Elba Pareja-Gallagher’s Post

European Sustainability Reporting Standards (ESRS)-Final - have been published yesterday. The act supplements the Accounting Directive as amended by the Corporate Sustainability Reporting Directive (CSRD) and sets the standards for ESG reporting. At BearingPoint, our team is ready to support the banking and financial services industry in this reporting. Please feel free to reach out for a discussion on how your company is impacted. #bearingpoint #sustainability #reporting

Exciting news indeed! As #sustainabilityreporting becomes mandatory in more jurisdictions, the conversation on #compliance must continue with sustainability in the foreground. More importantly, automating and ensuring that data can be accurately captured, analyzed and reported in accordance to the ESRS will be key for many companies.

Exciting news! #CDP (the global environmental disclosure system) is teaming up with #EFRAG to align its reporting system with the EU's new European Sustainability Reporting Standards (ESRS). This collaboration aims to help companies prepare for the upcoming Corporate Sustainable Reporting Directive (#CSRD) and speed up the adoption of #ESRS. This will make it easier for companies to comply with the new standards, which are expected to be finalized in 2023 and will become mandatory for all large publicly listed companies in the EU in 2024. Temenos is among the 17% of companies that have received a rating of A- by the Carbon Disclosure Project (CDP), which is in the leadership band. Transparency is a key value for #Temenos, and by integrating ESRS into our reporting, we aim to contribute to a more sustainable future. Proud to be part of the global movement for responsible and ethical business operations. Together, we can make a difference! #CSR #ESG #SustainableBusiness #EuropeanStandards

The European Parliament this week rejected a motion put forward by MEPs to water down the European Sustainability Reporting Standards (#ESRS). The ESRS is a key component of the Corporate Sustainability Reporting Directive (#CSRD), which mandates around 50,000 companies to disclose their #ESG performance.   The directive has faced opposition, primarily from lawmakers who have expressed concerns regarding its administrative complexity, thresholds, and reporting deadlines. The backlash against CSRD is just one example of a broader trend of legislative backpedaling involving sustainability and ESG reporting rules. And yet, despite political pushback, the European Parliament has signalled a clear path forward to implementing ESRS, marking a significant development in the implementation of disclosure rules described as a 'game-changer'.   For all the latest insights on the fast-changing global regulatory landscape, visit ESG Book today: https://www.esgbook.com/ #regulation #ESGnews #sustainablefinance

PwC have published a comparison of the 'big three' sustainability frameworks, SEC, CSRD, ISSB. The ISSB and EU completed their sustainability disclosures in mid-2023, while the SEC's final rule is still pending. Simultaneously, California passed three crucial bills in October 2023, reshaping US climate reporting. These changes affect various companies in the value chain, prompting proactive preparation for upcoming reporting deadlines. Companies working across different regions must assess how these rules apply to them, as they might face overlapping requirements. A note from PWC’s Senior Manager- Sustainability, Sehrish Ejaz Khan: An SEC registrant that has a subsidiary listed in the EU, and a subsidiary in a jurisdiction that requires ISSB™ reporting, for example, may be subject to all three requirements, plus the new California bills. Proactive companies are in the process of assessing the applicability so that they are prepared to meet potentially short reporting deadlines. Access the resource from PWC here: https://lnkd.in/eixfA3GS #SEC #ISSB #CSRD

BIG #esg NEWS - final version of the European #sustainabilityreporting Standards (#esrs) was approved by the EU Commission last week! What are your thoughts on the materiality provision - allows companies to opt out of reporting on any of these standards by concluding they are not material to their business (with the exception of ESRS 2 General Disclosures)? Comment below ⬇

EFRAG and CDP recently announced their collaboration to support companies reporting on the ESRS data points. CDP will align its disclosure system with the ESRS, while EFRAG will provide technical expertise, access, and guidance to help EU and non-EU based companies implement the standards. Important reminders about the upcoming ESRS:   🔹 50,000+ companies will need to start reporting under ESRS starting January 2024, followed by non-EU based companies. 🔹 The ESRS are aligned with the IFRS S2 climate-related disclosure standard from ISSB and GRI standards. 🔹 A double materiality approach is mandated by ESRS, requiring companies to report on both the climate impacts on their operations and finances and the business impacts on people and the planet.   Read the joint announcement by EFRAG and CDP here: https://lnkd.in/e434bysX Find out more about ESRS requirements by downloading our brief here: https://lnkd.in/gPu8N8qQ

⁉ Do you know your CSRD from your CSDDD? What about your GHG and ESRS ⁉ With so many acronyms relating to the reporting of sustainability and safety data, how do you know what they mean, and which are relevant to you? 🤷♀️ Here are four of the most commonly used in ESG reporting: ❇ CSRD (Corporate Sustainability Reporting Directive): An important piece of EU legislation that requires large companies and listed SMEs in the EU (as well as some outside the EU) to report on their ESG activities. The CSRD brings sustainability reporting in line with financial reporting to drive accountability and transparency while promoting sustainable practices and investments. ❇ CSDDD (Corporate Sustainability Due Diligence Directive): Another major piece of EU legislation. While the CSRD is about reporting, the CSDDD is about due diligence and management of human rights and environmental risk. ❇ ESRS (European Sustainability Reporting Standards): These are European standards that are mandatory for use by companies that fall within the scope of CSRD. ESRS outlines the information that must be reported under the categories of Environmental, Social and Governance. ❇ GHG Protocol (Greenhouse Gas Protocol): The world’s most widely used greenhouse gas accounting standards. The GHG Protocol provides a framework for companies to measure and report their GHG emissions. For tips on how to meet the mobility requirements of CSRD, read on 👉 https://lnkd.in/dD9WBu93 #esg #esgreporting #csrd #GHG #sustainability #environment #safety #mobility #AI

On July 5, 2024, the #CSRD (Corporate Sustainability Reporting Directive) came into Irish law. CSRD is a new #EUlegislation requiring companies to report on their Environmental, Social and Governance metrics, under ESRS standards developed by EFRAG. The new rules will be introduced gradually from 2024 to 2028. CSRD is part of the EU's response to the climate crisis and its goal of reaching net-zero carbon emissions by 2050. It aims to enhance corporate transparency on ESG issues like climate risk and workplace diversity, meeting demands from consumers and investors alike. First in line are companies already subject to NFRD, CSRD's predecessor, which will need to submit their 2024 ESG report in 2025. While the emphasis will initially be on larger companies, SMEs that quickly adapt will thrive in this changing landscape. At Fifty Shades Greener we provide sustainability and ESG training to individuals and companies, based on real climate science, with step-by-step lessons and real-world practical applications. From simple, but smart ways to reduce your utility costs to completing your company's ESG reports, you'll learn the skills you need to bring true, positive change to your company. We also provide #greenbusiness consultancy for companies and institutions who need a helping hand with their sustainability targets, alongside ESG certification for companies which have already demonstrated a clear commitment to sustainability best practices and want to showcase their achievements. Get in touch if you need help in your #ESG journey 💚 https://lnkd.in/gpUViia6

Thomas Reuters published a very interesting article into the new EU ESG Regulations: https://hubs.ly/Q01YZVN40 In response find our article into 'your data’s environmental journey - from January 2024 onwards' https://hubs.ly/Q01YZTT30 #climatechange #sustainability #scope3 #datagovernance #datareporting