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The European Sustainability Reporting Standards set the minimum level of corporate sustainability information to be reported

The EU sustainability reporting standards (European Sustainability Reporting Standards, ESRS) specify the disclosure obligations of companies in the Corporate Sustainability Reporting Directive (CSRD). CSRD changes corporate sustainability reporting from voluntary to mandatory and at the same time expands and specifies what corporate sustainability information needs to be reported. The CSRD will apply from 2024, after which corporate sustainability data needs to be reported in accordance with the defined elaborate standards. Read more about CSRD here.  

European financial reporting advisory group EFRAG, who prepared the standards together with experts from various stakeholders, finalized the first set of EU sustainability reporting standards in November (2022). Based on the 12 standard drafts, the European Commission will publish the final standards by summer 2023 at the latest.

Cross-cutting, topical and sector-specific standards

The EU’s sustainability reporting standards define the minimum disclosure level of mandatory corporate sustainability information for companies. All companies need to report on general principles related to sustainable business operations, such as:

• Strategy and business model

• Sustainability impacts

• Sustainability risks and opportunities.

In addition, relevant ESG information is reported in accordance with subject-specific sustainability reporting standards related to:

• Environment,

• Social,

• Governance.

Sector-specific sustainability reporting standards are also being prepared. These standards will to describe which ESG matters are relevant for certain industries to report on.

Prepare for reporting according to ESRS 

Corporate sustainability data will eventually be more transparent and easier to compare. It is good to note that several existing sustainability reporting standards and frameworks, such as GRI, SASB, TCFD and CDP, have been taken into account in preparing the ESRS.

This enables reporting companies to utilise their existing practices and more easily standardise the reporting of their sustainability data in accordance with the EU reporting standards. 

The EU’s sustainability reporting obligations and standards are new for everyone, regardless of whether your company is an experienced operator in the field of sustainability or just starting corporate sustainability reporting for the very first time. Ecobio’s experts helps your company to find a suitable road forward taking the new corporate sustainability obligations and sustainability reporting standards into account. 

If you have any questions, please contact our consultant Terhi Valtonen.


Terhi  Valtonen

Email: terhi.valtonen@ecobio.fi

Phone: +358 (0)207656144


GRI = Global Reporting Initiative  

SASB = Sustainability Accounting Standards Board  

TCFD = Task Force on Climate-Related Financial Disclosures  

CDP = Carbon Disclosure Project