The European Parliament recently adopted the Corporate Sustainability Reporting Directive (CSRD) to promote sustainability reporting and a green economy within the European Union. The directive applies to large companies and aims to enhance sustainable investment by requiring more detailed reporting on sustainability issues. It introduces the concept of ‘double materiality’, requiring companies to report on how sustainability issues impact their business and how their operations affect people and the planet.
The directive will affect almost 50,000 companies and requires detailed reporting on environmental, social, and governance factors. The phased implementation will start in 2024, aiming to streamline reporting, enhance transparency, and reduce the risk of greenwashing. The introduction of CSRD aligns with the EU’s broader sustainability goals and reflects the global trend towards enhanced sustainability reporting, positioning Europe as a leader in this space.
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