Thread by @EUCorpReporting

(Thread!) @EU_Finance has published the proposal to reform legislation on companies’ sustainability reporting. These changes are key to achieve objectives set in #GreenDeal & the #sustainablefinance agenda. #CSRD
NGOs joint reaction: bit.ly/3xfARpO
Highlights⬇️

➕Positive changes
- Scope: all large companies (private&listed)
- EU mandatory sustainability reporting standards (general&sector-specific)
- Clarification reporting areas, categories info & double materiality principle
- Report on transition plans in line w/ #ParisAgreement

❗️Gaps:
- Exclusion private SMEs, delay standards listed SMEs & exemption large companies part of corp.groups
- No specification essential aspects #humanrights & #supplychains reporting
- Target setting to be connected w/ double materiality & include info actions/results

The research implemented by @EUCorpReporting has shown the gaps in companies’ #ESG reporting (results studies bit.ly/2CPk18l). Investors, banks & stakeholders require meaningful & comparable data + companies need clarity & specification of what is expected from them

The EU Parliament and Council will negotiate the final #CSRD text in the upcoming months. As NGOs specialised in corporate transparency & responsibility, we call on policymakers to ensure the key gaps are addressed 🔎bit.ly/3xfARpO

What do the experts working on corporate sustainability say about the new proposal published by @EU_Finance today? Follow the thread or read our joint statement bit.ly/3xfARpO

@Frank_Bold's Filip Gregor refers to the multiple reasons why this reform is so important⚠️

@juliet_linares @WWFEU welcomes the development of sector-specifc standards & alignment with #sustainability taxonomy but warns about the lack of ambition in terms of scope bit.ly/3xfARpO

Stephanie Rochford @PWYPtweets welcomes development of mandatory sector-specific standards to ensure key information is published on impacts to people & planet by companies in industries such as the mining sector🌍🫂 bit.ly/3xfARpO

Read @PDurandOfficiel interview in @EURACTIV bit.ly/3dGdcY3
✅More companies incl. in scope⚠️but concern on the exemption of large companies part of larger groups
✅EU #sustainability standards⚠️but more clarity needed in legislation to guide development of standards

@Global_Witness calls for all companies to disclose according to #CSRD & EU sustainability standards. Transparency is important but more action is needed on accountability (keep an eye on @EU_JUSTICE work on corporate due diligence)
ℹ️ bit.ly/3xfARpO

Anna Grabowska @transenv welcomes alignment with #taxonomy but questions the delay for listed SMEs
🕥Why is this problematic? Read NGOs public reaction here: bit.ly/3xfARpO

#Sustainability #GreenDeal #SustainableFinance