Introducing the EU Taxonomy Issuers Window on the LGX Platform
Since the EU Taxonomy was announced to the market in 2020 and later applied in 2022, this classification system for environmentally sustainable economic activities in the European Union (EU) has piqued the interest of many. Investors, regulators, and companies have all been eager to understand how this ambitious framework would transform the landscape of sustainable finance and what it would mean for the future of corporate reporting and investment decision-making.
As home of the world’s leading platform for sustainable finance, the Luxembourg Green Exchange (LGX), the Luxembourg Stock Exchange (LuxSE) knew that it had a key role to play in facilitating its adoption. LuxSE has long stood at the intersection of regulation, innovation, and market practice - championing transparency, elevating standards, and helping the financial industry adapt to new expectations. This is where its newly launched EU Taxonomy Issuers Window on the LGX Platform found its beginnings.
By creating a common language, the EU Taxonomy aims to bring clarity to the market. It focuses on six environmental objectives - from climate change mitigation to biodiversity protection - and sets out technical screening criteria that determine whether an activity makes a Substantial Contribution (SC) while Doing No Significant Harm (DNSH) to the other objectives and respecting Minimum Social Safeguards (MSS).
For companies and investors alike, the EU Taxonomy is reshaping the way sustainability performance is communicated and assessed. Issuers must disclose the extent to which their activities are Taxonomy-eligible and Taxonomy-aligned, measured through turnover, CapEx and OpEx. This information provides insight into both current sustainable activities and future transition pathways.
At the same time, investors increasingly rely on this data to understand environmental performance, comply with their own reporting obligations, and design sustainability-labelled investment products. As disclosure becomes more standardised, investors are better equipped to assess the environmental impact and credibility of their portfolios.
The EU Taxonomy is a powerful tool that all companies can use to build trust and reinforce the credibility of their sustainability commitments. While EU Taxonomy reporting is only mandatory for companies in the scope of the Corporate Sustainability Reporting Directive (CSRD), EU Taxonomy reporting also represents an opportunity for out-of-scope companies to highlight the environmentally sustainable nature of their activities.
Since then, the growth of sustainable finance has been mainly driven by the security-level data and analysis of sustainable securities such as those displayed on the LGX Platform. However, a new trend is emerging.
While security-level data will remain an important part of the sustainable finance world, investors are increasingly looking beyond these securities, to the issuers that are bringing them to the market and to whether the issuer's overall activities contribute the transition towards a more low-carbon and sustainable future.
It is with this in mind that the EU Taxonomy Issuers Window came to be.
Unveiled to the public on 10 November, the EU Taxonomy Issuers Window showcases LuxSE issuers with either Significant Turnover Alignment or Significant CapEx Alignment with the EU Taxonomy. Marking a new step for the exchange and for the LGX Platform, this window places the focus on an issuer’s overall business model and its contribution to the green activities set out in the EU Taxonomy. With this latest move, LuxSE strengthens its commitment to fostering awareness of the broader universe of investment options, contributing to positive environmental outcomes. It provides visibility to companies whose activities or investment plans are aligned with or actively supporting the EU’s ambitious green agenda, even if they do not issue green bonds.
In addition to displaying information on the entity’s overall issuer profile, all bonds listed by these issuers on LuxSE will be included in this window and form part of the LGX Platform, even if not specifically labelled as green, due to the entity’s overall profile.
In doing so, the window bridges a crucial gap. While the sustainable bond market continues to flourish, a complete understanding of corporate sustainability requires looking beyond instruments to the entity-level disclosures of companies themselves. This initiative helps bring those underlying realities into sharper focus.
The first category highlights companies with Significant Turnover Alignment. These are companies generating more than 75% of their revenue from EU Taxonomy-aligned activities. These issuers are already deeply rooted in green value creation, demonstrating that sustainability is embedded in their core business model. Their alignment reflects not just ambition, but tangible operational reality.
The second category features companies with Significant CapEx Alignment, meaning those that invest at least 75% in EU Taxonomy-aligned projects or assets, or whose CapEx alignment exceeds turnover alignment by at least 25 percentage points. These are companies channelling substantial investments into sustainable activities, showcasing strong forward-looking commitments and credible transition strategies.
Together, these categories reflect the two complementary pathways through which companies contribute to the green transition - those leading today through their existing operations (Significant Turnour Alignment), and those preparing for tomorrow through transformative investments (Significant CapEx Alignment).
First, it showcases their credible sustainability commitments. While, secondly, helping investors more easily identify companies with robust alignment to the EU Taxonomy.
By clearly distinguishing companies that place a clear focus and commitment to sustainability and forward-looking investment contributions, the window enhances transparency, supports investor confidence, and positions issuers as proactive contributors to Europe’s transition objectives. Therefore, ultimately strengthening their appeal in a rapidly evolving sustainable finance landscape.
The EU Taxonomy Issuers Window includes issuers from a wide variety of sectors including renewable energy generation, rail infrastructure and transport, real estate, aluminum and steel manufacturing and technology, to name just a few.
By highlighting such issuers and industries, the Window helps those who view it to understand where capital is flowing and identify which business models are best positioned in contributing and transitioning to a more sustainable future.
This latest initiative is more than a new feature on the LGX Platform. It is a step toward a more holistic sustainable finance ecosystem. One where companies are recognised for their contributions, investors can navigate the market with confidence, and transparency serves as the foundation for long-term trust.
In doing so, LuxSE continues to play a pivotal role in shaping the future of sustainable finance and supporting the transition to a more resilient, low-carbon economy.
This article was originally published in the December 2025 edition of the World Federation of Exchange (WFE)'s Focus Magazine.
As home of the world’s leading platform for sustainable finance, the Luxembourg Green Exchange (LGX), the Luxembourg Stock Exchange (LuxSE) knew that it had a key role to play in facilitating its adoption. LuxSE has long stood at the intersection of regulation, innovation, and market practice - championing transparency, elevating standards, and helping the financial industry adapt to new expectations. This is where its newly launched EU Taxonomy Issuers Window on the LGX Platform found its beginnings.
Shedding Light on EU Taxonomy Issuers
The EU Taxonomy is the cornerstone of the EU's sustainable finance framework. It is a classification system designed to define which economic activities can be considered environmentally sustainable, based on a set of rigorous, science-based criteria.By creating a common language, the EU Taxonomy aims to bring clarity to the market. It focuses on six environmental objectives - from climate change mitigation to biodiversity protection - and sets out technical screening criteria that determine whether an activity makes a Substantial Contribution (SC) while Doing No Significant Harm (DNSH) to the other objectives and respecting Minimum Social Safeguards (MSS).
For companies and investors alike, the EU Taxonomy is reshaping the way sustainability performance is communicated and assessed. Issuers must disclose the extent to which their activities are Taxonomy-eligible and Taxonomy-aligned, measured through turnover, CapEx and OpEx. This information provides insight into both current sustainable activities and future transition pathways.
At the same time, investors increasingly rely on this data to understand environmental performance, comply with their own reporting obligations, and design sustainability-labelled investment products. As disclosure becomes more standardised, investors are better equipped to assess the environmental impact and credibility of their portfolios.
The EU Taxonomy is a powerful tool that all companies can use to build trust and reinforce the credibility of their sustainability commitments. While EU Taxonomy reporting is only mandatory for companies in the scope of the Corporate Sustainability Reporting Directive (CSRD), EU Taxonomy reporting also represents an opportunity for out-of-scope companies to highlight the environmentally sustainable nature of their activities.
A New Step in LuxSE’s Sustainable Finance Journey
LuxSE’s identity has long been shaped by a commitment to transparency, integrity, and the continuous evolution of sustainable finance. When LGX was launched in 2016 as the world’s first platform exclusively dedicated to sustainable securities, its goal was to address a growing need for a reliable, centralised place where issuers could showcase their sustainable securities and investors could locate investment opportunities aligned with their objectives.Since then, the growth of sustainable finance has been mainly driven by the security-level data and analysis of sustainable securities such as those displayed on the LGX Platform. However, a new trend is emerging.
While security-level data will remain an important part of the sustainable finance world, investors are increasingly looking beyond these securities, to the issuers that are bringing them to the market and to whether the issuer's overall activities contribute the transition towards a more low-carbon and sustainable future.
It is with this in mind that the EU Taxonomy Issuers Window came to be.
Unveiled to the public on 10 November, the EU Taxonomy Issuers Window showcases LuxSE issuers with either Significant Turnover Alignment or Significant CapEx Alignment with the EU Taxonomy. Marking a new step for the exchange and for the LGX Platform, this window places the focus on an issuer’s overall business model and its contribution to the green activities set out in the EU Taxonomy. With this latest move, LuxSE strengthens its commitment to fostering awareness of the broader universe of investment options, contributing to positive environmental outcomes. It provides visibility to companies whose activities or investment plans are aligned with or actively supporting the EU’s ambitious green agenda, even if they do not issue green bonds.
In addition to displaying information on the entity’s overall issuer profile, all bonds listed by these issuers on LuxSE will be included in this window and form part of the LGX Platform, even if not specifically labelled as green, due to the entity’s overall profile.
In doing so, the window bridges a crucial gap. While the sustainable bond market continues to flourish, a complete understanding of corporate sustainability requires looking beyond instruments to the entity-level disclosures of companies themselves. This initiative helps bring those underlying realities into sharper focus.
Two Categories Reflecting Two Pathways Towards Sustainability
Building on the EU Taxonomy and alignment data reported by issuers, LuxSE has defined two categories of companies within this window. These categories highlight the extent to which each engages in environmentally sustainable activities and help investors better understand the nature of a company’s sustainability profile.The first category highlights companies with Significant Turnover Alignment. These are companies generating more than 75% of their revenue from EU Taxonomy-aligned activities. These issuers are already deeply rooted in green value creation, demonstrating that sustainability is embedded in their core business model. Their alignment reflects not just ambition, but tangible operational reality.
The second category features companies with Significant CapEx Alignment, meaning those that invest at least 75% in EU Taxonomy-aligned projects or assets, or whose CapEx alignment exceeds turnover alignment by at least 25 percentage points. These are companies channelling substantial investments into sustainable activities, showcasing strong forward-looking commitments and credible transition strategies.
Together, these categories reflect the two complementary pathways through which companies contribute to the green transition - those leading today through their existing operations (Significant Turnour Alignment), and those preparing for tomorrow through transformative investments (Significant CapEx Alignment).
Amplifying Credibility, Visibility and Investor Confidence
For issuers included in this new window of the LGX Platform, being displayed on this new window brings forward new levels of visibility.First, it showcases their credible sustainability commitments. While, secondly, helping investors more easily identify companies with robust alignment to the EU Taxonomy.
By clearly distinguishing companies that place a clear focus and commitment to sustainability and forward-looking investment contributions, the window enhances transparency, supports investor confidence, and positions issuers as proactive contributors to Europe’s transition objectives. Therefore, ultimately strengthening their appeal in a rapidly evolving sustainable finance landscape.
The EU Taxonomy Issuers Window includes issuers from a wide variety of sectors including renewable energy generation, rail infrastructure and transport, real estate, aluminum and steel manufacturing and technology, to name just a few.
By highlighting such issuers and industries, the Window helps those who view it to understand where capital is flowing and identify which business models are best positioned in contributing and transitioning to a more sustainable future.
Looking Ahead
With the EU Taxonomy Issuers Window, LuxSE is once again demonstrating leadership in sustainable finance by transforming regulatory requirements into practical tools that enhance market functioning, transparency and comparability. Through this new window, LuxSE is highlighting how to use the EU Taxonomy as a tool to demonstrate environmental sustainability.This latest initiative is more than a new feature on the LGX Platform. It is a step toward a more holistic sustainable finance ecosystem. One where companies are recognised for their contributions, investors can navigate the market with confidence, and transparency serves as the foundation for long-term trust.
In doing so, LuxSE continues to play a pivotal role in shaping the future of sustainable finance and supporting the transition to a more resilient, low-carbon economy.
This article was originally published in the December 2025 edition of the World Federation of Exchange (WFE)'s Focus Magazine.
