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.
Discover the Power of Sustainability Reporting with CSE Courses!
- Build Trust and Credibility: Showcase your company’s sustainability performance to stakeholders, fostering trust among investors, customers, and employees.
- Ensure Compliance with GRI Guidelines: Safeguard your reputation and avoid penalties by adhering to GRI guidelines, ensuring regulatory compliance and standards.
- Drive Continuous Improvement: Set and measure targets, paving the way for continuous improvement and progress tracking over time.
- Enhance Competitiveness: Stand out in the marketplace by demonstrating commitment to sustainability through GRI reporting. Attract investors, customers, and top talent aligned with your values.
Explore Key Topics:
- Navigate Regulatory Changes: Stay ahead with insights into the evolving regulatory landscape, especially regarding climate risk and low carbon economies.
- Win the ESG Race: Learn how ESG practices impact profitability in FT 500 companies. Understand common ESG guidelines and practices.
- Address Diverse Investor Concerns: Tailor your approach by understanding varied investor concerns and motivations.
- Integrate ESG into Strategy: Discover the strategic value of integrating ESG criteria into your company’s goals and reporting.
- Global Best Practices: Gain valuable insights into global best practices for setting impactful sustainability goals.
Enroll in CSE courses to stay ahead in the sustainability game!
- Europe | Certified Sustainability (ESG) Practitioner Program, Leadership Edition 2023, Digital Version with Live Zoom Sessions, December 7,8 & 11
- USA | Certified Sustainability (ESG) Practitioner Program, Leadership Edition 2024, Digital Version with Live Zoom Sessions, 22,23 & 26 February
- Global | GRI Standards, Certified Training Course (New Version on ESG Reporting) Live via remote sessions, March. 6 – 7 & 11, 2024)