I would just add that the taxonomy approach is really an incentive to help encourage the real economy to direct capital to particular activities. The benefit of having an activity labelled as “green” or “transition” is that it draws in, or hopes to draw in, other investors who are interested in that particular line of activities. There's a positive benefit to having that label, but there's no requirement, as in it's not mandatory, for a borrower to use that framework. It really is meant to draw investment into particular areas.
Climate disclosure, on the other hand, we see as being mandatory. It's to provide decision-makers with all the information they need to effectively balance the various things they need to consider, whether it's growth in a particular area or focus on a particular type of market, or whether it's risk, which includes making decisions about how to manage climate risk. That one is more to ensure that the appropriate information is available when making decisions.