How should activities be counted that qualify as Taxonomy-aligned while at the same time
contribute to another environmental and/or social objective?

Question

ESA Joint Committee (EBA, ESMA, EIOPA) · Accepted Answer

While an activity can contribute to several environmental and/or social objectives, double counting
should be avoided for the sake of clarity. In this regard:
- when reporting on an activity aligned with the EU Taxonomy, financial market participants
should only consider the objectives laid down in Article 9 TR. One activity can only
contribute to one of these objectives. For the avoidance of doubt, if the activity contributes
to more than one objective, the financial market participant should choose the objective
to which the activity contributes most or that is better aligned with the environmental
objective of the fund or investment; and
- when reporting on an activity non-aligned with the EU Taxonomy but that contributes to
a sustainable investment in the meaning of Article 2(17) SFDR, FMPs should only
consider one single environmental or social objective.

How should activities be counted that qualify as Taxonomy-aligned while at the same time contribute to another environmental and/or social objective?

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