Regulation
In the world of sustainability, laws and guidelines for ESG (Environmental, Social, and Governance) are playing an increasingly important role. Key elements here are the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS), which require detailed reporting on sustainability aspects. The EU taxonomy is also a key component that defines which activities are considered environmentally sustainable. The EU Green Deal also provides a comprehensive framework that aims to make Europe climate-neutral by 2050. These guidelines are essential for companies that want to improve their sustainability efforts and meet legal requirements.
Net-Zero strategy
The EU Green Deal is Europe's ambitious plan to become the first climate-neutral continent by 2050. This holistic approach to tackling climate change and environmental degradation aims to decouple economic growth from resource use.
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Sustainable investing
The EU Taxonomy is a key element of European efforts to promote and guide sustainable investment. It provides a clear classification system that defines which activities can be considered environmentally sustainable.
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Reporting
Companies that deal with ESG compliance must observe various guidelines. The CSRD requires comprehensive reporting on sustainable activities and is an extension of the NFRD, which already requires non-financial information in annual reports. The SFDR is aimed at financial market participants and advisors and requires disclosure of information on the sustainability of their products. These laws form the backbone of ESG reporting and are essential for compliance with EU regulations.
CSRD
The Corporate Sustainability Reporting Directive (CSRD), an important extension of European reporting obligations, aims to increase the transparency and comparability of sustainability information.
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ESRS
ESRS are a set of harmonized standards developed by the European Union to support companies in preparing sustainability reports in accordance with the CSRD.
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SFDR
The Sustainable Finance Disclosure Regulation (SFDR) is a key EU directive in the area of sustainable finance. It aims to increase transparency in the financial market.
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GRI
The Global Reporting Initiative (GRI) was founded in 1997 in Boston, USA. The GRI is seen as a topic-based reporting framework that takes a broader but less in-depth approach than other reporting frameworks such as SASB (Sustainability Accounting Standards Board).
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NFRD
The Non-Financial Reporting Directive (NFRD) is a key EU directive that promotes transparency in reporting on non-financial aspects
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Context
ESG reporting is governed by various compliance guidelines and laws that are intertwined. The CSRD expands the scope of the NFRD and sets more detailed reporting standards. It complements the EU taxonomy, which defines criteria for sustainable investments. The EU Green Deal provides the framework for these initiatives, with the aim of making the EU climate-neutral by 2050. These directives complement each other by covering different aspects of sustainability reporting, from the definition of sustainable activities to concrete reporting standards. Companies need to understand the synergies and specific requirements of each directive in order to report effectively.
Compliance
Find out how you can effectively implement the CSRD and optimize your ESG reporting. Visit our product page for detailed information and customized compliance management solutions.
CONTACT
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