Joint Letter – Avoiding a missed opportunity: civil society and responsible investors will only support ambitious ESRS
ECOS and 15 other civil society organisations call for ambitious European reporting standards. We urge the European Commission to keep the ambition of the ESRS in its upcoming delegated act and follow EFRAG's technical advice.
NGOs, civil society groups and responsible investors will only support an ambitious first set of sector-agnostic ESRS that closely builds on the EFRAG drafts adopted last November.
The European Sustainability Reporting Standards (ESRS) is a milestone in corporate reporting toward more consistent and comparable sustainability disclosures. EFRAG’s technical advice to the European Commission provides a sound, holistic and coherent framework to achieve this objective. It was adopted without dissent by the EFRAG Sustainability Reporting Board, following an extensive multistakeholder process that drew on the expertise of all stakeholders.
We urge the Commission to follow EFRAG’s technical advice alongside 60+ companies and investors worth 651bn USD. We caution against making significant changes at this stage, as this would risk discrediting the process so far, undoing a good compromise. Worse still, it would result in a missed opportunity for sustainability goals and undermine the development of the EU regulatory framework for sustainable finance.
Read the full letter HERE.
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