount and proportion oftaxonomy- aligned economic
activity referred to in Section
4.29 of Annexes I and II to
Delegated Regulation
2021/2139 in the numeratorof the applicable KPIAmount and proportion oftaxonomy- aligned economic
activity referred to in Section
4.30 of Annexes I and II to
Delegated Regulation

CCM + CCA

Climate Change
Mitigation(CCM)

REP_EU_TAXONOMY_TOTAL_ELIGIBLE_ALIG
NED_4_26_NUMER_T
URNOVERREP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_ALIGNED_4_26_N
UMER_TURNOVERREP_EU_TAXONOMY_TOTAL_ELIGIBLE_ALIG
NED_4_26_NUMER_C
APEX

REP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_ALIGNED_4_26_N
UMER_CAPEXREP_EU_TAXONOMY_TOTAL_ELIGIBLE_ALIG
NED_4_27_NUMER_T
URNOVERREP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_ALIGNED_4_27_N
UMER_TURNOVERREP_EU_TAXONOMY_TOTAL_ELIGIBLE_ALIG
NED_4_27_NUMER_C
APEX

REP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_ALIGNED_4_27_N
UMER_CAPEXREP_EU_TAXONOMY_TOTAL_ELIGIBLE_ALIG
NED_4_28_NUMER_T
URNOVERREP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_ALIGNED_4_28_N
UMER_TURNOVERREP_EU_TAXONOMY_TOTAL_ELIGIBLE_ALIG
NED_4_28_NUMER_C
APEX

REP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_ALIGNED_4_28_N
UMER_CAPEXREP_EU_TAXONOMY_TOTAL_ELIGIBLE_ALIG
NED_4_29_NUMER_T
URNOVERREP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_ALIGNED_4_29_N
UMER_TURNOVERREP_EU_TAXONOMY_TOTAL_ELIGIBLE_ALIG
NED_4_29_NUMER_C
APEX

REP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_ALIGNED_4_29_N
UMER_CAPEXREP_EU_TAXONOMY_TOTAL_ELIGIBLE_ALIG
NED_4_30_NUMER_T
URNOVERREP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_ALIGNED_4_30_N
UMER_TURNOVER© 2023 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

Climate Change
Adaptation(CCA)
REP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_ALIGNED_4_
26_NUMER_TURNO
VER
REP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_ALIGNED_4_
26_NUMER_CAPEXREP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_ALIGNED_4_
27_NUMER_TURNO
VER
REP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_ALIGNED_4_
27_NUMER_CAPEXREP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_ALIGNED_4_
28_NUMER_TURNO
VER
REP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_ALIGNED_4_
28_NUMER_CAPEXREP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_ALIGNED_4_
29_NUMER_TURNO
VER
REP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_ALIGNED_4_
29_NUMER_CAPEXREP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_ALIGNED_4_
30_NUMER_TURNO
VER

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MSCI EU Taxonomy Reported Data | User-Guide

Row

6

7

8

Economic activities

CCM + CCA

2021/2139 in the numeratorof the applicable KPI

REP_EU_TAXONOMY_TOTAL_ELIGIBLE_ALIG
NED_4_30_NUMER_C
APEX

Climate Change
Mitigation(CCM)
REP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_ALIGNED_4_30_N
UMER_CAPEXREP_EU_TAXONOMY_TOTAL_ELIGIBLE_ALIG
NED_4_31_NUMER_T
URNOVERREP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_ALIGNED_4_31_N
UMER_TURNOVERREP_EU_TAXONOMY_TOTAL_ELIGIBLE_ALIG
NED_4_31_NUMER_C
APEX

REP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_ALIGNED_4_31_N
UMER_CAPEXREP_EU_TAXONOMY_TOTAL_OTHER_ELIGIBL
E_ALIGNED_NUMER_T
URNOVERREP_EU_TAXONOMY_MITIGATION_OTH
ER_ELIGIBLE_ALIGNE
D_NUMER_TURNOVERAmount and proportion oftaxonomy- aligned economic
activity referred to in Section
4.31 of Annexes I and II to
Delegated Regulation
2021/2139 in the numeratorof the applicable KPIAmount and proportion ofother taxonomy-aligned
economic activities notreferred to in rows 1 to 6
above in the numerator of theapplicable KPI

REP_EU_TAXONOMY_TOTAL_OTHER_ELIGIBL
E_ALIGNED_NUMER_C
APEX

REP_EU_TAXONOMY_MITIGATION_OTHE
R_ELIGIBLE_ALIGNED_NUMER_CAPEXClimate Change
Adaptation(CCA)
REP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_ALIGNED_4_
30_NUMER_CAPEXREP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_ALIGNED_4_
31_NUMER_TURNO
VER
REP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_ALIGNED_4_
31_NUMER_CAPEXREP_EU_TAXONOMY_ADAPTATION_OT
HER_ELIGIBLE_ALIG
NED_NUMER_TURN
OVER
REP_EU_TAXONOMY_ADAPTATION_OT
HER_ELIGIBLE_ALIG
NED_NUMER_OPEX

Total amount and proportionof taxonomy-aligned
economic activities in the
numerator of the applicable
KPI© 2023 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

MSCI.COM | PAGE 30 OF 41

MSCI EU Taxonomy Reported Data | User-Guide

Table 7:
Annex III Template 4: Taxonomy-eligible but not taxonomy-aligned economic activities

Row

Economic activities

CCM + CCA

Climate Change
Mitigation(CCM)

REP_EU_TAXONOMY_TOTAL_ELIGIBLE_NON_ALIGNED_4_26_DEN
OM_TURNOVER

1

Amount and proportion oftaxonomy- eligible but not
taxonomy-aligned economic
activity referred to in Section
4.26 of Annexes I and II to
Delegated Regulation
2021/2139 in the
denominator of the applicable
KPI

REP_EU_TAXONOMY_MITIGATION_ELIGIBLE_NON_ALIGNED_
4_26_DENOM_TURN
OVERAmount and proportion oftaxonomy- eligible but not
taxonomy-aligned economic
activity referred to in Section
4.27 of Annexes I and II to
Delegated Regulation
2021/2139 in the
denominator of the applicable
KPI

REP_EU_TAXONOMY_TOTAL_ELIGIBLE_NON_ALIGNED_4_27_DEN
OM_TURNOVER

Amount and proportion oftaxonomy- eligible but not
taxonomy-aligned economic
activity referred to in Section
4.28 of Annexes I and II to
Delegated Regulation
2021/2139 in the
denominator of the applicable
KPI

REP_EU_TAXONOMY_TOTAL_ELIGIBLE_NON_ALIGNED_4_28_DEN
OM_TURNOVER

Amount and proportion oftaxonomy- eligible but not
taxonomy-aligned economic
activity referred to in Section
4.29 of Annexes I and II to
Delegated Regulation
2021/2139 in the
denominator of the applicable
KPI

REP_EU_TAXONOMY_TOTAL_ELIGIBLE_NON_ALIGNED_4_29_DEN
OM_TURNOVER

2

3

4

REP_EU_TAXONOMY_TOTAL_ELIGIBLE_NON_ALIGNED_4_26_DEN
OM_CAPEXREP_EU_TAXONOMY_TOTAL_ELIGIBLE_NON_ALIGNED_4_27_DEN
OM_CAPEXREP_EU_TAXONOMY_TOTAL_ELIGIBLE_NON_ALIGNED_4_28_DEN
OM_CAPEXREP_EU_TAXONOMY_TOTAL_ELIGIBLE_NON_ALIGNED_4_29_DEN
OM_CAPEX© 2023 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

REP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_NON_ALIGNED_4_26_DENOM_CAPEXREP_EU_TAXONOMY_MITIGATION_ELIGIBLE_NON_ALIGNED_
4_27_DENOM_TURN
OVER
REP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_NON_ALIGNED_4_27_DENOM_CAPEXREP_EU_TAXONOMY_MITIGATION_ELIGIBLE_NON_ALIGNED_
4_28_DENOM_TURN
OVER
REP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_NON_ALIGNED_4_28_DENOM_CAPEXREP_EU_TAXONOMY_MITIGATION_ELIGIBLE_NON_ALIGNED_
4_29_DENOM_TURN
OVER
REP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_NON_ALIGNED_4_29_DENOM_CAPEXClimate Change
Adaptation(CCA)
REP_EU_TAXONO
MY_ADAPTATION_E
LIGIBLE_NON_ALIG
NED_4_26_DENOM_TURNOVERREP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_NON_ALIGN
ED_4_26_DENOM_CAPEX
REP_EU_TAXONO
MY_ADAPTATION_E
LIGIBLE_NON_ALIG
NED_4_27_DENOM_TURNOVERREP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_NON_ALIGN
ED_4_27_DENOM_CAPEX
REP_EU_TAXONO
MY_ADAPTATION_E
LIGIBLE_NON_ALIG
NED_4_28_DENOM_TURNOVERREP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_NON_ALIGN
ED_4_28_DENOM_CAPEX
REP_EU_TAXONO
MY_ADAPTATION_E
LIGIBLE_NON_ALIG
NED_4_29_DENOM_TURNOVERREP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_NON_ALIGN
ED_4_29_DENOM_CAPEXMSCI.COM | PAGE 31 OF 41

MSCI EU Taxonomy Reported Data | User-Guide

Row

Economic activities

CCM + CCA

Climate Change
Mitigation(CCM)

REP_EU_TAXONOMY_TOTAL_ELIGIBLE_NON_ALIGNED_4_30_DEN
OM_TURNOVER

5

Amount and proportion oftaxonomy- eligible but not
taxonomy-aligned economic
activity referred to in Section
4.30 of Annexes I and II to
Delegated Regulation
2021/2139 in the
denominator of the applicable
KPI

REP_EU_TAXONOMY_MITIGATION_ELIGIBLE_NON_ALIGNED_
4_30_DENOM_TURN
OVERAmount and proportion oftaxonomy- eligible but not
taxonomy-aligned economic
activity referred to in Section
4.31 of Annexes I and II to
Delegated Regulation
2021/2139 in the
denominator of the applicable
KPI

REP_EU_TAXONOMY_TOTAL_ELIGIBLE_NON_ALIGNED_4_31_DEN
OM_TURNOVER

6

7

8

Amount and proportion ofother taxonomy-eligible but
not taxonomy-aligned
economic activities notreferred to in rows 1 to 6
above in the denominator of
the applicable KPI

REP_EU_TAXONOMY_TOTAL_ELIGIBLE_NON_ALIGNED_4_30_DEN
OM_CAPEXREP_EU_TAXONOMY_TOTAL_ELIGIBLE_NON_ALIGNED_4_31_DEN
OM_CAPEXREP_EU_TAXONOMY_TOTAL_OTHER_ELIGIBL
E_NON_ALIGNED_DEN
OM_TURNOVERREP_EU_TAXONOMY_TOTAL_OTHER_ELIGIBL
E_NON_ALIGNED_DEN
OM_CAPEXREP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_NON_ALIGNED_4_30_DENOM_CAPEXREP_EU_TAXONOMY_MITIGATION_ELIGIBLE_NON_ALIGNED_
4_31_DENOM_TURN
OVERClimate Change
Adaptation(CCA)
REP_EU_TAXONO
MY_ADAPTATION_E
LIGIBLE_NON_ALIG
NED_4_30_DENOM_TURNOVERREP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_NON_ALIGN
ED_4_30_DENOM_CAPEX
REP_EU_TAXONO
MY_ADAPTATION_E
LIGIBLE_NON_ALIG
NED_4_31_DENOM_TURNOVERREP_EU_TAXONOMY_MITIGATION_OTHE
R_ELIGIBLE_NON_AL
IGNED_DENOM_TUR
NOVER

REP_EU_TAXONOMY_ADAPTATION_ELIGIBLE_NON_ALIGN
ED_4_31_DENOM_CAPEX
REP_EU_TAXONO
MY_ADAPTATION_
OTHER_ELIGIBLE_N
ON_ALIGNED_DEN
OM_TURNOVERREP_EU_TAXONOMY_MITIGATION_OTHE
R_ELIGIBLE_NON_AL
IGNED_DENOM_CAP
EX

REP_EU_TAXONOMY_ADAPTATION_OT
HER_ELIGIBLE_NON_ALIGNED_DENOM_CAPEXREP_EU_TAXONOMY_MITIGATION_ELIGIB
LE_NON_ALIGNED_4_31_DENOM_CAPEX

Total amount and proportionof taxonomy eligible but not
taxonomy- aligned economic
activities in the denominatorof the applicable KPI© 2023 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

MSCI.COM | PAGE 32 OF 41

MSCI EU Taxonomy Reported Data | User-Guide

Table 8Annex III Template 5: Taxonomy non-eligible economic activities

Row

1

2

3

4

5

6

7

Economic activities
Amount and proportion of economic
activity referred to in row 1 of Template
1 that is taxonomy-non-eligible inaccordance with Section 4.26 of Annexes
I and II to Delegated Regulation
2021/2139 in the denominator of theapplicable KPIAmount and proportion of economic
activity referred to in row 2 of Template
1 that is taxonomy-non-eligible inaccordance with Section 4.27 of Annexes
I and II to Delegated Regulation
2021/2139 in the denominator of theapplicable KPIAmount and proportion of economic
activity referred to in row 3 of Template
1 that is taxonomy-non-eligible inaccordance with Section 4.28 of Annexes
I and II to Delegated Regulation
2021/2139 in the denominator of theapplicable KPIAmount and proportion of economic
activity referred to in row 4 of Template
1 that is taxonomy-non-eligible inaccordance with Section 4.29 of Annexes
I and II to Delegated Regulation
2021/2139 in the denominator of theapplicable KPIAmount and proportion of economic
activity referred to in row 5 of Template
1 that is taxonomy-non-eligible inaccordance with Section 4.30 of Annexes
I and II to Delegated Regulation
2021/2139 in the denominator of theapplicable KPIAmount and proportion of economic
activity referred to in row 6 of Template
1 that is taxonomy-non-eligible inaccordance with Section 4.31 of Annexes
I and II to Delegated Regulation
2021/2139 in the denominator of theapplicable KPIAmount and proportion of othertaxonomy-non-eligible economic
activities not referred to in rows 1 to 6
above in the denominator of theapplicable KPI

Factor

REP_EU_TAXONOMY_NON_ELIGIBLE_4_26_DENOM_TURNOVERREP_EU_TAXONOMY_NON_ELIGIBLE_4_26_DENOM_CAPEXREP_EU_TAXONOMY_NON_ELIGIBLE_4_27_DENOM_TURNOVERREP_EU_TAXONOMY_NON_ELIGIBLE_4_27_DENOM_CAPEXREP_EU_TAXONOMY_NON_ELIGIBLE_4_28_DENOM_TURNOVERREP_EU_TAXONOMY_NON_ELIGIBLE_4_28_DENOM_CAPEXREP_EU_TAXONOMY_NON_ELIGIBLE_4_29_DENOM_TURNOVERREP_EU_TAXONOMY_NON_ELIGIBLE_4_29_DENOM_CAPEXREP_EU_TAXONOMY_NON_ELIGIBLE_4_30_DENOM_TURNOVERREP_EU_TAXONOMY_NON_ELIGIBLE_4_30_DENOM_CAPEXREP_EU_TAXONOMY_NON_ELIGIBLE_4_31_DENOM_TURNOVERREP_EU_TAXONOMY_NON_ELIGIBLE_4_31_DENOM_CAPEXREP_EU_TAXONOMY_NON_ELIGIBLE_DENOM_TURNOVERREP_EU_TAXONOMY_NON_ELIGIBLE_DENOM_CAPEX© 2023 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

MSCI.COM | PAGE 33 OF 41

MSCI EU Taxonomy Reported Data | User-Guide

Row
8

Economic activities
Total amount and proportion oftaxonomy-non-eligible economic
activities in the denominator of theapplicable KPI’

Factor© 2023 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

MSCI.COM | PAGE 34 OF 41

MSCI EU Taxonomy Reported Data | User-Guide

Appendix 2: Company mapping example
Below, you can find an example with data for a company (Acciona S.A) for FY2022 and how MSCI
metrics can be used to interpret the taxonomy information reported by the company in its annual
report. The table also shows the relevant section of the reporting template in which the information isreported.
Exhibit 6: EU Taxonomy Reporting – Acciona S.A

Source: Acciona S.A data, Annual Report 2022 pages 204-211, as of Aug 31, 2023

© 2023 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

MSCI.COM | PAGE 35 OF 41

MSCI EU Taxonomy Reported Data | User-Guide

Source: Acciona S.A, Annual Report 2022 pages 204-211, as of Aug 31, 2023

© 2023 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

MSCI.COM | PAGE 36 OF 41

MSCI EU Taxonomy Reported Data | User-Guide

Source: Acciona S.A data, Annual Report 2022 pages 204-211, MSCI ESG Research LLC, as of Aug 31, 2023

Exhibit 7: Mapping example of MSCI metrics to EU Taxonomy reporting templates – Acciona S.A

REP_EU_TAXONOMY_CAPEX_ELIGIBLE
REP_EU_TAXONOMY_CAPEX_NON_ELIGIBLE
REP_EU_TAXONOMY_CAPEX_MITIGATION_ALIGNEDREP_EU_TAXONOMY_REV_ELIGIBLE% Reported
Value of Total
86,29
13,71
84,54
51,11

Non-financial
template section
A.1 + A.2
B
A.1
A.1 + A.2

REP_EU_TAXONOMY_REV_NON_ELIGIBLE
REP_EU_TAXONOMY_REVENUE_ALIGNEDREP_EU_TAXONOMY_MITIGATION_ALIGNEDREP_EU_TAXONOMY_CAPEX_ADAPT_ALIGNED

48,89
39,59
39,59
0,00

B
A.1
A.1
A.1

MSCI Metric© 2023 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

MSCI.COM | PAGE 37 OF 41

MSCI EU Taxonomy Reported Data | User-Guide

MSCI Metric
REP_EU_TAXONOMY_ADAPT_ALIGNED© 2023 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

% Reported
Value of Total
0,00

Non-financial
template section
A.1

MSCI.COM | PAGE 38 OF 41

MSCI EU Taxonomy Reported Data | User-Guide

Appendix 3: Acronyms
CCA
CCM

Climate Change Adaptation
Climate Change Mitigation

DNSH
NACE
NFRD
PIE
SFDR
TSC

Do No Significant Harm
Nomenclature of Economic Activities
Non-Financial Reporting Directive
Public Interest Entity
Sustainable Finance Disclosure Regulation
Technical Screening Criteria© 2023 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

MSCI.COM | PAGE 39 OF 41

MSCI EU Taxonomy Reported Data | User-Guide

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