Joint Open Letter on EU Sustainability Reporting Standards
Together with over 60 businesses, investors and business associations, Eurosif signed an open letter to EU Commissioner McGuiness. Collectively representing businesses and financial assets with $651 billion in assets and market capitalization, we ask for the current disclosure requirements to be maintained and implemented in a timely manner.
The EU has shown global leadership so far by developing a comprehensive set of high-quality corporate sustainability reporting standards that cover both a company's impacts on planet and people and sustainability-related financial risks and opportunities.
The new mandatory EU Sustainability Reporting Standards (ESRS), which will come into force under the EU Corporate Sustainability Reporting Directive (CSRD), will apply to around 50,000 European businesses – a major expansion to current rules.
The legislative package represents the most advanced sustainability reporting framework globally, raising the bar for corporate transparency and the ability of financial markets to channel funds into greener businesses and maximize the value created for all stakeholders of companies (including clients, suppliers, shareholders, employees and local communities, as well as nature).
To maintain the integrity of this major milestone for robust corporate reporting in Europe, the letter calls on the Commission to maintain the current disclosure requirements and not reduce their scope.
Aleksandra Palinska, Executive Director – email@example.com