Response form for the Consultation Paper on the Draft advice to European Commission under Article 8 of the Taxonomy Regulation

This document provides IOGP’s response to the Consultation Paper on the Draft advice to European Commission under Article 8 of the Taxonomy Regulation.

Context

IOGP recognises and is supportive of the need for transparency on issues related to climate change and sustainability. Our members currently disclose information on these issues, according to different regulatory requirements (e.g. NFRD – Non-Financial Reporting Directive) and voluntary standards, by publishing financial and operating reports, summary annual reports, sustainability reports and individual company position papers.

We fully recognise the necessity to advance measures to drive the sustainable transition and acknowledge that we need to continue to enhance environmental transparency and disclosure.

To ensure that the Taxonomy Regulation works in practice and will achieve its objectives, we call on the European and national authorities to support the industry in the implementation and enforcement of these very new rules and requirements. One of the options to ensure flexibility is to extend the timeline for the disclosure obligation or retain the principal of one or two pilot years (for the disclosure of information on the taxonomy-compliant activities focusing on climate change mitigation & adaptation).