The EU Commission launched a four week feedback period on the first set of Sustainability Reporting Standards. The feedback period lasts from 9th of June to 7th of July 2023.
These mandatory Reporting Standards aim to ensure that companies are fully transparent about their impact on people and the environment. The standards will also be a key tool in trying to extinguish green washing. The new standards will assist companies in communicating and managing their sustainability performance more efficiently.
After the four week feedback period, the commission will consider the feedback given and then finalise the standards. When adopted, the standards will be used by companies that are subjected to CSRD (Corporate Sustainability Reporting Directive) reporting requirements. This will be another step forward to the goal to achieve a sustainable EU economy.
The requirements for different companies will be phased in gradually, depending on factors such as company size etc.
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