Investors Call for Sector-Specific Standards for EU CSRD   

Business and financial leaders, including asset owners and managers, have called for the development of sector-specific standards for sustainability reporting in the EU. As of 2024, large companies in Europe will start to apply the first set of European Sustainability Reporting Standards (ESRS), which cover general disclosures on strategy, governance and business models, as well as reporting on environmental, social and human rights matters. However, sector specifications have not been provided yet, which the statement’s authors say “impos[es] an unnecessary burden on companies to determine and justify what is material”. As such, the EU has been called on not to lose sight of the technical work needed for sector-specific standards and develop those in a timely manner, with adequate engagement and consultation with business and civil society experts. The EU Corporate Sustainability Reporting Directive already charted the path for the development of ESRS, the statement further read, with the objective of providing clarity and legal certainty, levelling the playing field, as well as increasing the relevance, reliability and comparability of disclosures. Signatories of the statement include Eurosif, Triodos Bank, MN, KBI Global Investor and AkademikerPension.

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