European Supervisory Authorities (ESAs) released their opinions on the European Sustainability Reporting Standards, which set out the rules and requirements for companies to report on sustainability-related impacts, opportunities and risks under the EU’s upcoming Corporate Sustainable Reporting Directive (CSRD). The European Commission’s proposed sustainability reporting standards were welcomed by the broader finance sector, with businesses and banks agreeing that they are a step in the right direction. However, further work needs to be done to ensure that these standards are consistent with other global sustainability reporting frameworks and that definitions are clear enough for businesses of all sizes to effectively assess materiality. The opinions voiced at the conference highlighted the importance of aligning sustainability standards within the EU and globally. All speakers agreed that international collaboration and adherence to standard guidelines would be essential for effective sustainability reporting. The regulators also noted that the draft ISSB standards align with international best practices and have considered the feedback received from stakeholders during their consultation process.
Resource: https://www.esgtoday.com/eu-regulators-welcome-critique-european-sustainability-reporting-standards/