Reimagining CEE: EU Taxonomy reporting has begun for banks and businesses – what should we expect?

Welcome to the first edition of our ‘Reimagining CEE’ series, regular Law-Now e-alerts discussing ESG-related updates with a particular focus on the impact on businesses across Central and Eastern Europe. Over the last two years, the abbreviation ESG and the word “taxonomy” have been on everyone’s lips, and they are about to become even more frequent in almost every business conversation, especially in CEE. The latest reason for this is the fact that the EU Taxonomy Regulation[1] took effect on 1 January 2022 regarding reporting on climate change mitigation and adaptation. This reporting has to be prepared from this year. The new obligation applies to large financial and non-financial companies subject to the transitional rules.