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Indicate whether the following statement is true or false. The EU Taxonomy and ESRS digital taxonomy serve the same purpose in sustainability reporting.
Correct Answer: B
TheEU Taxonomyand theESRS digital taxonomyserve different purposes in sustainability reporting: * EU Taxonomyis a classification system that identifiesenvironmentally sustainable economic activitiesand establishes criteria for determining their contribution to environmental objectives. It is primarily used to guide investment decisions and financial disclosures. * ESRS Digital Taxonomyis a structureddigital frameworkthat ensures sustainability disclosures are machine-readable, standardized, and comparableunder theCorporate Sustainability Reporting Directive (CSRD). Key Differences:Aspect EU Taxonomy ESRS Digital Taxonomy Purpose Classifies sustainable economic activities Enables structured digital sustainability reporting Scope Environmental focus on investments & economic activities Comprehensive reporting across environmental, social, and governance (ESG) areas Users Financial institutions, investors Reporting entities, auditors, regulators Regulation UnderEU Taxonomy Regulation (2020/852) UnderCSRD (Directive 2022/2464/EU) References: * EU Platform on Sustainable Finance Report: Simplifying the EU Taxonomy * Commission Delegated Regulation (EU) 2023/2772
