Many initiatives have highlighted the need for a common language on non-financial issues. The green taxonomy is the foundation of a broader set of standards and regulations currently being developed in Europe (e.g., CSRD, formerly NFRD / transposition DPEF by the end of 2022 at the latest for reporting at the company level, standards relating to interest rate instruments or EU green Bonds and Loans Standards, labelling of financial products or EU eco-label Benchmark (low-carbon indexes), SFDR regulation (reporting on financial services, March 10, 2021, application as of 2021)) In particular, the taxonomy serves as a basis for the question of reporting, a key issue for ensuring that data is made available. In particular, international guidelines on climate-related issues have been given by the TCFD (Task Force on Climate related financial Disclosure) created following the Paris agreements in 2015, while the CAC 40 companies have collectively committed to respecting these guidelines. For companies in the broadest sense, the NFRD took over from CSR reporting in October 2014. It is applicable to all companies with more than 500 employees, i.e. approximately 6,000 listed and unlisted companies (supplemented by guidelines on non-financial information in June 2017, and by guidelines on the use of financial information in the public sector).
financial information in June 2017, and by guidelines on climate-related information in July 2019). In France, Article 173 was implemented in 2015 and the NFRD was transposed into French law through the obligation to publish a "declaration of non-financial performance" (DPEF). In addition, a consultation was held in early 2020 with a view to revising the NFRD and leading to the proposal of a CSRD (Corporate Sustainability Reporting Directive) on 21 April 2021, with mandatory transposition into French law before December 2022 (scope of companies concerned including, in addition to large companies, all listed SMEs and a significant proportion of companies with more than 250 employees). Also, EFRAG is in charge of developing reporting standards. Finally, directly impacting the financial sector, the European Union issued in November 2019 a regulation called "Disclosure" or SFDR (Sustainable Finance Disclosure Regulation) concerning the publication of sustainability information in the financial services sector (both Entity and Product level).


The Taxonomy measures the ability of companies to combat global warming through six objectives, namely climate change mitigation (implemented from 2021), climate change adaptation (implemented from 2021), protection of water and water resources (implemented from 2022), transition to a circular economy (implemented from 2022), pollution prevention and control (implemented from 2022), protection and restoration of biodiversity (implemented from 2022) Three categories of actors will be obliged to report on their activities: financial market actors offering financial products in the EU, large companies required to provide a non-financial statement under the Non-Financial Reporting Directive (companies with more than 500 employees), and the EU and Member States establishing measures, standards or labels for green financial products or bonds. In any case, all companies will have to report in order to gain access to the green loan or green bond markets. The years 2020 to 2022 have thus represented a tight and complicated schedule for all actors to meet.