a measurable, science-based and time-bound trajectory towards alignment with the objectives of the Paris Agreement by reducing Scope 1, 2 and 3 carbon emissions as referred to in point (1)(e) of Annex III.

a benchmark which is labelled as an EU Climate Transition Benchmark and fulfils the following requirements (a) for the purposes of point 1(b)(ii) of this paragraph and of Article 19b, its underlying assets are selected, weighted or excluded in such a manner that the resulting benchmark portfolio is on a decarbonisation trajectory; and (b) it is constructed in accordance with the minimum standards laid down in the delegated acts referred to in Article 19a(2);

a benchmark which is labelled as an EU Paris-aligned Benchmark and fulfils the following requirement: (a) for the purposes of point 1(b)(ii) of this paragraph and of the delegated act referred to in Article 19c, its underlying assets are selected, weighted or excluded in such a manner that the resulting benchmark portfolio’s carbon emissions are aligned with the objectives of the Paris Agreement adopted under the United Nations Framework Convention on Climate Change, approved by the Union on 5 October 2016 (*) (the “Paris Agreement”); (b) it is constructed in accordance with the minimum standards laid down in the delegated acts referred to in Article 19a(2); and (c) the activities relating to its underlying assets do not significantly harm other environmental, social and governance (ESG) objectives;