2.4.1 TICCS® to NACE

Initially, we have reviewed and created a shortlist of relevant NACE codes that are deemed to be infrastructure activities.

We considered the principal activities and underlying assets of each TICCS® code and mapped them to themes that align with the relevant NACE code following the list. In addition, we identified NACE codes that were in fact infrastructure specific but omitted from our initial mapping and added these to the mapping.

In those instances where we found no direct map of an asset TICCS® subclass to a NACE code, we instead mapped it to the “closest” NACE group instead. For example, the TICCS® subclass Public Parks and Gardens (IC305020) is mapped to the NACE group Botanical and zoological gardens and nature reserves activities (R91.04).

Several assumptions were made during the mapping exercise:

• Trade of electricity (NACE 35.14) is tagged to TICCS subclasses under the umbrella of IC10 Power Generation x-Renewables and IC70 Renewable power, given that their business activities involve the sale of electricity.

• Installation of industrial machinery and equipment (NACE 33.20) is mapped to TICCS® subclasses that require unique, specialised machinery to operate. For instance, it is mapped to all assets in IC20 Environmental Services, including IC204010 Flood Control which involves a drainage infrastructure system to hold rainwater to prevent urban flooding.

• For Construction of residential and non-residential buildings (NACE 41.20), we follow the definition of a building in the NACE guidelines. In that respect, we only include stand-alone “buildings” here and not buildings within facilities. For example, an office building in a nuclear power plant is not mapped to this code. Greenfield projects were considered in this mapping.

• The exercise ignores Specialised construction activities (NACE 43.00) and Specialised consultancy services (NACE 71.00). In principle, these activities should be mapped to all TICCS® asset subclasses, but these are excluded to allow proper analysis and comparison by market participants when using the taxonomies.

We consider as many relevant NACE codes as possible in our mapping of TICCS® to NACE at the granular level, including those of construction activities, renting equipment and construction of buildings where necessary.