Based on the review of the Non-Financial Reporting Directive (NFRD) by the Corporate Sustainability Reporting Directive (CSRD) and the development of European sustainability reporting standards, sustainability reporting policy in Europe is growing at an unprecedented pace. The timeline below outlines pivotal developments ahead connected to EU corporate reporting policy:

Useful resources

EU legislations and preparatory work on EU sustainability reporting standards

 • EFRAG Project Task Force on European Sustainability Reporting Standards, Status Report

Regulation (EU) 2020/852 (Taxonomy) on the establishment of a framework to facilitate sustainable investment

• EFRAG Project Task Force on preparatory work for the elaboration of potential EU non-financial reporting standards, Final report, Proposals for a relative and dynamic EU sustainability reporting standard-setting

Delegated Act setting the technical screening criteria for outlining the conditions under which an economic activity qualifies as contributing substantially to climate change mitigation or climate change adaptation and for determining whether that economic activity causes no key damage to any of the other environmental objectives

• European Commission, Proposal for a Corporate Sustainability Reporting Directive (under negotiations between the EU institutions)

• European Financial Reporting Advisory Group (EFRAG), Working Paper, Climate standard prototype

Delegated Act specifying the content and presentation of information to be disclosed with subject to Articles 19a or 29a of Directive 2013/34/EU regarding environmentally sustainable economic activities, and specifying the methodology to comply with that disclosure obligation (article 8 of the EU Taxonomy)

Guidance and additional information

• IFRS Foundation webpage on ISSB developments

• CDSB application guidance on climate, water and biodiversity reporting

• CDSB study on the state of EU environmental disclosures in 2020

Source: CDSB