Taxonomía 101

The document outlines a four-phase framework for sustainable finance taxonomies: governance, design, implementation, and expansion/revision. It emphasizes 'interoperability' to facilitate cross-border financial flows, recommending a science-based approach aligned with the Paris Agreement. Key design elements include the definition of environmental and social objectives, sector selection based on the International Standard Industrial Classification (ISIC), and the use of Technical Screening Criteria (TSC). The guide details how to handle transition activities through binary or 'traffic-light' archetypes and provides a step-by-step alignment process for activities, entities, and portfolios. It also addresses the specific needs of SMEs and the necessity of periodic reviews every three to five years to maintain scientific and technological relevance.

• Interoperability is essential for global taxonomies to promote cross-border financial flows and expand sustainable investment markets, requiring shared language, principles, and methodologies based on a scientific foundation such as the Paris Agreement.
• Effective taxonomy governance is structured across three levels: Level 1 for executive decision-making and oversight (Taxonomy Council), Level 2 for administration and project management (Secretariat), and Level 3 for technical advice and work (Technical Working Group and consultants).
• Taxonomy design is based on four pillars: environmental and social objectives, sectoral structure and activity selection, Technical Screening Criteria (TSC), and additional alignment components including 'Do No Significant Harm' (DNSH) and Minimum Social Safeguards (MSS).
• The guide recommends 'pass/fail' criteria for Technical Screening Criteria (TSC) because they are binary, reduce subjectivity, and are easier to harmonize across jurisdictions compared to qualitative or principle-based criteria.
• Transition activities can be managed using two main archetypes: a binary approach (where transition is a subset of green) or a 'traffic-light' approach (categorizing activities as green, amber/transition, or excluded).
• To prevent 'greenwashing' or 'transition-washing', transition criteria must apply only to activities without low-carbon alternatives, require improvement over time, and have a defined expiration date.
• Taxonomy alignment is evaluated at three levels of aggregation: Level 1 (Activity), Level 2 (Entity), and Level 3 (Portfolio), with each level building upon the previous one.
• For SMEs, the guide suggests simplifying compliance through reduced criteria requirements, alternative disclosure methods based on forward-looking estimates, and materiality thresholds (e.g., 90% of turnover or expenditure).
• Taxonomies should be updated every three to five years to reflect technological and scientific advances, with a recommended transition period of 12 to 36 months for new criteria to take effect.
• Grandfathering clauses (exenciones) are used to provide certainty for long-term debt instruments, typically allowing a period of five to seven years for assets to remain classified as sustainable after criteria change.

APA

Climate Bonds Initiative (n.d.). Taxonomía 101. https://www.climatebonds.net/files/documents/publications/Taxonomia-101_ESP_-2026.pdf

Chicago

Climate Bonds Initiative. Taxonomía 101. n.d. https://www.climatebonds.net/files/documents/publications/Taxonomia-101_ESP_-2026.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=Taxonomía 101 |url=https://www.climatebonds.net/files/documents/publications/Taxonomia-101_ESP_-2026.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiativendtaxonoma, author = {{Climate Bonds Initiative}}, title = {{Taxonomía 101}}, institution = {Climate Bonds Initiative}, url = {https://www.climatebonds.net/files/documents/publications/Taxonomia-101_ESP_-2026.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }