Mathieu Gitton’s Post

The European Council said this week that it will defer by two years the adoption of sector-specific sustainability reporting standards under the Corporate Sustainability Reporting Directive (CSRD). This means that U.S.-based companies that were preparing for the first time to disclose Scope 1, 2 and 3 emissions and other requirements under the CSRD by the end of June now have until the end of June 2026, and EU companies similarly get an additional two years to disclose sector-specific information.  https://lnkd.in/ej3N2b2J #CSRD #sustainability #sustainabilityreporting #emissions #scope3, #ESG #ESGreporting #EU #sustainabilitymatters #sustainablebusiness

The European Commission announced today that it has adopted the European Sustainability Reporting Standards (ESRS), the rules and requirements for companies to report on sustainability-related impacts, opportunities and risks under the EU’s upcoming Corporate Sustainable Reporting Directive (CSRD). This is marking a major step in #sustainabilityreporting, #csrd

🗳️ 2024 will be a very “European Year" 🇪🇺, with the European Parliament elections taking place in June and a new European Commission taking over in Brussels in the second half of 2024!   ♻️ One important #ESG regulatory development this year is the implementation of the European Corporate Sustainability Reporting Directive #CSRD coming into effect. It expands the scope of sustainability reporting, affecting ca. 50,000 companies in Europe, a big step towards a harmonised non-financial data reporting in the European Union.   🤔 Which businesses will be affected? Companies with more than 250 employees and an annual turnover exceeding €50 million and/or with total assets exceeding €25 million have to report under the #CSRD. Smaller companies will be given an extra time of 3 years to adapt. Also non-EU companies with a net turnover of €150 million or more within the EU are obliged to provide their reporting.   ❓ What indicators will be considered? The directive lists no fewer than 1,178 potential indicators e.g. water use, CO2 footprint, waste management… Businesses will have to determine which ones apply in their particular case. They will also have to define a trajectory for each area including an action plan on how to achieve it. The reporting must be audited by an independent third party.   📅 When will the directive apply?  The first companies will have to apply the new rules for the first time in the 2024 financial year, for reports published in 2025. The information will cover social, environmental and governance key performing indicators.   😮 In your opinion, are companies ready for this? What is your opinion on the directive? We would love to read your point of view! 👇   👉 More info : https://lnkd.in/e6GygbcU #sustainability #reporting #EU #GreenDeal #corporate

Nearly 50,000 EU companies will have to disclose their impact on the environment due to the Corporate Sustainability Reporting Directive (CSRD) adopted by the European Commission in November 2022 which is being phased into effect from 2024 through to 2028. The CSRD is responsible for more than quadrupling the previous figure of 11,000 companies that was covered by the previous Non-Financial Reporting Directive (NFRD). Companies outside of the EU may also have to comply with the CSRD if they meet certain criteria, increasing the number of companies requiring sustainability reporting in Europe alone to well over 50,000. #CSRD #Corporate #Sustainability #Reporting #Directive https://lnkd.in/evp9cAVE

pionline.com: The European Parliament has reaffirmed its commitment to corporate sustainability reporting standards that will go into effect January 2024. Members on Oct. 18 rejected a resolution that would have weakened the European Sustainability Reporting Standards, clearing the way for final adoption of rules for companies to report on sustainability-related impacts, opportunities and risks. The ESRS standards will apply to all large and listed companies in the EU beginning next year, and by 2028 to non-EU companies operating in Europe. Eelco van der Enden, CEO of Global Reporting Initiative, an independent sustainability reporting organization, said in a statement that the European Parliament action "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 ESRS and GRI standards are designed to be interoperable as much as possible, and GRI is working on a digital taxonomy and multitagging system to simplify the reporting process. In its 2024 agenda released Oct. 17, the European Commission recommended delaying the reporting rules for specific sectors for two years, and giving non-EU companies doing business there until June 2026 to comply. The 2024 agenda addressed several sustainability and climate-related actions, including setting a 2040 climate target, a wind power package, industrial carbon management strategies and an initiative on water resilience. https://lnkd.in/g6CVEEUw

Embracing the Future of Business with Transparency and Credibility: The EU's CSRD The European Union has taken a bold step towards a more sustainable future with the introduction of the Corporate Sustainability Reporting Directive (CSRD), effective from January 2023. This landmark regulation is set to redefine the landscape of business reporting, promoting both transparency and accountability. What does CSRD offer businesses? Wider Reach: The directive expands mandatory reporting, requiring some non-EU companies with significant EU operations to disclose their sustainability efforts. Standardized Communication: With the European Sustainability Reporting Standards (ESRS), businesses can provide a clear and comparable picture of their sustainability performance to stakeholders. Enhanced Credibility: The CSRD mandates assurance on sustainability information, ensuring data reliability and fostering trust with investors and other stakeholders. Key CSRD Milestones: February 8, 2024: Adoption deadlines for certain ESRS have been postponed, providing businesses with additional time to prepare. December 22, 2023: The first set of ESRS was published, marking a new era in standardized sustainability reporting. 2024 Financial Year: Companies will report under the new CSRD framework for the first time, with reports due in 2025. The CSRD goes beyond regulatory compliance – it's an opportunity for businesses to demonstrate their commitment to a sustainable future, aligning with the European Green Deal. Are you ready to showcase your sustainability efforts with transparency and credibility? Join the conversation! Which aspect of the CSRD do you find most challenging for your business? #CSRD #EU #Sustainability #BusinessReporting #GreenDeal @EU_Commission @GreenBiz https://lnkd.in/dNKc9Df4

With the European Union’s (EU) Corporate Sustainability Reporting Directive (CSRD) on the horizon, companies must consider how the directive will apply to them and question the relevant timelines, scope, and reporting requirements. According to the European Commission, approximately 50,000 companies are expected to be impacted by the requirements, and the first companies will have to apply the new rules from as early as 2025, for financial years beginning on or after 1 January 2024. https://lnkd.in/euipV-_f #finance #embeddingsustainability #esgreporting

The EU's new Corporate Sustainability Reporting Directive (CSRD) marks a significant leap forward. But why does this matter, and what problems does it solve? 🤔 The lack of standardized reporting has made it tough to truly understand a company's impact on our planet and communities. This hurts investor confidence, consumer trust, and as a result, the collective push towards a more sustainable future. CSRD is expected to be a game-changer. Through standardized reporting, it promises greater transparency and accountability. Imagine the impact - better informed decisions by investors, consumers, and companies alike. In my opinion, Digital platforms will emerge as essential tools to facilitate the transition to standardized reporting. They can facilitate compliance with CSRD for businesses and demonstrate commitment to sustainability. 🌱 How do you see this shaping the future of corporate sustainability? #Sustainability #FutureIsGreen #DigitalTransformation

The European Commission announced it has adopted the European Sustainability Reporting Standards (ESRS), a crucial move towards the implementation of the Corporate Sustainable Reporting Directive (CSRD). This will require over 50,000 companies to report on sustainability-related impacts, opportunities, and risks starting from the 2024 financial year. The CSRD aims to update the existing EU sustainability reporting framework significantly, with more detailed requirements on environmental, social, and sustainability-related aspects. The European Commission highlights the alignment between ESRS and other international standards like ISSB and GRI, which can facilitate reporting efforts. Read more: https://lnkd.in/dDQt5cbu

We are in a moment when ESG and Climate disclosure regulations are starting to impact North American firms. But many of those rules are vague, and will require iterative clarification. Firms need to monitor these developments closely to deliver the right response #CSRD #tcfd #guidehouseexperts