CSRD

German Federal Government Adopts Draft CSRD Implementation Act

Posted on July 30, 2024

Posted in Air Quality and Climate Change, Environmental, Social, and Governance, European Environmental and Public Law

Modern green building with innovative high rise vertical garden

The draft represents the next step in transposing the CSRD into national law.

By Axel Schiemann and Dominik Schöneberger

On 24 July 2024, the German Federal Government adopted the governmental draft of the Act implementing the EU Directive on Sustainability Reporting (Directive (EU) 2022/2464 – CSRD) into German law (the Government Draft). The adoption of the Government Draft constitutes the next significant step in the legislative process after the German Ministry of Finance published the first draft implementing law on…

European Reporting Standards Published in the Official Journal of the EU

Posted on January 8, 2024

Posted in Air Quality and Climate Change, Environmental, Social, and Governance, European Environmental and Public Law

Cinematic Blue Earth View From Space At Night To Europe

For in scope companies, disclosures may be required as early as the reporting period for the 2024 financial year.

By Paul A. Davies, Michael D. Green, and James Bee

On 22 December 2023, the Commission Delegated Regulation specifying the first set of European Sustainability Reporting Standards (ESRS) was published in the Official Journal of the European Union (EU).[1] The ESRS apply from 1 January 2024, for financial years beginning on or after that date.

The ESRS set out specific disclosure requirements for companies required to report under the Corporate Sustainability Reporting Directive (CSRD). The first set of sector-agnostic ESRS cover sustainability-related impacts, risks, and opportunities relating to a range of environmental, social, and governance issues, and will be followed by additional sector-specific standards over the coming years.[2]

European Commission Adopts the European Sustainability Reporting Standards

Posted on August 2, 2023

Posted in Environmental Regulation, Environmental, Social, and Governance

The adoption of the standards marks a key milestone for reporting under the CSRD.

By Paul A. Davies, Michael D. Green, and James Bee

On 31 July 2023, the European Commission (Commission) adopted the European Sustainability Reporting Standards (ESRS),[1] following a four week-long public consultation period.

Background to the CSRD and ESRS

The ESRS represent the standards which set out the specific disclosure requirements for companies that will be required to report on sustainability-related impacts, risks, and opportunities under the EU’s Corporate Sustainability Reporting Directive (CSRD).

The CSRD was announced in 2021 as part of the European Green Deal. The CSRD will amend existing reporting requirements under the Non-Financial Reporting Directive (NFRD) and the EU hopes that CSRD will enhance the comparability and consistency of reported sustainability information from companies in the EU (and beyond). The CSRD will considerably increase the scope of companies required to report, as well as the level of detail required within disclosures.

European Commission Eases Requirements in European Sustainability Reporting Standards Consultation

Posted on June 16, 2023

Posted in Environmental, Social, and Governance

The Commission issued its formal consultation on the ESRS with a number of proposed changes.

By Paul A. Davies, Michael D. Green, and James Bee

On 9 June 2023, the European Commission (Commission) issued its formal consultation on the European Sustainability Reporting Standards (ESRS). The ESRS represent the detailed standards which set out the disclosure requirements for companies required to report on sustainability-related impacts, risks, and opportunities under the EU’s Corporate Sustainability Reporting Directive (CSRD).

The revised ESRS that the Commission is consulting on have been changed in notable ways from the draft set of the ESRS submitted in November 2022 by EFRAG, the technical expert group tasked with helping the Commission develop the ESRS.

European Parliament and Council Reach Political Agreement on CSRD

Posted on June 24, 2022

Posted in Environmental, Social, and Governance

The Corporate Sustainability Reporting Directive expands the existing sustainability reporting requirements and brings more companies under its scope.

By Paul A. Davies, Michael D. Green, and James Bee

On 21 June 2022, the European Parliament and European Council reached a provisional political agreement on the terms of the EU’s proposed Corporate Sustainability Reporting Directive (CSRD). The CSRD will extend the current sustainability reporting requirements in the EU (namely those under the Non-Financial Reporting Directive (NFRD)), to include more companies and topics and to require more detailed disclosures, and represents a key piece of legislation in the international trend towards increasing sustainability-related reporting by companies. The European Parliament indicated this international aim in its press release announcing the agreement, stating that the CSRD “aims to end greenwashing and lay the groundwork for sustainability reporting standards at global level.”

While the full text of the agreed version of the CSRD has not yet been made public, the press releases from the European Parliament and Council do shine some light on the key provisions that will likely be included in the final document.

China to Introduce Its First ESG Disclosure Standard

Posted on June 16, 2022

Posted in Environmental, Social, and Governance

The move follows a number of similar standards that regulators and governments across the globe have proposed.

By Paul A. Davies, Michael D. Green, and James Bee

With effect from 1 June 2022, the Guidance for Enterprise ESG Disclosure (the Guidance), published by Beijing-based think tank China Enterprise Reform and Development Society (CERDS), is seeking to become the first, and definitive, China-focused ESG disclosure standard.

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