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EU Adopts New Sustainability Reporting Standards
The European Commission has officially embraced the first set of 12 European Sustainability Reporting Standards (ESRS). Set to be mandatory for large and listed EU companies starting January 2024, these standards align with the Corporate Sustainability Reporting Directive (CSRD). Notably, the Global Reporting Initiative (GRI) has expressed support, ensuring a smooth transition for existing GRI reporters. According to the CEO of GRI, Elco Van der Enden,
‘’ The endorsement of the ESRS by the European Parliament is welcome because it signals the transition from political debate to practical implementation for these new rules – which are a game changer for corporate accountability, in the EU and globally. The close alignment achieved between the ESRS and the GRI Standards underlines the increasing influence of GRI as the global enabler for transparency on impacts.’’
Interoperability at the Core
A key focus of the adoption is the pursuit of interoperability between EU and global sustainability standards. The European Commission collaborated with the International Sustainability Standards Board (ISSB) and GRI to minimize redundant reporting efforts by companies.
GRI’s Integral Role
GRI has played a pivotal role in the ESRS development since 2021, working closely with EFRAG. Ongoing collaboration aims to enhance reporting efficiency by introducing a digital taxonomy and multi-tagging system. The goal is to empower companies to seamlessly adhere to both ESRS and GRI Standards within a unified report.
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