The EU taxonomy is a classification system introduced by the European Union to align the EUs Green new deal strategy with the financial reporting and to promote investments in sustainable businesses and to create transparency and comparability within the Union. With the taxonomy, we report the share of turnover that is aligned with the EU goals for environmentally sustainable services (green services). We also report capex as the share of investments that are supporting the green services or are meant to transition non-aligned services to green services. Investments that do not qualify as capex in the accounting standards are reported as opex investments within the taxonomy.
The taxonomy framework is under constant improvement. In 2022 we will report on activities that are aligned with the requirements of the framework for the first time. The alignment is only relating to the environmental objectives of climate change mitigation and climate change adaptation. EU is currently develop- ing technical screening criteria for the four other EU environmen- tal objectives (sustainable use and protection of water and marine resources, transition to a circular economy, pollution prevention and control and restoration of biodiversity and ecosystems) and this is expected to result in additional reporting in the future.
For a service to qualify as aligned according to the taxonomy, it must be established that the activity:
- makes a substantial contribution to achieving one or more of the EUs environmental objectives.
- does no significant harm to any other EU environmental objective.
- will be practiced in compliance with the EU minimum social safeguards.
Only if all three requirements are achieved, will the service be deemed environmentally sustainable by the EU and be qualified as a green service by Norva24. The UIM Industry Is an integral part of keeping the water supply and sewerage networks functioning, and many of Norva24’s core services falls within the EU taxonomy.