Does the disclosure of the “minimum extent sustainable investments with an environmental objective aligned with the EU Taxonomy” have to be based on actual data or can it consist of a forecast calcula

Subject to sectoral rules governing pre-contractual disclosures in Article 6(3) SFDR and any relevant contractual commitments, the pre-contractual disclosure on the minimum share of sustainable investments, including the extent to which the investments are in environmentally sustainable economic activities, is a commitment that should be met at all times. The information about the degree to which investments are in environmentally sustainable environmental activities, as referred to in Article 15(1)(a) and 19(1)(a) of the Delegated Regulation, should be based on the actual investments the financial product makes in order to satisfy the requirement to disclose “how and to what extent” the investments are in environmentally sustainable economic activities. For new financial products (or financial products that want to change their investment strategy) those references for the calculation of the Taxonomy-alignment of the aggregated investments should be understood as “expected investments”. “Expected investments” can be considered the investable universe, which is analysed, and on the basis of this analysis, a decision about Taxonomy-alignment commitment is made. Please note that while the European Commission in Question VII.1 states that “periodic disclosures must include the information referred to in Article 6 TR if the investments made during the reference period were in economic activities that contribute to an environmental objective, irrespective of commitments made in the pre-contractual disclosure”, this does not apply for Article 8 SFDR products’ sustainable investments (that are not Taxonomy-aligned investments). Under Article 51(d) and the periodic disclosure templates in Annex IV of the Delegated Regulation, Article 8 SFDR financial products that do not commit to making sustainable investments can leave out disclosure of sustainable investments during the reference period. The following decision tree is intended as guidance from the ESAs on the situations under which pre-contractual and periodic Taxonomy-alignment disclosures apply: e od oe e od n end o e ono ned n e en e e of ono ned n e en e f e n o o on of ono ned n e en nd e of ono ned n e en e e of ono ned n e en e od n en on en o e e e od on o o e e d e od n e n e ono e on e o n en on en o e e e od no on e ned ono e o n e od on e ned ono e o n e e of ono ned n e en d e e e on d o e en n n e en on n o n en on en o e e de n e n o n e e on d o e e od d o e e od e od o o e n en on en e e od on o o e o e e od no on e ned ono e o n e o e e n en on en o e e In order to assist preparers of financial product disclosures under Article 8 SFDR regarding the minimum extent to which sustainable investments with an environmental objective are aligned to the EU Taxonomy, the ESAs are also providing below a non-exhaustive table with additional guidance22: Type of Article 8 SFDR product affected by Article 6 TR Pre-contractual Taxonomy-alignment disclosure Periodic Taxonomy-alignment disclosure Product launched after 1 January 2023 promoting environmental characteristics but with no intention to make Taxonomy- aligned investments The product should fill in the section “To what minimum extent are sustainable investments with an environmental objective aligned to the EU Taxonomy” with zero disclosures (i.e. the pie chart shows zero Taxonomy-aligned investments). The product should complete the section “To what extent were the sustainable investments with an environmental objective aligned with the EU Taxonomy” based on the actual investments during the reference period. Product launched after 1 January 2023 promoting environmental characteristics intending to make Taxonomy-aligned investments The product should fill in the section “To what minimum extent are sustainable investments with an environmental objective aligned to the EU Taxonomy” based on the expected investments of the product, which will become a binding commitment towards the investor. The product should complete the section “To what extent were the sustainable investments with an environmental objective aligned with the EU Taxonomy” based on the actual investments during the reference period. 22 Please note that this table is not a comprehensive guide to the full SFDR disclosures, only to one specific part of them: the disclosure of how and to what extent investments are Taxonomy-aligned. Other obligations in the Delegated Regulation or the Level 1 texts apply separately (such as the statement from Article 6 TR). Furthermore, the cases concern ambitions with regard to Taxonomy-aligned investments specifically. Existing product23 promoting environmental characteristics that is already making taxonomy- aligned investments The product should fill in the section “To what minimum extent are sustainable investments with an environmental objective aligned to the EU Taxonomy” based on the investments of the product which could, for example, be measured as an average over a period of time prior to when the disclosure is first made, which will become a binding minimum commitment towards the investor. The product should complete the section “To what extent were the sustainable investments with an environmental objective aligned with the EU Taxonomy” based on the actual investments during the reference period. Existing product promoting environmental characteristics that predicts it will change strategy to make taxonomy- aligned investments from 1 January 2023 onwards The product should complete the pre- contractual disclosure on 1 January 2023 (or change it according to sectoral rules referred to in Article 6(3) SFDR, if it has previously completed the disclosure before it changed strategy) and complete the section “To what minimum extent are sustainable investments with an environmental objective aligned to the EU Taxonomy” based on the expected future investments on 1 January 2023, which will become a binding minimum commitment towards the investor. The product should complete the section “To what extent were the sustainable investments with an environmental objective aligned with the EU Taxonomy” based on the actual investments during the reference period. Existing product promoting environmental characteristics with no intention of making taxonomy-aligned investments The product should complete the section on 1 January 2023 “To what minimum extent are sustainable investments with an environmental objective aligned to the EU Taxonomy” based on existing investments, which may be zero (i.e. the pie chart shows zero Taxonomy- aligned investments). The product should complete the section “To what extent were the sustainable investments with an environmental objective aligned with the EU Taxonomy” based on the actual investments during the reference period. 23 For the purposes of this table, “existing product” is intended to mean that the product was launched before 1 January 2023. Article 8 SFDR product not affected by Article 6 TR Existing product promoting exclusively social characteristics with no intention to change strategy The product should not complete the section “To what minimum extent are sustainable investments with an environmental objective aligned to the EU Taxonomy” because the product is not an Article 6 TR product. The product should not complete the section “To what extent were the sustainable investments with an environmental objective aligned with the EU Taxonomy” because the product is not an Article 6 TR product