CSRD Update: Set 1 of the European Sustainability Reporting Standards (ESRS) adopted by the European Commission
As part of the European Green Deal, the Corporate Sustainability Reporting Directive (CSRD - 2022/2464) requires companies in scope to report the information necessary to understand the company’s impact on sustainability issues and the information necessary to understand how sustainability issues affect the company’s development, performance and position. On 31 July 2023, the European Commission adopted the first set of European Sustainability Reporting Standards (ESRS) as a delegated regulation (as foreseen in Section 29b (1) of the CSRD), which provides common standards for the reporting requirements under the CSRD. This first set of the ESRS mainly contains general, sector-agnostic reporting standards. The second set of the ESRS (sector-specific standards) is expected to be adopted by the Commission by 20 June 2024.