Enhancing European Sustainability Reporting Standards (ESRS) for effective impact: Key takeaways from the public consultation
From 9 June to 7 July 2023, the European Commission organised a public consultation to discuss the initial European Sustainability Reporting Standards (ESRS) set. ECOS has produced a position paper urging the Commission to implement recommendations on disclosing sustainability information to convey meaningful and comparable information that enables stakeholders to make informed decisions.
Transparent and reliable sustainability reporting is pivotal in moving towards a more sustainable future. From 9 June to 7 July 2023, the European Commission organised a public consultation to discuss the initial set of European Sustainability Reporting Standards (ESRS). This consultation gathered feedback on the proposed standards presented by the European Financial Reporting Advisory Group (EFRAG) in November 2022. Unfortunately, the proposed changes only water down the standards put forward by EFRAG and could leave the door open for companies to cherry pick how they disclose sustainability information.
Sustainability reporting is about conveying meaningful and comparable information that enables stakeholders to make informed decisions. Europe needs strong, standardised, and transparent ESRS that align with international agreements. But, to deliver these, the Commission must implement recommendations.
Read the full position paper here.
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