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EU ESRSs Will Support ECB’s Work on Climate Risk

European Central Bank (ECB) staff have said that the proposed European Sustainability Reporting Standards (ESRSs), which will be adopted under the Corporate Sustainability Reporting Directive (CSRD), will contribute to its analysis and monitoring of climate-related financial risks. The ESRSs will improve the availability of climate and environmental information from companies, which is key for credit institutions falling under ECB supervision, the ECB explained. However, ECB staff have recommended some adjustments to the standards. The general requirements for materiality assessments would benefit from “more granular and clearer guidance” on the process to be followed by compilers, such as providing more specificity on the use of estimates and the calculation of greenhouse gas (GHG) emissions, the ECB said. It further noted the importance of “the timely development” of additional guidance and sectoral standards for financial institutions, and the need for interpretative support and proper maintenance of the standards over time.

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