EFRAG submits the first set of draft ESRS to the European Commission
25 November 2022
EFRAG has submitted the first set of draft ESRS to the European Commission.
The first set of 12 draft ESRS is composed of:
- Draft ESRS 1 General requirements
- Draft ESRS 2 General disclosures
- Draft ESRS E1 Climate change
- Draft ESRS E2 Pollution
- Draft ESRS E3 Water and marine resources
- Draft ESRS E4 Biodiversity and ecosystems
- Draft ESRS E5 Resources and circular economy
- Draft ESRS S1 Own workforce
- Draft ESRS S2 Workers in the value chain
- Draft ESRS S3 Affected communities
- Draft ESRS S4 Customers and end-users
- Draft ESRS G1 Business conduct
As a next step, the European Commission will now consult EU bodies and Member States on the draft standards, before adopting the final standards as delegated acts in June 2023, followed by a scrutiny period by the European Parliament and Council.
The reporting requirements will be phased in over time for different kinds of companies. The first companies will be required to apply the standards in financial year 2024, for reports published in 2025. Listed SMEs are obliged to report as from 2026, with a further possibility of voluntary opt-out until 2028, and will be able to report according to separate, proportionate standards that EFRAG will develop next year.
The press release by EFRAG and the draft ESRS may be accessed here.