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ESAs propose additional disclosure requirements for nuclear & gas investments in SFDR

The ESAs (EBA, EIOPIA and ESMA) delivered their final report on the draft Regulatory Technical Standards (RTS) regarding the SFDR. In this draft, the ESAs propose to the European Commission (EC) to add additional transparency requirements for investments in taxonomy-aligned gas and nuclear economic activities in the context of SFDR reporting.

Their idea is to include a yes/no question in the financial product templates of the SFDR to assess the intention of financial products to invest in these activities. If they plan to invest in taxonomy-aligned gas or nuclear economic activities, a graphical illustration of the proportion of investments in such activities is required.

This would be necessary for two categories of SFDR funds:

  • Article 8: funds that promote environmental or social characteristics (light green) and
  • Article 9: funds that have sustainable investment as their objective (dark green)


For fossil gas or nuclear energy investments that the EU Taxonomy does not cover, the ESAs deem the existing disclosure requirements in the SFDR appropriate.

The EC will now analyze the draft RTS over three months and decide on the next steps. Under EU Taxonomy, these activities can be classified as 'green' if they meet certain conditions already by 01 January 2023.

For inquiries please contact:

RBI Regulatory Advisory

Raiffeisen Bank International AG | Member of RBI Group | Am Stadtpark 9, 1030 Vienna, Austria  | Tel: +43 1 71707 - 5923