European Sustainability Reporting Standards
The disclosure standards underpinning the CSRD. Twelve cross-cutting and topical standards covering environment, social and governance, drafted by EFRAG and adopted by the European Commission as delegated acts.
EFRAG published amended ESRS E4 guidance on biodiversity transition plans, narrowing what counts as a credible plan and adding a phased disclosure schedule. A six-month comment window is open.
EFRAG opened the first round of sector-specific ESRS for public consultation, starting with oil & gas. The drafts add ~40 sector-specific disclosure requirements layered on top of the topical standards.
The European Commission proposed the Omnibus 1 simplification package, including narrowing the scope of ESRS by ~80% and reducing the number of mandatory data points. Aimed at large in-scope companies first, with later phases TBC.
The European Commission adopted the first set of twelve ESRS as a delegated act under the CSRD. The set covers two cross-cutting standards (ESRS 1, ESRS 2) and ten topical standards across environment, social and governance.
EFRAG submitted the final exposure drafts of the ESRS to the European Commission, completing a two-year drafting process that had included two rounds of public consultation and significant revisions on materiality and value-chain coverage.
The European Commission asked EFRAG, the European Financial Reporting Advisory Group, to develop draft EU sustainability reporting standards. The mandate set the foundation for the ESRS body of work and signalled the Commission would underpin CSRD with EU-specific standards rather than borrow international ones.