The Platform on Sustainable Finance has published a brief setting out its views on the European Securities and Markets Authority consultation concerning the review of the Taxonomy Disclosures Delegated Act. The publication serves as an initial submission ahead of a complete report intended for the European Commission in December 2026.
Background to the Advisory Call
The European Commission initiated the review on 4 March 2026 by issuing a call for technical advice to the European Supervisory Authorities regarding the Disclosures Delegated Act under the Taxonomy Regulation. In response, the European Securities and Markets Authority launched a stakeholder consultation on 1 July 2026.
The Platform on Sustainable Finance, which functions as an advisory body to the European Commission, transmitted its brief directly to ESMA. The brief provides early feedback before the Platform delivers its comprehensive final report to the European Commission at the end of the year.
Four Recommendations for Taxonomy Disclosures
The brief outlines four core recommendations for structural updates to disclosure rules. First, regarding the operational expenditure KPI, the advisory body proposes a two-tier structure consisting of a mandatory KPI limited to research and development expenditure alongside a voluntary opt-in broader KPI for companies choosing to report additional transition-related operational expenses.
Second, for group reporting, the brief advises removing the weighted-average consolidated KPI. Should a single indicator be required, the Platform recommends applying the KPI derived from the group's main reporting regime, selected according to its primary activity. Third, the submission supports incorporating clarifications on climate change adaptation directly into the Disclosures Delegated Act as suggested by ESMA. Finally, the Platform recommends keeping CapEx type C reporting mandatory while work continues on refining its technical definition and scope.
