Empowering a circular shift: A call for strong European circular economy reporting
ECOS has released a position paper in response to the feedback provided by the European Commission on the proposed European Sustainability Reporting Standards (ESRS). ECOS addresses three critical areas for improvement to ensure that these standards evolve into an effective instrument for advancing the transition to a regenerative circular economy—the foremost priority outlined in the European Green Deal.
In June and July 2023, the European Commission sought feedback on the proposed European Sustainability Reporting Standards (ESRS) submitted by the European Financial Reporting Advisory Group (EFRAG) in November 2022. One of these proposed standards, behind the cryptic acronym ESRS E5, sets forth data disclosure requirements for companies around resource use and circularity.
It is only possible to manage what is measured – and that makes measuring the right indicators paramount to strong sustainability standards. The E5 standard is particularly important because it will shape publicly available performance data on resource use and circularity for more than 55,000 companies – and, for now at least, it leaves a lot to be desired.
Read on to learn about the three crucial areas for improvement to ensure that the standard becomes an effective tool for driving the transition to a regenerative circular economy, the number one priority for the European Green Deal, according to the Commission itself.
Read the full position paper here.
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