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Progress in cracking down on green policies in Europe? EC publishes sustainability reporting standards but delays green requirements directive

The EU Sustainability Reporting Standards (ESRS), submitted to the European Commission by technical advisor EFRAG, were published yesterday (29 November). Their aim is to provide a common European framework for corporate disclosure of information on sustainable development efforts.

The guidelines were developed after an extensive multi-stakeholder process and were unanimously endorsed by EFRAG’s Sustainability Reporting Board, which includes representatives from the German Accounting Standards Board, the French Autorité des Normes comptables, the Netherlands Accounting Standards Board, the Organismo Italiano di Contabilità (OIC), as well as European stakeholders including Accountancy Europe, European Issuers, EFAMA, the European Banking Federation, as well as representatives of civil society and the European Trade Union Confederation, among others.

“Our aim was to strike the right balance between substantial progress and pragmatic implementation, and to drive progress in sustainability reporting by taking full account of the feedback received during our public consultations and discussions. We are confident that we will all benefit in time from this collective effort for greater transparency and accountability.”​ said Kerstin Lopata, former Acting Chair of EFRAG’s SRB.

In the next step, the EC will consult the EU bodies and Member States on the draft standards before adopting the final ESRS as delegated acts in June 2023.

ESRS makes life cycle analysis ‘cornerstone’ of sustainability reporting: NGO

The update was welcomed by a coalition of sustainability experts and NGOs, including WWF, Share Action and CDP. “They represent a major improvement for companies as well as users of sustainability information and address the biggest challenges in the quality and reliability of corporate reporting… They are indispensable for obtaining timely and reliable reporting on companies’ climate change plans and their compliance with 1.5 °C, companies’ exposure to financial risks related to sustainable development and actual and potential serious impacts on people and the environment in the value chain, and companies’ management of such impacts and risks, among others. This is essential to help investors, consumers, financial institutions and indeed society as a whole move towards a sustainable economy that works within the boundaries of the planet.”it is stated in the joint statement of the organizations.

https://www.foodnavigator.com/Article/2022/11/30/progress-on-europe-s-greenwashing-clampdown-ec-publishes-sustainability-reporting-standards-but-delays-green-claims-directive?utm_source=RSS_Feed&utm_medium=RSS&utm_campaign=RSS Progress in cracking down on green policies in Europe? EC publishes sustainability reporting standards but delays green requirements directive

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