To date, the various Delegated Acts have defined 101 « eligible » economic activities, divided into 17 sectors.
Complying with the European Taxonomy is a two-staged process: firstly, identify the economic activities (or sub-sectors) 'eligible' to the EU Taxonomy (covered by its scope), and secondly, identify expenditure that are effectively 'aligned' with the EU Taxonomy and meets the following three cumulative conditions set out in the various Delegated Acts
- Make a significant contribution to one of the six environmental objectives (technical screening criteria)
- Have not adversely affected the other five environmental objectives (Do No Significant Harm, or “DNSH”)
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Respect minimum social safeguards (“MSS”)
With regard to the eligibility of green eligible expenditure under the EU Taxonomy, AFT highlights in the revised framework document the green expenditure covered by the EU Taxonomy (indicated in the last column of the table below).
Other expenditure such as specific public expenditure (financing of operators and calls for projects), those related to Official Development Assistance and those related to activities not currently covered by delegated acts (certain expenditure on research and development, agriculture and information and communication technologies) remain eligible under the French framework document.
As regard to the alignment of green eligible expenditure with the EU Taxonomy, of this document, AFT carries out an analysis of the technical criteria set out in the Delegated Acts for the green eligible expenditure concerned. The results of this analysis are available in the Allocation and Performance Report and are updated annually.
In addition, AFT carries out a detailed mapping of the environmental and social laws and regulations in force in France, as well as the internal processes designed to meet the requirements of the "Do No Significant Harm" (DNSH) approach and the Minimum Social Standards (MSS) in accordance with the various Delegated Acts of the EU Taxonomy Regulation, and publishes the results of this mapping in an ad hoc document on its website.
AFT does not commit to the ex-ante alignment of eligible green expenditure with the technical review criteria of the European Taxonomy. Therefore, green OATs do not align with the European Green Bond Standard (EUGBS). AFT may provide pre-issuance and/or post-issuance disclosures according to the voluntary common templates of the European Green Bond Standard (EuGBS) Regulation.