Who is affected by the EU taxonomy?
The EU Taxonomy extends its reach to all EEA-listed companies and companies outside the EU with significant subsidiary operations within the Union. Specifically, those companies that meet at least two of the following criteria: over 500 employees, more than 40 million EUR in revenue, or over 20 million EUR on the balance sheet. This wide-ranging impact makes understanding and complying with the EU Taxonomy essential for diverse businesses.
Norway always has a grace period to transpose European legislation into national law. Nevertheless, Norwegian companies must follow the requirements of the EU Taxonomy for sustainable activities regulation starting in 2023.