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EU member states in the European Council announced that they have approved a directive delaying the adoption of standards for companies to provide sector-specific sustainability disclosures and for sustainability reporting from companies outside of the EU under the Corporate Sustainability Reporting Directive (CSRD). The announcement by the EU Council marks the final decision-making step in the adoption of the postponement of the sector-specific and third country undertaking European Sustainability Reporting Standards (ESRS). According to the Council, the delay will allow companies to focus on the implementation of the first set of sector agnostic ESRS standards, in addition to providing more time for the development of the sector-specific and non-EU companies reporting standards. https://lnkd.in/dKMrDpbC

CSRD - ESRS - The European Parliament confirmed its agreement with EU governments on postponing adoption of sector-specific sustainability reporting standards for EU companies and general ones for non-EU companies. Sector-specific standards for EU companies and general standards for non-EU companies to be adopted in 2026 instead of 2024 - Reporting timelines do not change, extent of reporting for EU companies does - Commission to try publishing standards for eight non-specified areas before the deadline https://lnkd.in/eHfYADqk

EU's Council and Parliament agree to delay sustainability reporting for certain sectors and third-country companies by two years "The Council and the European Parliament today reached a provisional deal on a directive on the time limits for the adoption of sustainability reporting standards for certain sectors and for certain third-country undertakings amending the Corporate Sustainability Reporting Directive (#csrd ). Today’s agreement will give more time for companies to prepare for the sectorial European Sustainability Reporting Standards (#esrs ) and for specific standards for large non-EU companies, which will be adopted in June 2026, two years later than the originally scheduled date." https://lnkd.in/eGM_zhmB #sustainabilityreporting #csrd #eugreendeal #eu #eu2024be

The European Union (EU)announced that implementation of 2 key aspects of the Corporate Sustainable Reporting Directive (CSRD) have been delayed by two years. The adoption of the first set of rules outlining the information for sector specific sustainability disclosures under the European Sustainability reporting Standards (ESRS), by end of June 2024, has been postponed to the end of June 2026. The CSRD sustainability reporting requirement for countries outside of the EU has also been delayed by two years. The postponement of the implementation of these reporting requirements follows from recommendations by the 2024 EU Commission Work Programme. The extended timeline would benefit companies and enable the European Financial Reporting Advisory Group (EFRAG) to develop new standards. Companies should use this time to familiar themselves with the first set of ESRS and put them into practice. Source - https://lnkd.in/geE_hGaN

https://lnkd.in/ddSFs7Se #EU #Sustainability #Reporting #non-EU #Companies #csrd #esrs EU Approves 2 Year Delay to Sustainability Reporting Standards for Specific Sectors and non-EU Companies

“Under the newly adopted directive, the new date for the adoption of the ESRS for non-EU companies will be postponed to the end of June 2026, with the 2028 reporting obligations also delayed by 2 years to 2030.” #esgreporting #esg #sustainability

2 year to delay to #CSRD to allow companies to focus on the implementation of the first set of #ESRS...

Here's the latest on what's happening in Europe with respect to new sustainability reporting standards. Canadian companies with operations in Europe, even if they are not listed in Europe, may be required to report under CSRD.

📢📰 Following the adoption of the Corporate Sustainability Reporting Directive (CSRD - Directive (EU) 2022/2464) in December 2022, the EC has now adopted the first set of twelve European Sustainability Reporting Standards (ESRS). This adoption is a significant milestone for comparability in companies' sustainability reporting. ▶️The European Commission , EFRAG , and the International Sustainability Standards Board (ISSB) have collaborated to enhance the compatibility of their climate-related disclosure requirements. Read more: https://lnkd.in/e6fQTS4K #ESRS #CSRD #esgreporting

2 year delay on sector specific standards is official. The sector agnostic standards are indeed a handful, hopefully this delay will help companies adjust and prepare better sustainability reports.