EU Taxonomy
We are committed to achieving net zero emissions across our entire value chain by 2040 and we support the European Commission’s action plan to redirect capital flows towards a more sustainable economy.
The EU Taxonomy, which is a key part of the EU’s action plan, is a classification system for economic activities that can be considered environmentally sustainable, in support of the EU’s Green Deal. Under the EU Taxonomy, non-financial companies are required to disclose the percentage of turnover, CapEx, and OpEx that meet its criteria.
As a company domiciled in Switzerland, Coca-Cola HBC is not subject to the EU Non-Financial Reporting Directive (NFRD) or required to report using the EU Taxonomy. However, we have been voluntarily complying with other requirements of the NFRD since 2018.
In 2022, there were delays in the adoption of the EU Taxonomy delegated act for the remaining four environmental objectives. The new delegated act for economic activities that substantially contribute to: sustainable use and protection of water and marine resources; transition to a circular economy; pollution prevention and control; and protection and restoration of biodiversity and ecosystems, was approved in principle by the EU Commission in June 2023, and will be formally adopted later in the year.
The primary economic activity of CCHBC – manufacturing of beverages and food products – has not been considered eligible in the context of “transition to a circular economy”, the environmental objective to which the Group could substantially contribute. In addition, no other taxonomy-eligible activities have been identified. Thus, all three of our turnover, CaPex and OpEx are 0% taxonomy-eligible and subsequently 0% taxonomy-aligned.
In 2023, we will remain alert to the evolving EU legislation around corporate sustainability disclosure requirements, and we will continue our work to maintain best-in-class ESG reporting.
