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Department of Finance Prof. Dr. Stefano Battiston

EU Taxonomy Alignement

The Joint Research Center of the EU commission (JRC) and the FINEXUS Center of the University of Zurich (UZH) have carried out a financial impact assessment of the Taxonomy. The full report can be fount HERE.

In this page we provide some more details on the relation between the various classification of the economic activities.

The list of the NACE codes that have been considered in the EU taxonomy has been compiled from the the documents publicly available from the TEG. The corresponding NACE codes are referred to as “considered in the EU Taxonomy”. Table 7 provides an overview of the NACE codes that are included in the CPRS sectors as well as in the EU Taxonomy.
For each type of security considered in the analysis (i.e. equities and bonds), the data from CSDB and SHS are matched over the ISIN codes of the securities. Thanks to this matching, the holdings of the main instititutional sectors can be aggregated across NACE codes, CPRS sectors as well as EU Taxonomy coverage.

 

CPRS sector

NACE codes

EU Taxonomy

1-fossil-fuel

 05, 06, 08.92, 09.10, 19, 35.2, 46.71, 47.3, 49.5

Selected codes from:

  • B-Mining and quarrying related to extraction of iron ores (e.g. 07.10, 07.20)

 

2-utility|electricity

 35.11, 35.12, 35.13

Mostly considered

3-energy-intensive

 07.1, 07.29, 08.9, 08.93, 08.99, 10.2, 10.41, 10.62, 10.81, 10.86, 11.01, 11.02, 11.04, 11.06, 13, 14, 15, 16.29, 17.11, 17.12, 17.24, 20.12, 20.13, 20.14, 20.15, 20.16, 20.17, 20.2, 20.42, 20.53, 20.59, 20.6, 21, 22.1, 23.1, 23.2, 23.3, 23.4, 23.5, 23.7, 23.91, 24.1, 24.2, 24.31, 24.4, 24.51, 24.53, 25.4, 25.7, 25.94, 25.99, 26, 27, 28, 32

Just few are considered (e.g. 20.15, 20.20) as sectors where significant gains in energy efficiency could be realised.

4-buildings

 23.6, 41.1, 41.2, 43.3, 43.9, 55, 68, 71.1

Selected codes from:

  • F-Construction related to residential and commercial building construction (e.g. 41.10, 41.20, 43.22, 43.91 etc)

 

5-transportation

 29, 30, 33.15, 33.16, 33.17, 42.1, 45, 49.1, 49.2, 49.3, 49.4, 50, 51, 52, 53, 77.1, 77.35

Selected codes from:

  • H-Transportation etc. activities related to land, air, and sea transport (49.10, 49.20, 49.41, 50.10, 51.10, etc.)
6-agriculture 01, 02, 03  

Note that where a 2-digits (or 3-digits) NACE code is indicated, this means that all the 4-digits NACE codes contained in that code are mapped into the same CPRS.