SUPPORTING COMPANIES IN APPLYING THE EUROPEAN SUSTAINABILITY REPORTING STANDARDS
On 17 May, CLECAT participated in an event organised by DG FISMA aimed at showcasing ongoing initiatives and discuss ideas for further mechanisms to support companies that apply the new reporting standards stemming from the Corporate Sustainability Reporting Directive (CSRD).
The event highlighted the need to properly support companies in the implementation of the CSRD to ensure accurate reporting based on the European Sustainability Reporting standards (ESRS) while limiting administrative burden and filling possible data gaps along the supply chain. Several national initiatives have been displayed, including the Danish Business authority’ emissions calculator and emission factor database to help companies in their carbon footprint reporting, the German Sustainability Code providing support and transparency for companies, especially SMEs in their own sustainability reporting and the Polish Chamber of Commerce’s training programme on sustainability reporting, essentially directed at SMEs.
With regards to EU-level initiatives, EFRAG presented its recent interoperability guidance between ESRS and ISSB, to avoid double reporting and ensure compatibility with international reporting standards. The European Commission is also developing a Technical Support Instrument dedicated to sustainability reporting and will provide technical expertise and funding opportunities to Member States to develop measures and initiatives designed to support companies in implementing the ESRS.
Overall, speakers and participants stressed the urgent need to develop such accompanying measures, both at EU and national level to help companies – especially SMEs – to get acquainted with the ESRS and sustainability reporting in general. It is also equally important to standardise digital data sharing and develop exchange platforms between the companies across the supply chain, as the lack of accurate data has been flagged by companies as one of the most difficult issues to solve to ensure accurate sustainability reporting.
Source: European Commission