Eurosif response to European Commission consultation on the postponement of sector-specific ESRS

19 December 2023

Eurosif welcomes the opportunity to respond to the European Commission’s public consultation on the decision to postpone the deadline to adopt sector-specific European Sustainability Reporting Standards (ESRS) and the standards for certain third-country undertakings by two years.

Eurosif understands the decision of the European Commission to postpone the legal deadline for the adoption of sector specific standards by 2 years. However, we highlight the need for their timely and appropriate development and adoption. Sector-specific standards are expected to support reporting undertakings in developing comparable and meaningful disclosures and to better identify and disclose material sustainability information.

For this purpose, Eurosif calls on the European Commission to:

  1. Guide and oversee the well-sequenced and timely development of sector specific ESRS. We also caution against developing standards for financial institutions before standards for other sectors are completed to avoid inconsistencies and overlaps with sectoral financial regulations.
  2. Reflect on whether the deadline for the ESRS for third-country undertakings is appropriate given their later application.
  3. Publish a clear timeline for the development of the remaining sector specific ESRS.
  4. Ensure adequate resources for EFRAG to enable quality and timely delivery of all the expected outcomes.

Full response at the link below.

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