EFRAG draft ESRS are a major step towards unleashing the power of sustainable finance

EFRAG draft ESRS are a major step towards unleashing the power of sustainable finance

30 November 2022

Eurosif, the European Sustainable Investment Forum welcomes the EFRAG proposals for the first batch of the EU Sustainability Reporting Standards (ESRS) which constitute an important step towards establishing a European Sustainability reporting framework set by the Corporate Sustainability Reporting Directive (CSRD) [link].

Aleksandra Palinska, Executive Director of Eurosif said: “The EFRAG proposals for the sector-agnostic EU sustainability-reporting standards constitute a major step towards establishing a robust sustainability reporting at European level. I am particularly pleased with the proposals to: 1) make certain disclosures mandatory, including climate, SFDR, and climate benchmarks-related information; 2) reorganising the structure to better fit the international standards developed by ISSB enhancing their respective interoperability; 3) consolidating the governance-related information, and 4) retaining the core social metrics.”

Next steps

Over the coming weeks and months, the European Commission will consider the EFRAG proposals and consult the relevant EU authorities and bodies as well as the public, before adopting the standards in a form of delegated acts in June 2023, subject to the scrutiny by the European Parliament and the Council of the European Union. Companies in the scope of the currently applying Non-Financial Reporting Directive will need to report against the sector-agnostic standards as of 2024 financial year (with the first sustainability reports to be published over the course of 2025). Eurosif stands ready to support the European Commission and the co-legislators in finalising the standards and calls for their swift adoption which is of essence to enable the EU sustainable finance framework

Contact details

Aleksandra Palinska, Executive Director - aleksandra.palinska@eurosif.org

Marie Lavayssière, Communication & Events Manager – marie.lavayssiere@eurosif.org