The first EU omnibus package is set for completion by the end of the year, but negotiations in the EU Parliament are still at a standstill. Another meeting is to untie the knot.
By Lukas Knigge
The EU sustainability standards are intended to help companies improve their sustainability performance and report on it transparently. In this context, the European Financial Reporting Advisory Group (EFRAG) has set up a working group to develop sustainability standards for corporate financial reporting. The EFRAG sustainability standards are intended to support companies in reporting on their ESG aspects and create a common understanding of sustainability in financial reporting. This should also provide investors and stakeholders with a reliable basis for information. Read the latest news on EU sustainability standards from the Table.editorial team here. What sustainability standards are there in the EU? There are various sustainability standards in the EU that are intended to promote environmentally, socially and economically sustainable development. Some of the most important sustainability standards in the EU are These sustainability standards are important tools for promoting sustainable development in the EU and enabling the transition to a low-carbon, resource-efficient and equitable economy. What role do sustainability standards play in European policy? Sustainability standards play an important role in European policy, as the European Union plays a leading role in promoting sustainability and climate action. The EU has launched a variety of initiatives and programs to promote sustainability standards in different areas such as environmental, social and governance (ESG). An important part of European policy is the promotion of sustainability in the business practices of companies. The EU has introduced a number of regulations and standards to ensure that companies live up to their social and environmental responsibilities. Examples include the EU Regulation on sustainability risk disclosure for financial market participants and the EU Anti-Corporate Abuse Directive, which require companies to make their business practices more transparent and responsible. In addition, the EU has set itself various sustainability targets for 2030, such as reducing greenhouse gas emissions by 55% compared to 1990 and promoting renewable energies. The EU has also launched various programs to promote sustainability in agriculture and transport. Overall, sustainability standards play an important role in European policy and are an essential part of the EU's efforts to create a more sustainable future. How does the EU implement the Sustainable Development Goals? The EU implements the Sustainable Development Goals (SDGs) in various ways, including through Overall, the EU implements the SDGs at many levels, taking an inclusive approach that considers sustainability in all policy areas. By implementing measures at local, regional and national level, the EU can help create a more sustainable future for all. What are the EFRAG Sustainability Standards? The EFRAG Sustainability Standards are a set of recommendations and guidelines to help companies report on their sustainability performance. The standards have been developed based on existing standards and guidelines, including the GRI (Global Reporting Initiative) standards and the TCFD (Task Force on Climate-related Financial Disclosures) recommendations. The EFRAG Sustainability Standards contain guidelines on reporting on environmental, social and governance (ESG) aspects and on integrating sustainability into corporate strategy and management. The standards also specify what information companies should disclose in their financial reports in order to meet the requirements of investors and stakeholders. The EFRAG Sustainability Standards are not mandatory, but are intended to support companies in reporting on their sustainability performance and to provide investors, analysts and other stakeholders with a comparable and reliable basis of information. In this sense, the standards serve to promote sustainable and transparent corporate governance and help to create a common understanding of sustainability in financial reporting.
