23/10/2023 - EFRAG welcomes the final adoption of the ESRS by the European Institutions
With the end of the co-legislators' scrutiny period, the first set of twelve sector-agnostic ESRS providing for a proportionate but comprehensive reporting of environmental, social and governance matters is now integrated in the European legal framework. This is a further milestone in the implementation of a robust sustainability reporting framework in the European Union.
The period for possible objection by the co-legislators on the European Sustainability Reporting Standards (ESRS) Delegated Act adopted by the European Commission on 31 July 2023 ended on 21 October 2023. At the end of this process, EFRAG wishes to welcome the integration of the ESRS into the European legal framework. EFRAG has contributed to the process since September 2020 and regards this as a milestone in the progress of quality sustainability reporting in the European Union and globally.
Following this crucial step, EFRAG is dedicated to providing support for a successful implementation of this first set of sector-agnostic ESRS. In the coming weeks EFRAG will publish for public feedback several sets of implementation guidance on key topics, in particular: materiality assessment, value chain and data points overview for gap analysis.
EFRAG is also opening a Q&A platform to foster a relevant dialogue with stakeholders. This is aimed at supporting them in their implementation process and understanding of ESRS.
EFRAG is progressing on the development of the Exposure Drafts for SME standards that will be issued for consultation in January 2024 and continues its work on sector-specific standards.
