### (3) environmentally sustainable bonds are one of the main instruments for financing investments related to low-carbon technologies , energy and resource efficiency as well as sustainable transport infrastructure and research infrastructure. financial or non-financial undertakings or sovereigns can issue such bonds. various existing initiatives for environmentally sustainable bonds do not ensure common definitions of environmentally sustainable economic activities. this prevents investors from easily identifying bonds the proceeds of which are aligned with , or are contributing to environmental objectives as laid down in the paris agreement. ### (3) environmentally sustainable bonds are an instrument for financing investments related to low-carbon technologies , energy and resource efficiency as well as sustainable transport infrastructure and research infrastructure. financial or non-financial undertakings or sovereigns can issue such bonds. various existing initiatives for environmentally sustainable bonds do not ensure common definitions of environmentally sustainable economic activities. this prevents investors from easily identifying bonds the proceeds of which are aligned with , or are contributing to environmental objectives as laid down in the paris agreement. a transparent , credible and effective process of defining and labeling these bonds , based on technical , scientific and knowledge-based criteria is , therefore , important to provide the market and the investors with solid information that aims to facilitate financial flows and investments.


### (3) environmentally sustainable bonds are one of the main instruments for financing investments related to low-carbon technologies , energy and resource efficiency as well as sustainable transport infrastructure and research infrastructure. financial or non-financial undertakings or sovereigns can issue such bonds. various existing initiatives for environmentally sustainable bonds do not ensure common definitions of environmentally sustainable economic activities. this prevents investors from easily identifying bonds the proceeds of which are aligned with , or are contributing to environmental objectives as laid down in the paris agreement. ### (3) environmentally sustainable bonds are one of the main instruments for financing investments related to low-carbon technologies , energy and resource efficiency as well as low or zero emission transport infrastructure and research infrastructure. financial or non-financial undertakings or sovereigns can issue such bonds. various existing initiatives for environmentally sustainable bonds do not ensure common definitions of environmentally sustainable economic activities. this prevents investors from easily identifying bonds the proceeds of which are aligned with , or are contributing to environmental objectives as laid down in the paris agreement.


### (3) environmentally sustainable bonds are one of the main instruments for financing investments related to low-carbon technologies , energy and resource efficiency as well as sustainable transport infrastructure and research infrastructure. financial or non-financial undertakings or sovereigns can issue such bonds. various existing initiatives for environmentally sustainable bonds do not ensure common definitions of environmentally sustainable economic activities. this prevents investors from easily identifying bonds the proceeds of which are aligned with , or are contributing to environmental objectives as laid down in the paris agreement. ### (3) environmentally sustainable bonds are an instrument for financing investments related to low-carbon technologies , energy and resource efficiency as well as sustainable transport infrastructure and research infrastructure. financial or non-financial undertakings or sovereigns can issue such bonds. various existing initiatives for environmentally sustainable bonds do not ensure common definitions of environmentally sustainable economic activities. this prevents investors from easily identifying bonds the proceeds of which are aligned with , or are contributing to environmental objectives as laid down in the paris agreement. a transparent , credible and effective process of defining and labelling these bonds , based on technical , scientific and knowledge-based criteria is , therefore , important to provide the market and the investors with solid information that aims to facilitate financial flows and investments.


### (3) environmentally sustainable bonds are one of the main instruments for financing investments related to low-carbon technologies , energy and resource efficiency as well as sustainable transport infrastructure and research infrastructure. financial or non-financial undertakings or sovereigns can issue such bonds. various existing initiatives for environmentally sustainable bonds do not ensure common definitions of environmentally sustainable economic activities. this prevents investors from easily identifying bonds the proceeds of which are aligned with , or are contributing to environmental objectives as laid down in the paris agreement. ### (3) environmentally sustainable bonds are one of the main instruments for financing investments related to low-carbon technologies , energy and resource efficiency as well as low or zero emission sustainable transport infrastructure and research infrastructure. financial or non-financial undertakings or sovereigns can issue such bonds. various existing initiatives for environmentally sustainable bonds do not ensure common definitions of environmentally sustainable economic activities. this prevents investors from easily identifying bonds the proceeds of which are aligned with , or are contributing to environmental objectives as laid down in the paris agreement.


### (6) the lack of harmonised rules for the procedures used by external reviewers to review environmentally sustainable bonds and the diverging definitions of environmentally sustainable activities make it increasingly difficult for investors to effectively compare bonds across the internal market with respect to their environmental objectives. the market for environmentally sustainable bonds is inherently international , with market participants trading bonds and making use of external review services from third party providers across borders. action at union level could reduce the risk of fragmentation of the internal market for environmentally sustainable bonds and bond-related external review services , and ensure the application of regulation (eu) 2020/852 of the european parliament and of the council34 in the market for such bonds. ### (6) the lack of harmonised rules for the procedures used by external reviewers to review environmentally sustainable bonds and the diverging definitions of environmentally sustainable activities make it increasingly difficult for investors to effectively compare bonds across the internal and global market with respect to their environmental objectives. the market for environmentally sustainable bonds is inherently international , with market participants trading bonds and making use of external review services from third party providers across borders. action at union level could reduce the risk of fragmentation of the internal market for environmentally sustainable bonds and bond-related external review services , and ensure the application of regulation (eu) 2020/852 of the european parliament and of the council34 in the market for such bonds.


### (7) a uniform set of specific requirements should therefore be laid down for bonds issued by financial or non-financial undertakings or sovereigns that voluntarily wish to use the designation ‘european green bond’ or ‘eugb’ for such bonds. specifying quality requirements for european green bonds in the form of a regulation should ensure that there are uniform conditions for the issuance of such bonds by preventing diverging national requirements that could result from a transposition of a directive , and should also ensure that those conditions are directly applicable to issuers of such bonds. issuers that voluntarily use the designation ‘european green bond’ or ‘eugb’ should follow the same rules across the union , to increase market efficiency by reducing discrepancies and thereby also reducing the costs of assessing those bonds for investors. ### (7) a set of harmonized requirements should therefore be laid down for bonds issued by financial or non-financial undertakings or sovereigns that voluntarily wish to use the designation ‘european green bond’ or ‘eugb’ for such bonds. specifying quality requirements for european green bonds in the form of a regulation should ensure that there are uniform conditions for the issuance of such bonds by preventing diverging national requirements that could result from a transposition of a directive , and should also ensure that those conditions are directly applicable to issuers of such bonds. issuers that voluntarily use the designation ‘european green bond’ or ‘eugb’ should follow the same rules based on the requirements for environmentally sustainable economic activities as outlined in article 3 of regulation (eu) 2020/852 regarding taxonomy across the union , to increase market efficiency by reducing discrepancies and thereby also reducing the costs of assessing those bonds for investors. the requirements laid down in this regulation should only apply to bonds designated as ‘european green bond’ or ‘eugb’. other sustainable bonds that do not carry this designation should not be affected by this regulation.


### (7) a uniform set of specific requirements should therefore be laid down for bonds issued by financial or non-financial undertakings or sovereigns that voluntarily wish to use the designation ‘european green bond’ or ‘eugb’ for such bonds. specifying quality requirements for european green bonds in the form of a regulation should ensure that there are uniform conditions for the issuance of such bonds by preventing diverging national requirements that could result from a transposition of a directive , and should also ensure that those conditions are directly applicable to issuers of such bonds. issuers that voluntarily use the designation ‘european green bond’ or ‘eugb’ should follow the same rules across the union , to increase market efficiency by reducing discrepancies and thereby also reducing the costs of assessing those bonds for investors. ### (7) a set of harmonised requirements should therefore be laid down for bonds issued by financial or non-financial undertakings or sovereigns that voluntarily wish to use the designation ‘verified green bond’ or ‘vgb’ for such bonds. specifying quality requirements for verified green bonds in the form of a regulation should ensure that there are uniform conditions for the issuance of such bonds by preventing diverging national requirements that could result from a transposition of a directive , and should also ensure that those conditions are directly applicable to issuers of such bonds. issuers that voluntarily use the designation ‘verified green bond’ or ‘vgb’ should follow the same rules based on the requirements for environmentally sustainable economic activities as outlined in article 3 of regulation (eu) 2020/852 regarding taxonomy requirements across the union , to increase market efficiency by reducing discrepancies and thereby also reducing the costs of assessing those bonds for investors. the requirements laid down in this regulation should only apply to bonds designated as ‘verified green bonds’ or ‘vgb’. other sustainable bonds should not be affected by this regulation.


### (7) a uniform set of specific requirements should therefore be laid down for bonds issued by financial or non-financial undertakings or sovereigns that voluntarily wish to use the designation ‘european green bond’ or ‘eugb’ for such bonds. specifying quality requirements for european green bonds in the form of a regulation should ensure that there are uniform conditions for the issuance of such bonds by preventing diverging national requirements that could result from a transposition of a directive , and should also ensure that those conditions are directly applicable to issuers of such bonds. issuers that voluntarily use the designation ‘european green bond’ or ‘eugb’ should follow the same rules across the union , to increase market efficiency by reducing discrepancies and thereby also reducing the costs of assessing those bonds for investors. ### (7) a set of harmonized requirements should therefore be laid down for bonds issued by financial or non-financial undertakings or sovereigns that voluntarily wish to use the designation ‘european green bond’ or ‘eugb’ for such bonds. specifying quality requirements for european green bonds in the form of a regulation should ensure that there are uniform conditions for the issuance of such bonds by preventing diverging national requirements that could result from a transposition of a directive , and should also ensure that those conditions are directly applicable to issuers of such bonds. issuers that voluntarily use the designation ‘european green bond’ or ‘eugb’ should follow the same rules based on the requirements for environmentally sustainable economic activities as outlined in article 3 of regulation (eu) 2020/852 regarding taxonomy across the union , to increase market efficiency by reducing discrepancies and thereby also reducing the costs of assessing those bonds for investors.


### (7) a uniform set of specific requirements should therefore be laid down for bonds issued by financial or non-financial undertakings or sovereigns that voluntarily wish to use the designation ‘european green bond’ or ‘eugb’ for such bonds. specifying quality requirements for european green bonds in the form of a regulation should ensure that there are uniform conditions for the issuance of such bonds by preventing diverging national requirements that could result from a transposition of a directive , and should also ensure that those conditions are directly applicable to issuers of such bonds. issuers that voluntarily use the designation ‘european green bond’ or ‘eugb’ should follow the same rules across the union , to increase market efficiency by reducing discrepancies and thereby also reducing the costs of assessing those bonds for investors. ### (7) a uniform set of specific requirements should therefore be laid down for bonds issued by financial or non-financial undertakings or sovereigns that voluntarily wish to use the designation ‘european green bond’ or ‘eugb’ for such bonds. specifying quality requirements for european green bonds in the form of a regulation should ensure that there are uniform conditions for the issuance of such bonds by preventing diverging national requirements that could result from a transposition of a directive , and should also ensure that those conditions are directly applicable to issuers of such bonds. issuers that voluntarily use the designation ‘european green bond’ or ‘eugb’ should follow the same rules across the union , to increase market efficiency by reducing discrepancies and thereby also reducing the costs of assessing those bonds for investors. the requirements laid down in this regulation shall only apply to bonds designated as ‘european green bond’ or ‘eugb’. other sustainable bonds that do not carry this designation shall not be affected by this regulation.


### (7) a uniform set of specific requirements should therefore be laid down for bonds issued by financial or non-financial undertakings or sovereigns that voluntarily wish to use the designation ‘european green bond’ or ‘eugb’ for such bonds. specifying quality requirements for european green bonds in the form of a regulation should ensure that there are uniform conditions for the issuance of such bonds by preventing diverging national requirements that could result from a transposition of a directive , and should also ensure that those conditions are directly applicable to issuers of such bonds. issuers that voluntarily use the designation ‘european green bond’ or ‘eugb’ should follow the same rules across the union , to increase market efficiency by reducing discrepancies and thereby also reducing the costs of assessing those bonds for investors. ### (7) a set of harmonized requirements should therefore be laid down for bonds issued by financial or non-financial undertakings or sovereigns that voluntarily wish to use the designation ‘european green bond’ or ‘eugb’ for such bonds. specifying quality requirements for european green bonds in the form of a regulation , respecting the subsidiarity principle , should ensure that there are uniform conditions for the issuance of such bonds by preventing diverging national requirements , and should also ensure that those conditions are directly applicable to issuers of such bonds. issuers that voluntarily use the designation ‘european green bond’ or ‘eugb’ should follow the same rules across the union , to increase market efficiency by reducing discrepancies and thereby also reducing the costs of assessing those bonds for investors , safeguarding the integrity of the internal market , promoting the competitiveness of our economies and economic agents and increasing the strength and resilience of our capital markets union.


### (8) in accordance with article 4 of regulation (eu) 2020/852 , and in order to provide investors with clear , quantitative , detailed and common definitions , the requirements set out in article 3 of that regulation should be used to determine whether an economic activity qualifies as environmentally sustainable. proceeds of bonds that use the designation ‘european green bond’ or ‘eugb’ should exclusively be used to fund economic activities that either are environmentally sustainable and are thus aligned with the environmental objectives set out in article 9 of regulation (eu) 2020/852 , or contribute to the transformation of activities to become environmentally sustainable. those bonds can however be used both to finance such environmentally sustainable activities directly through the financing of assets and expenditures that relate to economic activities that meet the requirements set out in article 3 of regulation (eu) 2020/852 , or indirectly through financial assets that finance economic activities that meet those requirements. it is therefore necessary to specify the categories of expenditures and assets that can be financed with the proceeds of bonds that use the designation ‘european green bond’ or ‘eugb’. ### (8) in accordance with article 4 of regulation (eu)2020/852 , and in order to provide investors with clear , quantitative , detailed and common definitions , the requirements set out in article 3 of that regulation should be used to determine whether an economic activity qualifies as environmentally sustainable. for a bond to carry the designation ‘european green bond’ or ‘eugb’ , at least 70% of its proceeds should be used to fund economic activities that either are environmentally sustainable and are thus aligned with the environmental objectives set out in article 9 of regulation (eu) 2020/852 , or contribute to the transformation of activities to become environmentally sustainable. those bonds can however be used both to finance such environmentally sustainable activities directly through the financing of assets and expenditures that relate to economic activities that meet the requirements set out in article 3 of regulation (eu) 2020/852 , or indirectly through financial assets that finance economic activities that meet those requirements. it is therefore necessary to specify the categories of expenditures and assets that can be financed with the proceeds of bonds that use the designation ‘european green bond’ or ‘eugb’.


### (8) in accordance with article 4 of regulation (eu) 2020/852 , and in order to provide investors with clear , quantitative , detailed and common definitions , the requirements set out in article 3 of that regulation should be used to determine whether an economic activity qualifies as environmentally sustainable. proceeds of bonds that use the designation ‘european green bond’ or ‘eugb’ should exclusively be used to fund economic activities that either are environmentally sustainable and are thus aligned with the environmental objectives set out in article 9 of regulation (eu) 2020/852 , or contribute to the transformation of activities to become environmentally sustainable. those bonds can however be used both to finance such environmentally sustainable activities directly through the financing of assets and expenditures that relate to economic activities that meet the requirements set out in article 3 of regulation (eu) 2020/852 , or indirectly through financial assets that finance economic activities that meet those requirements. it is therefore necessary to specify the categories of expenditures and assets that can be financed with the proceeds of bonds that use the designation ‘european green bond’ or ‘eugb’. ### (8) in accordance with article 4 of regulation (eu) 2020/852 , and in order to provide investors with clear , quantitative , detailed and common definitions , the requirements set out in article 3 of that regulation should be used to determine whether an economic activity qualifies as environmentally sustainable. proceeds of bonds that use the designation ‘european green bond’ or ‘eugb’ should exclusively be used to fund economic activities that are substantially better in environmental performance compared with , inter alia , the industry average , and that either are environmentally sustainable and are thus aligned with the environmental objectives set out in article 9 of regulation (eu) 2020/852 , or contribute to the transformation of activities to become environmentally sustainable. those bonds can however be used both to finance such environmentally sustainable activities directly through the financing of assets and expenditures that relate to economic activities that meet the requirements set out in article 3 of regulation (eu) 2020/852 , or indirectly through financial assets that finance economic activities that meet those requirements. it is therefore necessary to specify the categories of expenditures and assets that can be financed with the proceeds of bonds that use the designation ‘european green bond’ or ‘eugb’.


### (8) in accordance with article 4 of regulation (eu) 2020/852 , and in order to provide investors with clear , quantitative , detailed and common definitions , the requirements set out in article 3 of that regulation should be used to determine whether an economic activity qualifies as environmentally sustainable. proceeds of bonds that use the designation ‘european green bond’ or ‘eugb’ should exclusively be used to fund economic activities that either are environmentally sustainable and are thus aligned with the environmental objectives set out in article 9 of regulation (eu) 2020/852 , or contribute to the transformation of activities to become environmentally sustainable. those bonds can however be used both to finance such environmentally sustainable activities directly through the financing of assets and expenditures that relate to economic activities that meet the requirements set out in article 3 of regulation (eu) 2020/852 , or indirectly through financial assets that finance economic activities that meet those requirements. it is therefore necessary to specify the categories of expenditures and assets that can be financed with the proceeds of bonds that use the designation ‘european green bond’ or ‘eugb’. ### (8) in accordance with article 4 of regulation (eu) 2020/852 , and in order to provide investors with clear , quantitative , detailed and common definitions , the requirements set out in article 3 of that regulation should be used to determine whether an economic activity qualifies as environmentally sustainable. for a bond to carry the designation of ‘verified green bond’ or ‘vgb’ at least 80 % of the proceeds should be used to fund economic activities that either are environmentally sustainable and are thus aligned with the environmental objectives set out in article 9 of regulation (eu) 2020/852 , or contribute to the transformation of activities to become environmentally sustainable. those bonds can however be used both to finance such environmentally sustainable activities directly through the financing of assets and expenditures that relate to economic activities that meet the requirements set out in article 3 of regulation (eu) 2020/852 , or indirectly through financial assets that finance economic activities that meet those requirements. it is therefore necessary to specify the categories of expenditures and assets that can be financed with the proceeds of bonds that use the designation ‘verified green bond’ or ‘vgb’.


### (8) in accordance with article 4 of regulation (eu) 2020/852 , and in order to provide investors with clear , quantitative , detailed and common definitions , the requirements set out in article 3 of that regulation should be used to determine whether an economic activity qualifies as environmentally sustainable. proceeds of bonds that use the designation ‘european green bond’ or ‘eugb’ should exclusively be used to fund economic activities that either are environmentally sustainable and are thus aligned with the environmental objectives set out in article 9 of regulation (eu) 2020/852 , or contribute to the transformation of activities to become environmentally sustainable. those bonds can however be used both to finance such environmentally sustainable activities directly through the financing of assets and expenditures that relate to economic activities that meet the requirements set out in article 3 of regulation (eu) 2020/852 , or indirectly through financial assets that finance economic activities that meet those requirements. it is therefore necessary to specify the categories of expenditures and assets that can be financed with the proceeds of bonds that use the designation ‘european green bond’ or ‘eugb’. ### (8) in accordance with article 4 of regulation (eu) 2020/852 , and in order to provide investors with clear , quantitative , detailed and common definitions , the requirements set out in article 3 of that regulation should be used to determine whether an economic activity qualifies as environmentally sustainable. for a bond to carry the designation ‘european green bond’ or ‘eugb’ , at least 70% of the proceeds shall be used to fund economic activities that either are environmentally sustainable and are thus aligned with the environmental objectives set out in article 9 of regulation (eu) 2020/852 , or contribute to the transformation of activities to become environmentally sustainable. those bonds can however be used both to finance such environmentally sustainable activities directly through the financing of assets and expenditures that relate to economic activities that meet the requirements set out in article 3 of regulation (eu) 2020/852 , or indirectly through financial assets that finance economic activities that meet those requirements. it is therefore necessary to specify the categories of expenditures and assets that can be financed with the proceeds of bonds that use the designation ‘european green bond’ or ‘eugb’.


### (8) in accordance with article 4 of regulation (eu) 2020/852 , and in order to provide investors with clear , quantitative , detailed and common definitions , the requirements set out in article 3 of that regulation should be used to determine whether an economic activity qualifies as environmentally sustainable. proceeds of bonds that use the designation ‘european green bond’ or ‘eugb’ should exclusively be used to fund economic activities that either are environmentally sustainable and are thus aligned with the environmental objectives set out in article 9 of regulation (eu) 2020/852 , or contribute to the transformation of activities to become environmentally sustainable. those bonds can however be used both to finance such environmentally sustainable activities directly through the financing of assets and expenditures that relate to economic activities that meet the requirements set out in article 3 of regulation (eu) 2020/852 , or indirectly through financial assets that finance economic activities that meet those requirements. it is therefore necessary to specify the categories of expenditures and assets that can be financed with the proceeds of bonds that use the designation ‘european green bond’ or ‘eugb’. ### (8) in accordance with article 4 of regulation (eu) 2020/852 , and in order to provide investors with clear , quantitative , detailed and common definitions , the requirements set out in article 3 of that regulation should be used to determine whether an economic activity qualifies as environmentally sustainable. proceeds of bonds that use the designation ‘european green bond’ or ‘eugb’ should be used to fund economic activities that either are environmentally sustainable and are thus aligned with the environmental objectives set out in article 9 of regulation (eu) 2020/852 , or contribute to the transformation of activities to become environmentally sustainable , allowing however for specific cases where the environmental objectives set out in article 9 of regulation (eu) 2020/852 , may not be directly applicable as a result of factors such as the innovative nature , the complexity , and/or the location of the activity. those bonds can however be used both to finance such environmentally sustainable activities directly through the financing of assets and expenditures that relate to economic activities that meet the requirements set out in article 3 of regulation (eu) 2020/852 , or indirectly through financial assets that finance economic activities that meet those requirements. it is therefore necessary to specify the categories of expenditures and assets that can be financed with the proceeds of bonds that use the designation ‘european green bond’ or ‘eugb’.


### (8) in accordance with article 4 of regulation (eu) 2020/852 , and in order to provide investors with clear , quantitative , detailed and common definitions , the requirements set out in article 3 of that regulation should be used to determine whether an economic activity qualifies as environmentally sustainable. proceeds of bonds that use the designation ‘european green bond’ or ‘eugb’ should exclusively be used to fund economic activities that either are environmentally sustainable and are thus aligned with the environmental objectives set out in article 9 of regulation (eu) 2020/852 , or contribute to the transformation of activities to become environmentally sustainable. those bonds can however be used both to finance such environmentally sustainable activities directly through the financing of assets and expenditures that relate to economic activities that meet the requirements set out in article 3 of regulation (eu) 2020/852 , or indirectly through financial assets that finance economic activities that meet those requirements. it is therefore necessary to specify the categories of expenditures and assets that can be financed with the proceeds of bonds that use the designation ‘european green bond’ or ‘eugb’. ### (8) in accordance with article 4 of regulation (eu) 2020/852 , and in order to provide investors with clear , quantitative , detailed and common definitions , the requirements set out in article 3 of that regulation should be used to determine whether an economic activity qualifies as environmentally sustainable. proceeds of bonds that use the designation ‘european green bond’ or ‘eugb’ should exclusively be used to fund the related issuance costs or economic activities that either are environmentally sustainable and are thus aligned with the environmental objectives set out in article 9 of regulation (eu) 2020/852 , or contribute to the transformation of activities to become environmentally sustainable. those bonds can however be used both to finance such environmentally sustainable activities directly through the financing of assets and expenditures that relate to economic activities that meet the requirements set out in article 3 of regulation (eu) 2020/852 , or indirectly through financial assets that finance economic activities that meet those requirements. it is therefore necessary to specify the categories of expenditures and assets that can be financed with the proceeds of bonds that use the designation ‘european green bond’ or ‘eugb’.


### (10) sovereigns are frequent issuers of environmentally sustainable bonds and should therefore also be allowed to issue ‘european green bonds’ , provided that the proceeds of such bonds are used to finance either assets or expenditure that meet the taxonomy , or assets or expenditure that will meet those requirements within a reasonably short period from the issuance of the bond concerned , which can be extended however where duly justified by the specific features of the economic activities and investments concerned. ### (10) sovereigns are frequent issuers of environmentally sustainable bonds and should therefore also be allowed to issue ‘european green bonds’ , provided that the proceeds of such bonds are used to finance either assets or expenditure that meet the taxonomy , or assets or expenditure that will meet those requirements within a reasonably short period from the issuance of the bond concerned , which can be extended however where duly justified by the specific features of the economic activities and investments concerned. for financial stability reasons , european green bonds should not enjoy any beneficial prudential treatment or beneficial treatment under the stability and growth pact.


### (10) sovereigns are frequent issuers of environmentally sustainable bonds and should therefore also be allowed to issue ‘european green bonds’ , provided that the proceeds of such bonds are used to finance either assets or expenditure that meet the taxonomy , or assets or expenditure that will meet those requirements within a reasonably short period from the issuance of the bond concerned , which can be extended however where duly justified by the specific features of the economic activities and investments concerned. ### (10) sovereigns are frequent issuers of environmentally sustainable bonds and should therefore also be allowed to issue ‘verified green bonds’ , provided that the proceeds of such bonds are used to finance either assets or expenditure that meet the taxonomy , or assets or expenditure that will meet those requirements within a reasonably short period from the issuance of the bond concerned , which can be extended however where duly justified by the specific features of the economic activities and investments as established by the commission.


### (10) sovereigns are frequent issuers of environmentally sustainable bonds and should therefore also be allowed to issue ‘european green bonds’ , provided that the proceeds of such bonds are used to finance either assets or expenditure that meet the taxonomy , or assets or expenditure that will meet those requirements within a reasonably short period from the issuance of the bond concerned , which can be extended however where duly justified by the specific features of the economic activities and investments concerned. ### (10) sovereigns are frequent issuers of environmentally sustainable bonds and should therefore also be allowed to issue ‘european green bonds’ , provided that the proceeds of such bonds are used to finance either assets or expenditure that meet the taxonomy , or assets or expenditure that will meet those requirements within a reasonably short period from the issuance of the bond concerned , which can be extended however where duly justified by the specific features of the economic activities and investments concerned. for financial stability reasons , european green bonds shall not enjoy any beneficial prudential treatment or beneficial treatment under the stability and growth pact.


### (10) sovereigns are frequent issuers of environmentally sustainable bonds and should therefore also be allowed to issue ‘european green bonds’ , provided that the proceeds of such bonds are used to finance either assets or expenditure that meet the taxonomy , or assets or expenditure that will meet those requirements within a reasonably short period from the issuance of the bond concerned , which can be extended however where duly justified by the specific features of the economic activities and investments concerned. ### (10) sovereigns are frequent issuers of environmentally sustainable bonds and should therefore also be allowed to issue ‘european green bonds’ , provided that the proceeds of such bonds are used to finance either assets or expenditure that meet the taxonomy , or assets or expenditure that will meet those requirements within a reasonably short period from the issuance of the bond concerned , which can be extended however where duly justified by the specific features of the economic activities and investments concerned as established by the european commission.


### (10) sovereigns are frequent issuers of environmentally sustainable bonds and should therefore also be allowed to issue ‘european green bonds’ , provided that the proceeds of such bonds are used to finance either assets or expenditure that meet the taxonomy , or assets or expenditure that will meet those requirements within a reasonably short period from the issuance of the bond concerned , which can be extended however where duly justified by the specific features of the economic activities and investments concerned. ### (10) sovereigns are frequent issuers of environmentally sustainable bonds and should therefore also be allowed to issue ‘european green bonds’ , provided that the proceeds of such bonds are used to finance either assets or expenditure that meet the taxonomy , or assets or expenditure that will meet those requirements within a reasonable period from the issuance of the bond concerned , which can be extended however where duly justified by the specific features of the economic activities and investments concerned.


### (11) article 4 of regulation (eu) 2020/852 requires member states and the union to apply the criteria set out in article 3 of that regulation to determine whether an economic activity qualifies as environmentally sustainable for the purposes of any measure setting out requirements for financial market participants or issuers in respect of financial products or corporate bonds that are made available as environmentally sustainable. it is therefore logical that the technical screening criteria referred to in article 3 , point (d) , of regulation (eu) 2020/852 should determine which fixed assets , expenditures and financial assets can be financed by the proceeds of european green bonds. in view of the expected technological progress in the field of environmental sustainability , the delegated acts adopted pursuant to articles 10(3) , 11(3) , 12(2) , 13(2) , 14(2) or 15(2) of regulation (eu) 2020/852 are likely to be reviewed and amended over time. regardless of such changes , in order to provide legal certainty to issuers and investors and prevent amendments to the technical screening criteria from having a negative impact on the price of european green bonds that have already been issued , issuers should be able to apply the technical screening criteria applicable at the moment the european green bond was issued when allocating the proceeds of such bonds to eligible fixed assets or expenditures , until maturity of the bond. to ensure legal certainty for european green bonds whose proceeds are allocated to financial assets , it is necessary to clarify that the underlying economic activities funded by those financial assets should comply with the technical screening criteria applicable at the moment the financial assets were created. where the relevant delegated acts are amended , the issuer should allocate proceeds by applying the amended delegated acts within five years. ### (11) article 4 of regulation (eu) 2020/852 requires member states and the union to apply the criteria set out in article 3 of that regulation to determine whether an economic activity qualifies as environmentally sustainable for the purposes of any measure setting out requirements for financial market participants or issuers in respect of financial products or corporate bonds that are made available as environmentally sustainable. it is therefore logical that the technical screening criteria referred to in article 3 , point (d) , of regulation (eu) 2020/852 should determine which fixed assets , expenditures and financial assets can be financed by the proceeds of european green bonds. in view of the expected technological progress in the field of environmental sustainability , the delegated acts adopted pursuant to articles 10(3) , 11(3) , 12(2) , 13(2) , 14(2) or 15(2) of regulation (eu) 2020/852 are likely to be reviewed and amended over time. regardless of such changes , in order to provide legal certainty to issuers and investors and prevent amendments to the technical screening criteria from having a negative impact on the price of european green bonds that have already been issued , issuers should be able to apply the technical screening criteria applicable at the moment the european green bond was issued when allocating the proceeds of such bonds to eligible fixed assets or expenditures , until maturity of the bond. to ensure legal certainty for european green bonds whose proceeds are allocated to financial assets , it is necessary to clarify that the underlying economic activities funded by those financial assets should comply with the technical screening criteria applicable at the moment the financial assets were created. where the relevant delegated acts are amended , the issuer should allocate proceeds by applying the amended delegated acts within ten years.


### (11) article 4 of regulation (eu) 2020/852 requires member states and the union to apply the criteria set out in article 3 of that regulation to determine whether an economic activity qualifies as environmentally sustainable for the purposes of any measure setting out requirements for financial market participants or issuers in respect of financial products or corporate bonds that are made available as environmentally sustainable. it is therefore logical that the technical screening criteria referred to in article 3 , point (d) , of regulation (eu) 2020/852 should determine which fixed assets , expenditures and financial assets can be financed by the proceeds of european green bonds. in view of the expected technological progress in the field of environmental sustainability , the delegated acts adopted pursuant to articles 10(3) , 11(3) , 12(2) , 13(2) , 14(2) or 15(2) of regulation (eu) 2020/852 are likely to be reviewed and amended over time. regardless of such changes , in order to provide legal certainty to issuers and investors and prevent amendments to the technical screening criteria from having a negative impact on the price of european green bonds that have already been issued , issuers should be able to apply the technical screening criteria applicable at the moment the european green bond was issued when allocating the proceeds of such bonds to eligible fixed assets or expenditures , until maturity of the bond. to ensure legal certainty for european green bonds whose proceeds are allocated to financial assets , it is necessary to clarify that the underlying economic activities funded by those financial assets should comply with the technical screening criteria applicable at the moment the financial assets were created. where the relevant delegated acts are amended , the issuer should allocate proceeds by applying the amended delegated acts within five years. ### (11) article 4 of regulation (eu) 2020/852 requires member states and the union to apply the criteria set out in article 3 of that regulation to determine whether an economic activity qualifies as environmentally sustainable for the purposes of any measure setting out requirements for financial market participants or issuers in respect of financial products or corporate bonds that are made available as environmentally sustainable. it is therefore logical that the technical screening criteria referred to in article 3 , point (d) , of regulation (eu) 2020/852 should determine which fixed assets , expenditures and financial assets can be financed by the proceeds of verified green bonds. in view of the expected technological progress in the field of environmental sustainability , the delegated acts adopted pursuant to articles 10(3) , 11(3) , 12(2) , 13(2) , 14(2) or 15(2) of regulation (eu) 2020/852 are likely to be reviewed and amended over time. regardless of such changes , in order to provide legal certainty to issuers and investors and prevent amendments to the technical screening criteria from having a negative impact on the price of verified green bonds that have already been issued , issuers should be able to apply the technical screening criteria applicable at the moment the verified green bond was issued when allocating the proceeds of such bonds to eligible fixed assets or expenditures , until maturity of the bond. to ensure legal certainty for verified green bonds whose proceeds are allocated to financial assets , it is necessary to clarify that the underlying economic activities funded by those financial assets should comply with the technical screening criteria applicable at the moment the financial assets were created. where the relevant delegated acts are amended , the issuer should allocate proceeds by applying the amended delegated acts within ten years.


### (11) article 4 of regulation (eu) 2020/852 requires member states and the union to apply the criteria set out in article 3 of that regulation to determine whether an economic activity qualifies as environmentally sustainable for the purposes of any measure setting out requirements for financial market participants or issuers in respect of financial products or corporate bonds that are made available as environmentally sustainable. it is therefore logical that the technical screening criteria referred to in article 3 , point (d) , of regulation (eu) 2020/852 should determine which fixed assets , expenditures and financial assets can be financed by the proceeds of european green bonds. in view of the expected technological progress in the field of environmental sustainability , the delegated acts adopted pursuant to articles 10(3) , 11(3) , 12(2) , 13(2) , 14(2) or 15(2) of regulation (eu) 2020/852 are likely to be reviewed and amended over time. regardless of such changes , in order to provide legal certainty to issuers and investors and prevent amendments to the technical screening criteria from having a negative impact on the price of european green bonds that have already been issued , issuers should be able to apply the technical screening criteria applicable at the moment the european green bond was issued when allocating the proceeds of such bonds to eligible fixed assets or expenditures , until maturity of the bond. to ensure legal certainty for european green bonds whose proceeds are allocated to financial assets , it is necessary to clarify that the underlying economic activities funded by those financial assets should comply with the technical screening criteria applicable at the moment the financial assets were created. where the relevant delegated acts are amended , the issuer should allocate proceeds by applying the amended delegated acts within five years. ### (11) article 4 of regulation (eu) 2020/852 requires member states and the union to apply the criteria set out in article 3 of that regulation to determine whether an economic activity qualifies as environmentally sustainable for the purposes of any measure setting out requirements for financial market participants or issuers in respect of financial products or corporate bonds that are made available as environmentally sustainable. it is therefore logical that the technical screening criteria referred to in article 3 , point (d) , of regulation (eu) 2020/852 should determine which fixed assets , expenditures and financial assets can be financed by the proceeds of european green bonds. in view of the expected technological progress in the field of environmental sustainability , the delegated acts adopted pursuant to articles 10(3) , 11(3) , 12(2) , 13(2) , 14(2) or 15(2) of regulation (eu) 2020/852 are likely to be reviewed and amended over time. regardless of such changes , in order to provide legal certainty to issuers and investors and prevent amendments to the technical screening criteria from having a negative impact on the price of european green bonds that have already been issued , issuers should be able to apply the technical screening criteria applicable at the moment the european green bond was issued when allocating the proceeds of such bonds to eligible fixed assets or expenditures , until maturity of the bond. to ensure legal certainty for european green bonds whose proceeds are allocated to financial assets , it is necessary to clarify that the underlying economic activities funded by those financial assets should comply with the technical screening criteria applicable at the moment the financial assets were created. where the relevant delegated acts are amended , the issuer should not be required to allocate proceeds by applying the amended delegated acts within five years.


### (12) the time needed to transform an asset to align the economic activity to which it relates with the taxonomy requirements should reasonably not exceed five years , except in certain circumstances where it may take up to ten years. for that reason , eligible capital expenditure should relate to economic activities that meet or will meet the taxonomy requirements within five years from the issuance of the bond , unless a longer period of up to ten years is justified by the specific features of the economic activities and investments concerned. ### (12) the time needed to transform an asset to align the economic activity to which it relates with the taxonomy requirements should reasonably not exceed eight years , except in certain circumstances where it may take up to twelve years. for that reason , eligible capital expenditure should relate to economic activities that meet or will meet the taxonomy requirements within eight years from the issuance of the bond , unless a longer period of up to twelve years is justified by the specific features of the economic activities and investments concerned.


### (12) the time needed to transform an asset to align the economic activity to which it relates with the taxonomy requirements should reasonably not exceed five years , except in certain circumstances where it may take up to ten years. for that reason , eligible capital expenditure should relate to economic activities that meet or will meet the taxonomy requirements within five years from the issuance of the bond , unless a longer period of up to ten years is justified by the specific features of the economic activities and investments concerned. ### (12) the time needed to transform an asset to align the economic activity to which it relates with the taxonomy requirements should reasonably not exceed eight years , except in certain circumstances where it may take up to twelve years. for that reason , eligible capital expenditure should relate to economic activities that meet or will meet the taxonomy requirements within eight years from the issuance of the bond , unless a longer period of up to twelve years is justified by the specific features of the economic activities and investments as established by the commission.


### (12) the time needed to transform an asset to align the economic activity to which it relates with the taxonomy requirements should reasonably not exceed five years , except in certain circumstances where it may take up to ten years. for that reason , eligible capital expenditure should relate to economic activities that meet or will meet the taxonomy requirements within five years from the issuance of the bond , unless a longer period of up to ten years is justified by the specific features of the economic activities and investments concerned. ### (12) the time needed to transform an asset to align the economic activity to which it relates with the taxonomy requirements should reasonably not exceed eight years , except in certain circumstances where it may take up to twelve years. for that reason , eligible capital expenditure should relate to economic activities that meet or will meet the taxonomy requirements within eight years from the issuance of the bond , unless a longer period of up to twelve years is justified by the specific features of the economic activities and investments concerned as established by the commission.


### (12) the time needed to transform an asset to align the economic activity to which it relates with the taxonomy requirements should reasonably not exceed five years , except in certain circumstances where it may take up to ten years. for that reason , eligible capital expenditure should relate to economic activities that meet or will meet the taxonomy requirements within five years from the issuance of the bond , unless a longer period of up to ten years is justified by the specific features of the economic activities and investments concerned. ### (12) the time needed to transform an asset to align the economic activity to which it relates with the taxonomy requirements should reasonably not exceed five years , except in certain circumstances where it may take up to ten years. for that reason , eligible capital expenditure should relate to economic activities that meet or will meet the taxonomy requirements within five years from the issuance of the bond , unless a longer period of up to ten years is justified by the specific features of the economic activities and investments as established by the commission.


### (13) investors should be provided with all information necessary to evaluate the environmental impact of european green bonds , and to compare such bonds with each other. for that purpose , specific and standardised disclosure requirements need to be set out which provide transparency about how the issuer intends to allocate the bond proceeds to eligible fixed assets , expenditures and financial assets and how those proceeds have actually been allocated. such transparency can best be achieved by means of european green bond factsheets and annual allocation reports. to strengthen the comparability of european green bonds and to facilitate the localisation of relevant information , it is necessary to lay down templates for the disclosure of such information. ### (13) investors should be provided with all information necessary to evaluate the environmental impact of european green bonds , and to compare such bonds with each other. for that purpose , specific and standardised disclosure requirements need to be set out which provide transparency about how the issuer intends to allocate the bond proceeds to eligible fixed assets , expenditures and financial assets and how those proceeds have actually been allocated. this information should be based on science based harmonised , comparable and uniform indicators and be consistent with the harmonised life cycle assessment. such transparency can best be achieved by means of european green bond factsheets and annual allocation reports. to strengthen the comparability of european green bonds and to facilitate the localisation of relevant information , it is necessary to lay down templates for the disclosure of such information.


### (13) investors should be provided with all information necessary to evaluate the environmental impact of european green bonds , and to compare such bonds with each other. for that purpose , specific and standardised disclosure requirements need to be set out which provide transparency about how the issuer intends to allocate the bond proceeds to eligible fixed assets , expenditures and financial assets and how those proceeds have actually been allocated. such transparency can best be achieved by means of european green bond factsheets and annual allocation reports. to strengthen the comparability of european green bonds and to facilitate the localisation of relevant information , it is necessary to lay down templates for the disclosure of such information. ### (13) investors should be provided with all information necessary to evaluate the environmental impact of european green bonds , and to compare such bonds with each other. for that purpose , specific and standardised disclosure requirements need to be set out which provide transparency about how the issuer intends to allocate the bond proceeds to eligible fixed assets , expenditures and financial assets and how those proceeds have actually been allocated. that information should be based on science , and on harmonised , comparable and uniform indicators and consistent with the harmonised life cycle assessment. such transparency can best be achieved by means of european green bond factsheets and annual allocation reports. to strengthen the comparability of european green bonds and to facilitate the localisation of relevant information , it is necessary to lay down templates for the disclosure of such information.


### (13) investors should be provided with all information necessary to evaluate the environmental impact of european green bonds , and to compare such bonds with each other. for that purpose , specific and standardised disclosure requirements need to be set out which provide transparency about how the issuer intends to allocate the bond proceeds to eligible fixed assets , expenditures and financial assets and how those proceeds have actually been allocated. such transparency can best be achieved by means of european green bond factsheets and annual allocation reports. to strengthen the comparability of european green bonds and to facilitate the localisation of relevant information , it is necessary to lay down templates for the disclosure of such information. ### (13) investors should be provided with all information necessary to evaluate the environmental impact of verified green bonds , and to compare such bonds with each other. for that purpose , specific and standardised disclosure requirements need to be set out which provide transparency about how the issuer intends to allocate the bond proceeds to eligible fixed assets , expenditures and financial assets and how those proceeds have actually been allocated. such transparency can best be achieved by means of european green bond factsheets and annual allocation reports. to strengthen the comparability of verified green bonds and to facilitate the localisation of relevant information , it is necessary to lay down templates for the disclosure of such information.


### (13) investors should be provided with all information necessary to evaluate the environmental impact of european green bonds , and to compare such bonds with each other. for that purpose , specific and standardised disclosure requirements need to be set out which provide transparency about how the issuer intends to allocate the bond proceeds to eligible fixed assets , expenditures and financial assets and how those proceeds have actually been allocated. such transparency can best be achieved by means of european green bond factsheets and annual allocation reports. to strengthen the comparability of european green bonds and to facilitate the localisation of relevant information , it is necessary to lay down templates for the disclosure of such information. ### (13) investors should be provided with all information necessary to evaluate the environmental impact of european green bonds , and to compare such bonds with each other. for that purpose , specific and standardised disclosure requirements need to be set out which provide transparency about how the issuer intends to allocate the bond proceeds to eligible fixed assets , expenditures and financial assets and how those proceeds have actually been allocated. this information must be based on science based harmonised , comparable and uniform indicators and consistent with the harmonised life cycle assessment. such transparency can best be achieved by means of european green bond factsheets and annual allocation reports. to strengthen the comparability of european green bonds and to facilitate the localisation of relevant information , it is necessary to lay down templates for the disclosure of such information.


### (14) investors should benefit from cost-effective access to reliable information about the european green bonds. issuers of european green bonds should therefore contract external reviewers to provide a pre-issuance review of the european green bond factsheet , and post-issuance reviews of european green bond annual allocation reports. ### (14) investors should benefit from cost-effective access to reliable and reasonably detailed information about the european green bonds. issuers of european green bonds should therefore contract external reviewers to provide a pre-issuance review of the european green bond factsheet , and post-issuance reviews of european green bond annual allocation reports.


### (14) investors should benefit from cost-effective access to reliable information about the european green bonds. issuers of european green bonds should therefore contract external reviewers to provide a pre-issuance review of the european green bond factsheet , and post-issuance reviews of european green bond annual allocation reports. ### (14) investors should benefit from cost-effective access to reliable information about the verified green bonds. issuers of verified green bonds should therefore contract external reviewers to provide a pre-issuance review of the verified green bond factsheet , and post-issuance reviews of verified green bond annual allocation reports.


### (14) investors should benefit from cost-effective access to reliable information about the european green bonds. issuers of european green bonds should therefore contract external reviewers to provide a pre-issuance review of the european green bond factsheet , and post-issuance reviews of european green bond annual allocation reports. ### (14) investors should benefit from cost-effective access to reliable and reasonably detailed information about the european green bonds. issuers of european green bonds should therefore contract external reviewers to provide a pre-issuance review of the european green bond factsheet , and post-issuance reviews of european green bond allocation reports.


### (15) issuers of european green bonds should abide by their commitments to investors and allocate the proceeds of their bonds within a reasonably short time after issuance. at the same time , issuers should not be penalised for allocating bond proceeds to economic activities that do not yet meet the taxonomy requirements , but will do so within the five year period (or extended ten year period). issuers should in any case allocate all proceeds of their european green bonds before the maturity of each bond. ### (15) issuers of european green bonds should abide by their commitments to investors and allocate the proceeds of their bonds within a reasonably short time after issuance. at the same time , issuers should not be penalised for allocating bond proceeds to economic activities that do not yet meet the taxonomy requirements , but will do so within the eight year period (or extended twelve year period). issuers should in any case allocate all proceeds of their european green bonds before the maturity of each bond.


### (15) issuers of european green bonds should abide by their commitments to investors and allocate the proceeds of their bonds within a reasonably short time after issuance. at the same time , issuers should not be penalised for allocating bond proceeds to economic activities that do not yet meet the taxonomy requirements , but will do so within the five year period (or extended ten year period). issuers should in any case allocate all proceeds of their european green bonds before the maturity of each bond. ### (15) issuers of verified green bonds should abide by their commitments to investors and allocate the proceeds of their bonds within a reasonably short time after issuance. at the same time , issuers should not be penalised for allocating bond proceeds to economic activities that do not yet meet the taxonomy requirements , but will do so within the five year period (or extended ten year period). issuers should in any case allocate all proceeds of their verified green bonds before the maturity of each bond.


### (15) issuers of european green bonds should abide by their commitments to investors and allocate the proceeds of their bonds within a reasonably short time after issuance. at the same time , issuers should not be penalised for allocating bond proceeds to economic activities that do not yet meet the taxonomy requirements , but will do so within the five year period (or extended ten year period). issuers should in any case allocate all proceeds of their european green bonds before the maturity of each bond. ### (15) issuers of european green bonds should abide by their commitments to investors and allocate the proceeds of their bonds within a reasonable time after issuance. at the same time , issuers should not be penalised for allocating bond proceeds to economic activities that do not yet meet the taxonomy requirements , but will do so within the five year period (or extended ten year period). issuers should in any case allocate all proceeds of their european green bonds before the maturity of each bond.


### (16) unlike issuers that are financial or non-financial undertakings , issuers that are sovereigns can use the proceeds of european green bonds to indirectly finance economic activities that are aligned with the taxonomy requirements through the use of programmes of tax expenditures or programmes of transfers , including subsidies. in such cases , sovereigns ensure that economic activities funded by such programmes comply with the terms and conditions of those programmes. for that reason , when providing pre- and post-issuance reviews of european green bonds issued by sovereigns and the proceeds of which are allocated to tax expenditures or subsidies in accordance with terms and conditions that are aligned with taxonomy requirements , external reviewers should not be required to assess the taxonomy-alignment of each economic activity funded by such programmes. where that is the case , it should be sufficient for external reviewers to assess the alignment of the terms and conditions of the funding programmes concerned with the taxonomy requirements. ### (16) unlike issuers that are financial or non-financial undertakings , issuers that are sovereigns can use the proceeds of verified green bonds to indirectly finance economic activities that are aligned with the taxonomy requirements through the use of programmes of tax expenditures or programmes of transfers , including subsidies. in such cases , sovereigns ensure that economic activities funded by such programmes comply with the terms and conditions of those programmes. for that reason , when providing pre- and post-issuance reviews of verified green bonds issued by sovereigns and the proceeds of which are allocated to tax expenditures or subsidies in accordance with terms and conditions that are aligned with taxonomy requirements , external reviewers should not be required to assess the taxonomy-alignment of each economic activity funded by such programmes. where that is the case , it should be sufficient for external reviewers to assess the alignment of the terms and conditions of the funding programmes concerned with the taxonomy requirements.


### (18) to improve transparency , issuers should also disclose the environmental impact of their bonds by means of the publication of impact reports , which should be published at least once during the lifetime of the bond. in order to provide investors with all information relevant to assess the environmental impact of european green bonds , impact reports should clearly specify the metrics , methodologies and assumptions applied in the assessment of the environmental impacts. to strengthen the comparability of european green bonds and to facilitate the localisation of relevant information , it is necessary to lay down templates for the disclosure of such information. ### (18) to improve transparency , issuers should also disclose the environmental impact of their bonds by means of the publication of impact reports , which should be published every five years until maturity. in order to provide investors with all information relevant to assess the environmental impact of european green bonds , impact reports should clearly specify the metrics , methodologies and assumptions applied in the assessment of the environmental impacts. to strengthen the comparability of european green bonds and to facilitate the localisation of relevant information , it is necessary to lay down templates for the disclosure of such information. the impact reports should be subject to scrutiny by external reviewers.


### (18) to improve transparency , issuers should also disclose the environmental impact of their bonds by means of the publication of impact reports , which should be published at least once during the lifetime of the bond. in order to provide investors with all information relevant to assess the environmental impact of european green bonds , impact reports should clearly specify the metrics , methodologies and assumptions applied in the assessment of the environmental impacts. to strengthen the comparability of european green bonds and to facilitate the localisation of relevant information , it is necessary to lay down templates for the disclosure of such information. ### (18) to improve transparency , issuers should also disclose the environmental impact of their bonds by means of the publication of impact reports , which should be published every five years until maturity of the bond. in order to provide investors with all information relevant to assess the environmental impact of verified green bonds , impact reports should clearly specify the metrics , methodologies and assumptions applied in the assessment of the environmental impacts. to strengthen the comparability of verified green bonds and to facilitate the localisation of relevant information , it is necessary to lay down templates for the disclosure of such information. the impact reports should be subject to scrutiny by external reviewers.


### (18) to improve transparency , issuers should also disclose the environmental impact of their bonds by means of the publication of impact reports , which should be published at least once during the lifetime of the bond. in order to provide investors with all information relevant to assess the environmental impact of european green bonds , impact reports should clearly specify the metrics , methodologies and assumptions applied in the assessment of the environmental impacts. to strengthen the comparability of european green bonds and to facilitate the localisation of relevant information , it is necessary to lay down templates for the disclosure of such information. ### (18) to improve transparency , issuers should also disclose the environmental impact of their bonds , including how they do not cause any significant harm , by means of the publication of impact reports , which should be published at least once during the lifetime of the bond. in order to provide investors with all information relevant to assess the environmental impact of european green bonds , impact reports should clearly specify the metrics , methodologies and assumptions applied in the assessment of the environmental impacts. to strengthen the comparability of european green bonds and to facilitate the localisation of relevant information , it is necessary to lay down templates for the disclosure of such information.


### (18) to improve transparency , issuers should also disclose the environmental impact of their bonds by means of the publication of impact reports , which should be published at least once during the lifetime of the bond. in order to provide investors with all information relevant to assess the environmental impact of european green bonds , impact reports should clearly specify the metrics , methodologies and assumptions applied in the assessment of the environmental impacts. to strengthen the comparability of european green bonds and to facilitate the localisation of relevant information , it is necessary to lay down templates for the disclosure of such information. ### (18) to improve transparency , issuers should also disclose the environmental impact of their bonds by means of the publication of impact reports , which should be published every five years until maturity of the bond. in order to provide investors with all information relevant to assess the environmental impact of european green bonds , impact reports should clearly specify the metrics , methodologies and assumptions applied in the assessment of the environmental impacts. to strengthen the comparability of european green bonds and to facilitate the localisation of relevant information , it is necessary to lay down templates for the disclosure of such information. the impact reports should be subject to scrutiny by external reviewers.


### (18) to improve transparency , issuers should also disclose the environmental impact of their bonds by means of the publication of impact reports , which should be published at least once during the lifetime of the bond. in order to provide investors with all information relevant to assess the environmental impact of european green bonds , impact reports should clearly specify the metrics , methodologies and assumptions applied in the assessment of the environmental impacts. to strengthen the comparability of european green bonds and to facilitate the localisation of relevant information , it is necessary to lay down templates for the disclosure of such information. ### (18) to improve transparency , issuers should also disclose the environmental impact of their bonds , including how they do not cause any significant harm (dnsh) , by means of the publication of impact reports , which should be published at least once during the lifetime of the bond. in order to provide investors with all information relevant to assess the environmental impact of european green bonds , impact reports should clearly specify the metrics , methodologies and assumptions applied in the assessment of the environmental impacts. to strengthen the comparability of european green bonds and to facilitate the localisation of relevant information , it is necessary to lay down templates for the disclosure of such information.


### (20) to ensure the efficiency of the market for european green bonds , issuers should publish on their websites details about the european green bonds they issue. to ensure the reliability of information and investor confidence , they shall also publish the pre-issuance review as well as any post-issuance reviews. ### (20) to ensure the efficiency of the market for european green bonds , issuers should publish on their websites details about the european green bonds they issue. to ensure the reliability of information and investor confidence , they shall also publish the pre-issuance review as well as any post-issuance reviews. to ensure high standards of transparency , accessibility and investor protection , these publications should be available in an accessible way within the website , with adequate timelines that allow the user to identify the substantial changes from one review to another.


### (20) to ensure the efficiency of the market for european green bonds , issuers should publish on their websites details about the european green bonds they issue. to ensure the reliability of information and investor confidence , they shall also publish the pre-issuance review as well as any post-issuance reviews. ### (20) to ensure the efficiency of the market for verified green bonds , issuers should publish on their websites details about the european green bonds they issue. to ensure the reliability of information and investor confidence , they shall also publish the pre-issuance review as well as any post-issuance reviews.


### (20) to ensure the efficiency of the market for european green bonds , issuers should publish on their websites details about the european green bonds they issue. to ensure the reliability of information and investor confidence , they shall also publish the pre-issuance review as well as any post-issuance reviews. ### (20) to ensure the efficiency of the market for european green bonds , issuers should publish on their websites details about the european green bonds they issue. to ensure the reliability of information and investor confidence , they shall also publish the pre-issuance review as well as any post-issuance reviews. to ensure high standards of transparency , accessibility and investor protection , these publications must be available in an accessible way within the website , with adequate timelines that allow the user to identify the substantial changes from one review to another.


### (24) to ensure the independence of external reviewers , external reviewers should avoid situations of conflict of interest and manage those conflicts adequately when they are unavoidable. external reviewers should therefore disclose conflicts of interest in a timely manner. they should also keep records of all significant threats to their independence , to that of their employees and to that of other persons involved in the external review process. they should also keep records of the safeguards applied to mitigate those threats. ### (24) to ensure the independence of external reviewers and safeguard high standards of transparency and ethical conduct , external reviewers should avoid situations of actual or potential conflict of interest and manage those conflicts adequately when they are unavoidable. external reviewers should therefore disclose any conflicts of interest in a transparent and timely manner. they should also keep records of all significant threats to their independence , to that of their employees and to that of other persons involved in the external review process. they should also keep records of the safeguards applied to mitigate those threats.


### (31) in accordance with article 290 tfeu , power should be delegated to the commission to specify the procedure for the exercise of the power to impose fines or periodic penalty payments , including provisions on rights of defence , temporal provisions , the collection of fines or periodic penalty payments , and detailed rules on the limitation periods for the imposition and enforcement of penalties and the type of fees , the matters for which fees are due , the amount of the fees , and the manner in which those fees are to be paid. it is of particular importance that the commission carry out appropriate consultations during its preparatory work , including at expert level , and that those consultations be conducted in accordance with the principles laid down in the interinstitutional agreement of 13 april 2016 on better law-making35 . in particular , to ensure equal participation in the preparation of delegated acts , the european parliament and the council should receive all documents at the same time as member states’ experts , and their experts should systematically have access to meetings of commission expert groups dealing with the preparation of delegated acts. ### (31) in accordance with article 290 tfeu , power should be delegated to the commission to specify the procedure for the exercise of the power to impose fines or periodic penalty payments , including provisions on rights of defence , temporal provisions , the collection of fines or periodic penalty payments , and detailed rules on the limitation periods for the imposition and enforcement of penalties and the type of fees , the matters for which fees are due , the amount of the fees , and the manner in which those fees are to be paid. it is of particular importance that the commission carry out appropriate consultations during its preparatory work , including at expert and national competent authorities level , and that those consultations be conducted in accordance with the principles laid down in the interinstitutional agreement of 13 april 2016 on better law-making35 . in particular , to ensure equal participation in the preparation of delegated acts , the european parliament and the council should receive all documents at the same time as member states’ experts , and their experts should systematically have access to meetings of commission expert groups dealing with the preparation of delegated acts.


### (32) as a body with highly specialised expertise , it would be efficient and appropriate to entrust esma with the development of draft regulatory and implementing technical standards that do not involve policy choices for submission to the commission. ### (32) as a body with highly specialised expertise , it would be efficient and appropriate to entrust esma with the development of draft regulatory and implementing technical standards that do not involve policy choices for submission to the commission. the european parliament and the commission should be properly and timely informed of those draft standards in order to safeguard proper democratic scrutiny.


### (32) as a body with highly specialised expertise , it would be efficient and appropriate to entrust esma with the development of draft regulatory and implementing technical standards that do not involve policy choices for submission to the commission. ### (32) as a body with highly specialised expertise , it would be efficient and appropriate to entrust esma with the development of draft regulatory and implementing technical standards that do not involve policy choices for submission to the commission that must , in any case , be properly and timely informed about such standards , as the european parliament , to safeguard proper democratic scrutiny.


### (37) the objectives of this regulation are twofold. on the one hand , it aims to ensure that uniform requirements apply to the use of the designation of ‘european green bond’ or ‘eugb’. on the other hand , it aims to establish a simple registration system and supervisory framework for external reviewers by entrusting a single supervisory authority with the registration and supervision of external reviewers in the union. both aims should facilitate capital raising for projects that pursue environmentally sustainable objectives. since those objectives cannot be sufficiently achieved by the member states but can be better achieved at union level , the union may adopt measures in accordance with the principle of subsidiarity as set out in article 5 of the treaty on european union. in accordance with the principle of proportionality , as set out in that article , this regulation does not go beyond what is necessary in order to achieve those objectives , ### (37) the objectives of this regulation are twofold. on the one hand , it aims to ensure that uniform requirements apply to the use of the designation of ‘verified green bond’ or ‘vgb’. on the other hand , it aims to establish a simple registration system and supervisory framework for external reviewers by entrusting a single supervisory authority with the registration and supervision of external reviewers in the union. both aims should facilitate capital raising for projects that pursue environmentally sustainable objectives. since those objectives cannot be sufficiently achieved by the member states but can be better achieved at union level , the union may adopt measures in accordance with the principle of subsidiarity as set out in article 5 of the treaty on european union. in accordance with the principle of proportionality , as set out in that article , this regulation does not go beyond what is necessary in order to achieve those objectives ,


### this regulation lays down uniform requirements for issuers of bonds that wish to use the designation ‘european green bond’ or ‘eugb’ for their environmentally sustainable bonds made available to investors in the union , and establishes a registration system and supervisory framework for external reviewers of european green bonds. ### this regulation lays down uniform requirements for issuers of bonds that wish to use the designation ‘european green bond’ or ‘eugb’ for their environmentally sustainable bonds made available to investors in the union , and establishes a registration system and supervisory framework for external reviewers of european green bonds. this regulation shall not apply to other bonds marketed as sustainable in the union.


### this regulation lays down uniform requirements for issuers of bonds that wish to use the designation ‘european green bond’ or ‘eugb’ for their environmentally sustainable bonds made available to investors in the union , and establishes a registration system and supervisory framework for external reviewers of european green bonds. ### this regulation lays down uniform requirements for issuers of bonds that wish to use the designation ‘verified green bond’ or ‘vgb’ for their environmentally sustainable bonds made available to investors , and establishes a registration system and supervisory framework for external reviewers of verified green bonds.


### this regulation lays down uniform requirements for issuers of bonds that wish to use the designation ‘european green bond’ or ‘eugb’ for their environmentally sustainable bonds made available to investors in the union , and establishes a registration system and supervisory framework for external reviewers of european green bonds. ### this regulation lays down uniform requirements for issuers of bonds that wish to use the designation ‘european green bond’ or ‘eugb’ for their environmentally sustainable bonds made available to investors in the union , and establishes a registration system and supervisory framework for external reviewers of european green bonds. this regulation , or certain elements of this regulation , shall not apply to other bonds currently marketed as sustainable in the union.


### a company of private law fully owned by one or more of the entities referred to in points (a) to (e); ### deleted


### the designation ‘european green bond’ or ‘eugb’ shall only be used for bonds that comply with the requirements set out in this title until their maturity. ### the designation ‘verified green bond’ or ‘vgb’ shall only be used for bonds that comply with the requirements set out in this title until their maturity.


### 1. before maturity of the bond , the proceeds of european green bonds shall be exclusively and fully allocated , without deducting costs , to the following , or a combination thereof: ### 1. before maturity of the bond , the proceeds of european green bonds shall be exclusively and fully allocated to the following , or a combination thereof:


### tax relief referred to in point 20.167 of annex a to regulation (eu) no 549/2013 that was granted more recently than three years prior to the issuance of the european green bond; ### tax relief referred to in point 20.167 of annex a to regulation (eu) no 549/2013 that was granted more recently than three years prior to the issuance of the verified green bond;


### subsidies referred to in point 4.30 of annex a to regulation (eu) no 549/2013 that were transferred more recently than three years prior to the issuance of the european green bond; ### subsidies referred to in point 4.30 of annex a to regulation (eu) no 549/2013 that were transferred more recently than three years prior to the issuance of the verified green bond;


### 3. a european green bond may be refinanced by issuing a new european green bond. ### 3. a verified green bond may be refinanced by issuing a new verified green bond.


### 1. the use of proceeds referred to in article 4 shall relate to economic activities that meet the taxonomy requirements , or that will meet the taxonomy requirements within a defined period of time as set out in a taxonomy-alignment plan. ### 1. the use of proceeds referred to in article 4 shall relate to economic activities that meet the taxonomy requirements , or that will meet the taxonomy requirements within a defined period of time as set out in a taxonomy-alignment plan. costs related to cases where the environmental objectives set out in article 9 of regulation (eu) 2020/852 are not directly applicable as a result of factors such as the innovative nature , the complexity , and/or the location of the activity and the costs related to the issuance costs of the bond shall also be covered by the bond proceeds.


### the use of proceeds referred to in article 4 shall relate to economic activities that meet the taxonomy requirements , or that will meet the taxonomy requirements within a defined period of time as set out in a taxonomy-alignment plan. ### the use of proceeds referred to in article 4 shall relate to economic activities that meet the taxonomy requirements , or that will meet the taxonomy requirements within a defined period of time as set out in a taxonomy-alignment plan. the information shall be based on science , and on harmonised , comparable and uniform indicators and consistent with the harmonised life cycle assessment , and those requirements shall ensure a substantial improvement in environmental performance compared with , inter alia , the industry average.


### the use of proceeds referred to in article 4 shall relate to economic activities that meet the taxonomy requirements , or that will meet the taxonomy requirements within a defined period of time as set out in a taxonomy-alignment plan. ### at least 80 % of the use of proceeds referred to in article 4 shall relate to economic activities that meet the taxonomy requirements , or that will meet the taxonomy requirements within a defined period of time as set out in a taxonomy-alignment plan.


### the use of proceeds referred to in article 4 shall relate to economic activities that meet the taxonomy requirements , or that will meet the taxonomy requirements within a defined period of time as set out in a taxonomy-alignment plan. ### at least 70% of the use of proceeds referred to in article 4 shall relate to economic activities that meet the taxonomy requirements , or that will meet the taxonomy requirements within a defined period of time as set out in a taxonomy-alignment plan.


### the use of proceeds referred to in article 4 shall relate to economic activities that meet the taxonomy requirements , or that will meet the taxonomy requirements within a defined period of time as set out in a taxonomy-alignment plan. ### the use of proceeds referred to in article 4 shall relate to economic activities that meet the taxonomy requirements , or that will meet the taxonomy requirements within a defined period of time as set out in a taxonomy-alignment plan. costs related to cases where the environmental objectives set out in article 9 of regulation (eu) 2020/852 are not directly applicable as a result of factors such as the innovative nature , the complexity , and/or the location of the activity and the costs related to the issuance costs of the bond shall also be covered by the bond proceeds.


### the use of proceeds referred to in article 4 shall relate to economic activities that meet the taxonomy requirements , or that will meet the taxonomy requirements within a defined period of time as set out in a taxonomy-alignment plan. ### the use of proceeds referred to in article 4 shall relate to economic activities that meet the taxonomy requirements , or that will meet the taxonomy requirements within a defined period of time as set out in a taxonomy-alignment plan. the information must be based on science based harmonised , comparable and uniform indicators and consistent with the harmonised life cycle assessment , and these requirements should ensure a substantial improvement in environmental performance compared with , inter alia , the industry average.


### the use of proceeds referred to in article 4 shall relate to economic activities that meet the taxonomy requirements , or that will meet the taxonomy requirements within a defined period of time as set out in a taxonomy-alignment plan. ### the use of proceeds referred to in article 4 shall relate to the issuance costs of the bond or economic activities that meet the taxonomy requirements , or that will meet the taxonomy requirements within a defined period of time as set out in a taxonomy-alignment plan.


### the period referred to in the first and second subparagraph shall not exceed five years from bond issuance , unless a longer period of up to ten years is justified by the specific features of the economic activities concerned as documented in a taxonomy-alignment plan. ### the period referred to in the first and second subparagraph shall not exceed eight years from bond issuance , unless a longer period of up to 12 years is justified by the specific features of the economic activities concerned as documented in a taxonomy-alignment plan. the commission shall adopt delegated acts in accordance with article 60 in order to supplement this regulation by outlining the list of economic activities that qualify for the application of the extended period of up to 12 years.


### the period referred to in the first and second subparagraph shall not exceed five years from bond issuance , unless a longer period of up to ten years is justified by the specific features of the economic activities concerned as documented in a taxonomy-alignment plan. ### the period referred to in the first and second subparagraph shall not exceed eight years from bond issuance , unless a longer period of up to twelve years is justified by the specific features of the economic activities concerned as documented in a taxonomy-alignment plan. the commission shall adopt delegated acts in accordance with article 60 to supplement this regulation by outlining the list of economic activities that qualify for the application of an extended period of up to twelve years.


### the period referred to in the first and second subparagraph shall not exceed five years from bond issuance , unless a longer period of up to ten years is justified by the specific features of the economic activities concerned as documented in a taxonomy-alignment plan. ### the period referred to in the first and second subparagraph shall not exceed eight years from bond issuance , unless a longer period of up to 12 years is justified by the specific features of the economic activities concerned as documented in a taxonomy-alignment plan.


### the period referred to in the first and second subparagraph shall not exceed five years from bond issuance , unless a longer period of up to ten years is justified by the specific features of the economic activities concerned as documented in a taxonomy-alignment plan. ### the period referred to in the first and second subparagraph shall not exceed five years from bond issuance , unless a longer period of up to ten years is justified by the specific features of the economic activities concerned as documented in a taxonomy-alignment plan. the european commission shall lay down a delegated act outlining the list of economic activities that qualify for the application of the extended period of up to ten years.


### where the delegated acts adopted pursuant to articles 10(3) , 11(3) , 12(2) , 13(2) , 14(2) or 15(2) of regulation (eu) 2020/852 are amended following the issuance of the bond , the issuer shall allocate bond proceeds to the uses referred to in the first subparagraph by applying the amended delegated acts within five years after their entry into application. ### where the delegated acts adopted pursuant to articles 10(3) , 11(3) , 12(2) , 13(2) , 14(2) or 15(2) of regulation (eu) 2020/852 are amended following the issuance of the bond , the issuer shall allocate bond proceeds to the uses referred to in the first subparagraph by applying the amended delegated acts within ten years after their entry into application.


### where the delegated acts adopted pursuant to articles 10(3) , 11(3) , 12(2) , 13(2) , 14(2) or 15(2) of regulation (eu) 2020/852 are amended following the issuance of the bond , the issuer shall allocate bond proceeds to the uses referred to in the first subparagraph by applying the amended delegated acts within five years after their entry into application. ### where the delegated acts adopted pursuant to articles 10(3) , 11(3) , 12(2) , 13(2) , 14(2) or 15(2) of regulation (eu) 2020/852 are amended following the issuance of the bond , the issuer shall allocate bond proceeds to the uses referred to in the first subparagraph by applying the amended delegated acts within 10 years after their entry into application.


### where the delegated acts adopted pursuant to articles 10(3) , 11(3) , 12(2) , 13(2) , 14(2) or 15(2) of regulation (eu) 2020/852 are amended following the creation of the debt referred to in the first subparagraph , the issuer shall allocate bond proceeds to the debt referred to in the first subparagraph by applying the amended delegated acts within five years after their entry into application. ### where the delegated acts adopted pursuant to articles 10(3) , 11(3) , 12(2) , 13(2) , 14(2) or 15(2) of regulation (eu) 2020/852 are amended following the creation of the debt referred to in the first subparagraph , the issuer shall allocate bond proceeds to the debt referred to in the first subparagraph by applying the amended delegated acts within ten years after their entry into application.


### where the delegated acts adopted pursuant to articles 10(3) , 11(3) , 12(2) , 13(2) , 14(2) or 15(2) of regulation (eu) 2020/852 are amended following the creation of the debt referred to in the first subparagraph , the issuer shall allocate bond proceeds to the debt referred to in the first subparagraph by applying the amended delegated acts within five years after their entry into application. ### where the delegated acts adopted pursuant to articles 10(3) , 11(3) , 12(2) , 13(2) , 14(2) or 15(2) of regulation (eu) 2020/852 are amended following the creation of the debt referred to in the first subparagraph , the issuer shall not be required to reallocate the bond proceeds.