EFRAG delivers the first set of draft ESRS to the European Commission

​EFRAG is pleased to announce that it submitted the first set of draft ESRS to the European Commission yesterday in its role as technical adviser to the European Commission. This first set, approved by the EFRAG SRB, supported by the EFRAG SR TEG, takes into consideration the input from the public consultation on the draft ESRS EDs. See EFRAG's advice package here.Read the press release here.

​This first set of 12 draft ESRS is composed of:


Cross-cutting standards:
- Draft ESRS 1 General requirements
- Draft ESRS 2 General disclosures

Topical standards:
Environment:
- Draft ESRS E1 Climate change
- Draft ESRS E2 Pollution
- Draft ESRS E3 Water and marine resources
- Draft ESRS E4 Biodiversity and ecosystems
- Draft ESRS E5 Resources and circular economy

Social:
- Draft ESRS S1 Own workforce
- Draft ESRS S2 Workers in the value chain
- Draft ESRS S3 Affected communities
- Draft ESRS S4 Customers and end-users

Governance:
- Draft ESRS G1 Business conduct

The publication of the draft standards is accompanied by: a Cover letter, a Due process note setting out the process applied and the main differences between the exposure drafts and the draft ESRS, an Explanatory note, including its Annex, of how draft ESRS take account of the initiatives and legislation listed in Article 1 (8) of the CSRD adding article 29 (b) -5 to the Accounting Directive, EFRAG’s Cover Letter on the Cost-benefit analysis of the First Set of draft ESRS, a Cost-benefit analysis of the First Set of draft ESRS prepared by CEPS and Milieu and six appendices. The bases for conclusions will be published in December.

Kerstin Lopatta, former EFRAG Acting SRB Chair, stated: “On behalf of the EFRAG SRB, as Acting Chair, it is my great pleasure to deliver today the first set of 12 draft European Sustainability Reporting Standards (ESRS) as Technical Advice to the European Commission. We can be proud of this outcome of a due process involving all European stakeholders since June 2021 and of this critical contribution to establishing sustainability reporting in the EU on robust foundations. Our goal has been to strike the right balance between a game-changing step forward and a pragmatic implementation and to foster global sustainability reporting progress while taking full account of the feedback received through our public consultation and deliberations. We are confident that we will all in due course benefit from this collective effort towards more transparency and accountability.
Chiara Del Prete, EFRAG Acting SR TEG Chair, commented: “As EFRAG SR TEG Acting Chair and having led on the field the activities of the EFRAG Secretariat, I am today proud and honoured that EFRAG has accomplished his challenging mission to deliver to the European Commission the first Set of draft ESRS, following its multi-stakeholder due process note. I am particularly grateful to my fellow EFRAG SR TEG members who managed to reach a consensual approval in issuing the EFRAG SR TEG advice to the EFRAG SRB and, for their tireless support, to all the members of the EFRAG Secretariat.”

See EFRAG's advice package here.

Read the press release here.