European Sustainability Reporting Standard (ESRS)

The European Sustainability Reporting Standard (ESRS) is an international framework for sustainability-oriented reporting. It was developed by the European Commission in cooperation with various stakeholders from business and civil society and defines which aspects a company should address in its sustainability report and how these aspects should be evaluated. The aim of ESRS is to create a uniform and comparable standard for corporate reporting. The ESRS is already being used by a large number of companies throughout the European Union.

In November 2022, the European Financial Reporting Advisory Group (EFRAG) submitted the 12 final drafts to the EU Commission. The ESRS is to define the type and manner of reporting within the framework of the CSRD and specify specific aspects of content. The final ESRS drafts refer to the CSRD and tie in with internationally established sustainability standards, such as the GRI standards, Task Force on Climate Related Disclosures(TCFD) and relevant sustainable finance regulations, such as the Sustainable Finance Disclosure Regulation (SFDR).