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ARTICLE · 01 DECEMBER 2022

EFRAG Delivers Draft ESRS To European Commission

Arthur Cox
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On 23 November 2022, EFRAG delivered, as technical advice, the first set of draft European Sustainability Reporting Standards ("ESRS") to the European Commission. Once adopted by the Commission...

IrelandEnvironment
Suzanne Kearney
Suzanne Kearney
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On 23 November 2022, EFRAG delivered, as technical advice, the first set of draft European Sustainability Reporting Standards ("ESRS") to the European Commission. Once adopted by the Commission, the ESRS will be reported against by in-scope companies under the Corporate Sustainability Reporting Directive.

This first set of 12 draft ESRS is comprised of:

  • 2 cross-cutting standards covering:
    • general requirements (double materiality, value chains and how to prepare and present sustainability information)
    • general disclosures (governance, strategy, and impact, risk and opportunity management)
  • 10 topical standards covering:
    • environmental disclosures (climate change, pollution, water and marine resources, biodiversity and ecosystems, and resources and the circular economy)

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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