The proposal entered into force on 5 January 2023 and it amends requirements under the former Non-Financial Reporting Directive with the aim to standardise corporate social and environmental reporting across the EU. Companies subject to the Directive will be obliged to report according to European Sustainability Reporting Standards (ESRS), notably via European Financial Reporting Advisory Group (EFRAG) standards. Agnostic standards will start applying as of 1 January 2024. Sector specific standards are in the development phase.
EURATEX calls for:
• Alignment with existing and coming legislations or standards i.e. Corporate Sustainability Due Diligence Directive, Taxonomy, Ecodesign Requirements for Sustainable Products Regulation, Product Environmental Footprint.
• Private industry standards and the importance of considering these in development of the ESRS standards.
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