Watson Farley & Williams (“WFW”) is delighted to announce that it has provided support, including a central role in drafting and addressing issues in the first edition of the ‘Aviation EU Taxonomy Best Practices Manual’ to assist the aviation industry with the interpretation of and practical guidance on certain aviation technical screening criteria under the EU taxonomy.
The Aviation EU Taxonomy Best Practices Manual, fully titled Manual for Best Practices Under and Interpretation of – Aviation Technical Screening Criteria – The EU Taxonomy, is issued through a collaboration between the Aviation Working Group (“AWG”) and the International Air Transport Association (“IATA”). The Aviation EU Taxonomy Best Practices Manual has been produced based on over four years’ discussion, negotiation and consultation with the European Commission, European Union Aviation Safety Agency (“EASA”), aviation industry participants and auditors.
The EU taxonomy is a cornerstone of the EU’s sustainable finance framework and an important market transparency tool. The EU taxonomy is the EU’s classification system that provides criteria for economic activities to be aligned with a net zero trajectory by 2050 and the EU’s broader environmental goals.
The Aviation EU Taxonomy Best Practices Manual has been prepared for use in reporting requirements (under the EU’s Directive on corporate sustainability reporting (CSRD)), sustainable finance and its potential extension to sustainable accounting and taxation. The first wave of aviation companies (certain airlines and manufacturers) required to report under CSRD (in respect of 2024), and their auditors, will be able to use the Aviation EU Taxonomy Best Practices Manual for such purposes.
As principal legal advisors to the AWG, WFW has played a key role advising on several projects that have far-reaching impacts on the aviation industry, including the design and build of the award-winning AWG Carbon Calculator.
The WFW team that centrally supported the drafting of the Aviation EU Taxonomy Best Practices Manual included Global Aviation and Aerospace Sector Head Jim Bell, Singapore Partner Richard Williams and London Senior Associate Michael Keightley.
Jim commented: “We are delighted that the Aviation EU Taxonomy Best Practices Manual has finally been published. This is the result of significant hard work, discussion and collaboration with many different parties. I am incredibly proud that WFW has played such a pivotal role in the preparation of this important guidance which will serve as an invaluable tool to the aviation industry as a whole”.
Jeffrey Wool, Secretary General of AWG, added: “Whilst many have been involved in work on the Aviation EU Taxonomy Best Practices Manual, with AerCap deserving special credit for its thoughtful approach and sustained efforts, there is no doubt that without WFW’s central role the document would not have been produced. The firm displayed highest level industry knowledge and legal skills to help bring this document together”.
Please find links following to the Aviation EU Taxonomy Best Practices Manual and the accompanying Summary Document.
