Published draft European Sustainability Reporting Standards – what are they and how can you have your say? | Fieldfisher
Skip to main content

Published draft European Sustainability Reporting Standards – what are they and how can you have your say?



January 2023 saw the entry into force of the EU's Corporate Sustainability Reporting Directive (CSRD), which introduced new, stronger ESG public disclosure obligations for large companies, listed SMEs and parent companies of large groups operating in the EU Member States.

The new rules aim to provide greater transparency and information for investors and the public regarding the social, environmental and governance impact of companies and their value chains. Starting with the 2024 financial year (for public interest entities), the information will have to be reported annually and according to European Sustainability Reporting Standards to be developed for this purpose.                                                                                               

The European Commission has now published the draft first set of these reporting standards for public commenting before they are formally adopted. You have until 7 July 2023 to submit your feedback on the draft European Sustainability Reporting Standards on the Commission's 'Have your say' portal, using the template provided. Following any final amendments, the reporting standards will then be adopted as a Delegated Regulation, expected before the end of this year, with direct application in all EU Member States from 1 January 2024.

The reporting standards include two 'cross-cutting' standards covering general requirements and disclosures (ESRS 1 and 2), and ten ESG standards addressing the following areas:

  • ESRS E1 Climate change
  • ESRS E2 Pollution
  • ESRS E3 Water and marine resources
  • ESRS E4 Biodiversity and ecosystems
  • ESRS E5 Resource use and circular economy
  • ESRS S1 Own workforce
  • ESRS S2 Workers in the value chain
  • ESRS S3 Affected communities
  • ESRS S4 Consumers and end-users
  • ESRS G1 Business conduct

Fieldfisher's Corporate Sustainability expertise: Our ESG team is closely following the ongoing introduction of new corporate sustainability reporting and due diligence obligations in the EU - please do not hesitate to contact us for advice or support in navigating and preparing for these new rules.

Key contacts: Peter Sellar, Gerard McElwee, Lars Raedschelders and Wouter Vandorpe

Related Work Areas