On 31 July this year, the Commission adopted the European Sustainability Reporting Standards (ESRS) for use by all companies subject to the Corporate Sustainability Reporting Directive (CSRD). This marks another step forward in the transition to a sustainable EU economy.
The standards cover the full range of environmental, social, and governance issues, including climate change, biodiversity and human rights. They provide information for investors to understand the sustainability impact of the companies in which they invest. They also take account of discussions with the International Sustainability Standards Board (ISSB) and the Global Reporting Initiative (GRI) in order to ensure a very high degree of interoperability between EU and global standards and to prevent unnecessary double reporting by companies.
The reporting requirements will be phased in over time for different companies.
The European Sustainability Reporting Standards (ESRS), the delegated act and the press release of the European Commission can be consulted here:
- Press release: The Commission adopts the European Sustainability Reporting Standards
- FAQ: Questions and Answers on the Adoption of European Sustainability Reporting Standards
- Published text: Implementing and delegated acts under the Corporate Sustainability Reporting Directive
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Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as regards corporate sustainability reporting. |
The directive was published in the Official Journal of the European Union on December 16, 2022 and entered into force on January 5, 2023. |
The directive is available here. |