{"id":140359,"date":"2026-05-21T18:14:10","date_gmt":"2026-05-21T22:14:10","guid":{"rendered":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/sustainable-finance\/what-e1-trillion-in-eu-taxonomy-data-reveals-about-europes-transition\/"},"modified":"2026-05-21T18:53:15","modified_gmt":"2026-05-21T22:53:15","slug":"what-e1-trillion-in-eu-taxonomy-data-reveals-about-europes-transition","status":"publish","type":[3762],"link":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/sustainable-finance\/what-e1-trillion-in-eu-taxonomy-data-reveals-about-europes-transition\/","title":{"rendered":"What \u20ac1 trillion in EU Taxonomy data reveals about Europe\u2019s transition"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0fc02d3d176'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">What \u20ac1 trillion in EU Taxonomy data reveals about Europe\u2019s transition<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/data\/\" rel=\"category tag\">\n                    Data\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/sustainable-finance\/\" rel=\"category tag\">\n                    Sustainable Finance\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/solar-panels-8.3.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Solar Power Plant\" title=\"Solar Power Plant\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0fc02d48dda'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">May 21, 2026<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a0fc02d4bcbe'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--has-bg-color\"\n    style=\"background-color:#e6f3ff;border-radius: 16px 16px 16px 16px;\"\n    >\n    <div class=\"wpb_content_element bbg-card  bbg-card-custom bbg-card-text-black\" id=\"card_1\" data-card_type=\"no_image\">\n      <style>#card_1 .bbg-card__innerwrapper {background-color: #e6f3ff;}#card_1 .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1:hover .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1 .bbg-card__innerwrapper {\n\tpadding: calc(var(--brand-large-padding, 40px) - 1px) !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__title {\n\tcolor: #000000 !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__content,#card_1 .bbg-card__innerwrapper .bbg-card__content p  {\n\tcolor: #000000 !important;\n\t}#card_1.bbg-card_hasImage .bbg-card__innerwrapper{padding-top: calc(var(--brand-default-padding, 16px) - 1px);padding-left: calc(var(--brand-default-padding, 16px) - 1px);padding-right: calc(var(--brand-default-padding, 16px) - 1px);}<\/style>\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n              <div class=\"bbg-card__eyebrow\" style=\"color: #000000\">KEY TAKEAWAYS<\/div>\n      \n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><\/p>\n<ul>\n<li><span class=\"NormalTextRun SCXW190877968 BCX0\">EU Taxonomy data now shows more than \u20ac1 trillion in taxonomy-aligned capital expenditure, reflecting growing investment in renewable energy, low-carbon\u00a0<\/span><span class=\"NormalTextRun SCXW190877968 BCX0\">infrastructure<\/span><span class=\"NormalTextRun SCXW190877968 BCX0\">\u00a0and industrial transition activities.<\/span><\/li>\n<li><span class=\"TextRun SCXW201720798 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW201720798 BCX0\">Bloomberg analysis of EU Taxonomy disclosures highlights how energy, manufacturing and transport sectors are driving sustainable finance investment across Europe.<\/span><\/span><\/li>\n<li><span class=\"TextRun SCXW215299512 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW215299512 BCX0\">Standardized sustainability reporting under the EU Taxonomy is improving comparability across markets and helping investors assess climate-related capital allocation\u00a0<\/span><span class=\"NormalTextRun SCXW215299512 BCX0\">and\u00a0<\/span><span class=\"NormalTextRun SCXW215299512 BCX0\">identify<\/span><span class=\"NormalTextRun SCXW215299512 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW215299512 BCX0\">transition risk<\/span><span class=\"NormalTextRun SCXW215299512 BCX0\">s and opportunities<\/span><span class=\"NormalTextRun SCXW215299512 BCX0\">.<\/span><\/span><span class=\"EOP SCXW215299512 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p>\n<\/div>\n          <\/div>\n\n      <\/div>\n\n  <\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a0fc02d4f05e'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i><span style=\"font-weight: 400;\">This article was written by Nadia Humphreys, Head of Sustainable Finance Data at Bloomberg.\u00a0 <\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">The EU Taxonomy was designed to help address the long-standing challenge in sustainable finance: the absence of a shared definition of what \u201cgreen\u201d means in economic terms. At its core, the framework links corporate activity directly to environmental objectives by requiring companies to quantify how much of their revenue, capital expenditure and operating expenditure aligns with a science-based classification system for environmental sustainability.<\/span><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0fc02d51301'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-3\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px;\">PRODUCT MENTIONS<\/span><\/strong><\/p>\n\n<\/div>\n\n<div\n  id=\"cta_4458637545343918726\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/professional.bloomberg.com\/products\/data\/enterprise-catalog\/sustainable-finance\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"Bloomberg Sustainable Finance Data\"\n        >\n                      Bloomberg Sustainable Finance Data\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-1\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">In many international reporting regimes, companies retain a degree of discretion in defining and labelling \u201cgreen\u201d activities, which can lead to inconsistencies in methodology and interpretation across markets and sectors. The EU Taxonomy takes a different approach. It sets out detailed technical screening criteria and disclosure requirements that apply uniformly across the 27 EU Member States, helping create a level of comparability that has historically been missing from sustainable finance data.\u00a0 \u00a0 <\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a0fc02d56729'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_2\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Empower your work with Enterprise Data & Technology monthly insights<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up for the newsletter <\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_7419466961181827882\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/enterprise-data-and-tech\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0fc02d59d01'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW131900937 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW131900937 BCX0\" data-ccp-parastyle=\"heading 2\">How EU Taxonomy reporting<\/span><span class=\"NormalTextRun SCXW131900937 BCX0\" data-ccp-parastyle=\"heading 2\">\u00a0reveals the progress of the transition<\/span><span class=\"NormalTextRun SCXW131900937 BCX0\" data-ccp-parastyle=\"heading 2\">\u00a0<\/span><\/span><span class=\"EOP Selected SCXW131900937 BCX0\" data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:160,&quot;335559739&quot;:80}\">\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The rollout of taxonomy reporting has been gradual. Initial disclosures began in 2021 with limited scope, focusing primarily on eligibility. Over subsequent years, the framework expanded to include alignment metrics and broader coverage across environmental objectives. By 2024, companies were reporting a full set of financial and non-financial key performance indicators under Article 8, marking the first complete year of taxonomy-aligned disclosure. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now, in 2026, the data is reaching a stage where it can provide additional insight about capital allocation across the European economy. One recent milestone is worth highlighting: taxonomy-aligned capital expenditure has surpassed \u20ac1 trillion. <\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"680\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-1.png\" class=\"bbg-single-image__image attachment-full\" alt=\"EU Taxonomy-Aligned Capex for Non-Financial Firms\" title=\"EU Taxonomy-Aligned Capex for Non-Financial Firms\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-1.png 1024w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-1-552x367.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-1-800x531.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-1-768x510.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-1-163x108.png 163w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span data-contrast=\"auto\">This is not a forward-looking\u00a0estimate,\u00a0it is the\u00a0reported\u00a0capital\u00a0deployment associated with activities described as\u00a0supporting\u00a0companies\u2019\u00a0efforts\u00a0to\u00a0operate\u00a0more sustainably. Under the\u00a0EU\u00a0Taxonomy Regulation, aligned\u00a0CapEx\u00a0should\u00a0correspond directly\u00a0to capital expenditure\u00a0recognised\u00a0in a company\u2019s financial statements for the reporting year.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If a company reports \u20ac100 million of aligned CapEx for 2025, that amount is expected to be reflected as spent in its 2025 accounts, in accordance with the applicable reporting framework. It cannot represent planned investment or multi-year commitments. This requirement, set out in the detailed rules under Article 8 of the Taxonomy, helps ensure that the data captures real, contemporaneous investment decisions rather than projections.\u00a0 <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Even more notable is that the \u20ac1 trillion threshold has been reached before the full set of 2025 disclosures has been reported. Current disclosure for 2025 sits at approximately ~1,100 non-financial reporting firms, representing ~60% of a typical reporting cycle. This suggests that the final reported figures for 2025 may exceed this milestone as additional disclosures are made.\u00a0 <\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"999\" height=\"692\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-2.png\" class=\"bbg-single-image__image attachment-full\" alt=\"EU Taxonomy Disclosure Rates by Year\" title=\"EU Taxonomy Disclosure Rates by Year\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-2.png 999w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-2-552x382.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-2-800x554.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-2-768x532.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-2-156x108.png 156w\" sizes=\"auto, (max-width: 999px) 100vw, 999px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">This capital is being deployed into activities that meet the criteria set out in the EU Taxonomy framework, including renewable energy generation, low-carbon infrastructure, energy efficiency improvements and industrial transformation. Importantly, the taxonomy also includes investment in sectors with higher emissions intensity, such as activities associated with transition efforts, rather than excluding high-emitting industries.\u00a0 <\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"979\" height=\"657\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-3.png\" class=\"bbg-single-image__image attachment-full\" alt=\"EU Taxonomy-Aligned Opex for Non-Financial EU Firms\" title=\"EU Taxonomy-Aligned Opex for Non-Financial EU Firms\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-3.png 979w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-3-552x370.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-3-800x537.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-3-768x515.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-3-161x108.png 161w\" sizes=\"auto, (max-width: 979px) 100vw, 979px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">Operating expenditure, while smaller at approximately \u20ac250 billion, provides additional insight into ongoing costs associated with maintaining and improving aligned activities.\u00a0 <\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"981\" height=\"648\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-4.png\" class=\"bbg-single-image__image attachment-full\" alt=\"EU Taxonomy-Aligned Revenue for Non-Financial EU Firms\" title=\"EU Taxonomy-Aligned Revenue for Non-Financial EU Firms\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-4.png 981w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-4-552x365.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-4-800x528.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-4-768x507.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-4-164x108.png 164w\" sizes=\"auto, (max-width: 981px) 100vw, 981px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">Beyond expenditure, the broader dataset reinforces the same trend. Companies are reporting more than \u20ac3 trillion in taxonomy-aligned revenue, indicating that a growing share of economic activity is already consistent with the framework\u2019s environmental objectives. <\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW69555332 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW69555332 BCX0\" data-ccp-charstyle=\"Heading 2 Char\">Which sectors are leading EU Taxonomy-aligned investment?<\/span><\/span><span class=\"EOP Selected SCXW69555332 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Looking at the sectoral distribution, the concentration of aligned investment is not evenly spread. Energy, manufacturing and transport emerge as the leading sectors by absolute capital expenditure, each contributing significant volumes of aligned CapEx. <\/span>It is important to note that this classification is based on the primary NACE code of the reporting entity, reflecting its main revenue-generating activity rather than segment-level reporting.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1009\" height=\"617\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-5.png\" class=\"bbg-single-image__image attachment-full\" alt=\"EU Taxonomy-Aligned Capex Amount (2021-2025) by Primary Sector\" title=\"EU Taxonomy-Aligned Capex Amount (2021-2025) by Primary Sector\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-5.png 1009w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-5-552x338.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-5-800x489.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-5-100x60.png 100w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-5-768x470.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-5-177x108.png 177w\" sizes=\"auto, (max-width: 1009px) 100vw, 1009px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"983\" height=\"626\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-6.png\" class=\"bbg-single-image__image attachment-full\" alt=\"EU Taxonomy Average % Aligned Capex (2021-2025) by Primary Sector\" title=\"EU Taxonomy Average % Aligned Capex (2021-2025) by Primary Sector\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-6.png 983w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-6-552x352.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-6-800x509.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-6-768x489.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Sustainable-FInance-Fig-6-170x108.png 170w\" sizes=\"auto, (max-width: 983px) 100vw, 983px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">When alignment is assessed on a relative basis, a slightly different picture emerges. Sectors such as energy, water, real estate, construction and transport show the highest average alignment ratios, with many approaching or exceeding 20% of total capital expenditure. This suggests that while some industries dominate in terms of scale, others report higher alignment ratios relative to their capital expenditure. <\/span><\/p>\n<p><span data-contrast=\"auto\"><span style=\"font-weight: 400;\">Taken together, the data highlights changes in capital allocation associated with the EU\u2019s environmental objectives. Based on these observations, the taxonomy has been operating as both a disclosure framework and a tool to support capital allocation decisions. By anchoring sustainability claims to measurable, standardized criteria, the taxonomy can help reduce ambiguity and increase credibility in reported figures. <\/span><\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW135527936 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW135527936 BCX0\" data-ccp-parastyle=\"heading 2\">P<\/span><span class=\"NormalTextRun SCXW135527936 BCX0\" data-ccp-parastyle=\"heading 2\">olicy frameworks\u00a0<\/span><span class=\"NormalTextRun SCXW135527936 BCX0\" data-ccp-parastyle=\"heading 2\">help shift<\/span><span class=\"NormalTextRun SCXW135527936 BCX0\" data-ccp-parastyle=\"heading 2\">\u00a0corporate strategy\u00a0<\/span><\/span><span class=\"EOP Selected SCXW135527936 BCX0\" data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:160,&quot;335559739&quot;:80}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">There are still limitations to consider. Coverage remains incomplete, methodologies continue to evolve and the framework itself is refining testing criteria for environmental objectives and sectors. However, the data demonstrates that the combination of policy, clarity, and financial materiality can shift behavior at scale. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Crossing the \u20ac1 trillion threshold in aligned capital expenditure is less about the headline number and more about what sits behind it. It suggests a growing alignment between the EU\u2019s policy framework, corporate strategy and reported financial flows. In practical terms, it indicates that an increasing portion of EU investment is associated with activities that meet the EU\u2019s common definition for environmental sustainability. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">For more insights on the transition and other climate risks, Bloomberg provides a comprehensive suite of data and analytics in addition to research from <\/span><a href=\"https:\/\/professional.bloomberg.com\/products\/data\/enterprise-catalog\/sustainable-finance\/\"><span style=\"font-weight: 400;\">BloombergNEF<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/professional.bloomberg.com\/products\/bloomberg-terminal\/research\/bloomberg-intelligence\/\"><span style=\"font-weight: 400;\">Bloomberg Intelligence<\/span><\/a><span style=\"font-weight: 400;\">. To learn more, please visit <\/span><a href=\"https:\/\/professional.bloomberg.com\/products\/data\/enterprise-catalog\/sustainable-finance\/\"><span style=\"font-weight: 400;\">Bloomberg Sustainable Finance Data website<\/span><\/a><span style=\"font-weight: 400;\"> or request a demo. <\/span><\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0fc02d626b2'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div class=\"bbg-accordion transparent\">\n\t<input type=\"checkbox\"  id=\"bbg-accordion-toggle-6a0fc02d63af1\">\n\t<div class=\"bbg-accordion-parent\" data-accordion-toggle aria-expanded=\"false\">\n\t\t<label class=\"bbg-accordion-label\" for=\"bbg-accordion-toggle-6a0fc02d63af1\">\n\t\t\t\t<h5 class=\"bbg-accordion-title\" data-label=\"Disclaimer\">\n\t\tDisclaimer\n\t<\/h5>\n\n\t\t\t\t\t<\/label>\n\t<\/div>\n\t<div class=\"bbg-accordion-content\">\n\t\t<div class=\"bb-wysiwyg\">\n\t<p><span data-contrast=\"none\">The data included in these materials are for illustrative purposes only. The BLOOMBERG TERMINAL service and data products (the &#8220;Services&#8221;) are owned and distributed by Bloomberg Finance L.P. (&#8220;BFLP&#8221;) except (i) in Argentina, Australia and certain jurisdictions in the Pacific islands, Bermuda, China, India, Japan, Korea and New Zealand, where Bloomberg L.P. (&#8220;BLP&#8221;, together with its affiliates, including BFLP, &#8220;Bloomberg&#8221;) and its subsidiaries distribute these products, and (ii) in Singapore and the jurisdictions serviced by Bloomberg&#8217;s Singapore office, where a subsidiary of BFLP distributes these products. BLP or one of its subsidiaries provides BFLP and its subsidiaries with global marketing and operational support and service.\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Certain features, functions, products and services are available only to sophisticated investors and only where permitted. The Services are standard services offered by Bloomberg. Users are responsible for their use of the Services and for assessing whether the Services help meet any regulatory obligations that apply to them. Bloomberg does not guarantee the accuracy of data or other information in the Services. Nothing in the Services shall constitute or be construed as an offering of financial instruments by Bloomberg, or as investment advice or recommendations by Bloomberg of an investment strategy or whether or not to \u201cbuy\u201d, \u201csell\u201d or \u201chold\u201d an investment. Information available via the Services should not be considered as information sufficient upon which to base an investment decision. Bloomberg makes no claims or representations, or provides any assurances, about the sustainability characteristics, profile or data points of any underlying issuers, products or services, and users should make their own determination on such issues. The following are trademarks and service marks of BFLP, a Delaware limited partnership, or its subsidiaries: BLOOMBERG, BLOOMBERG ANYWHERE, BLOOMBERG MARKETS, BLOOMBERG NEWS, BLOOMBERG PROFESSIONAL, BLOOMBERG TERMINAL and BLOOMBERG.COM. 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