EFRAG’s ESRS implementation support
EFRAG is planning the implementation support activities for the first set of ESRS, following the EC’s requests. The following deliverables have been prioritised:
- materiality assessment guidance
- guidance on the value chain
- a list of the detailed requirements to support preparer’s gap analysis activities
EC reacts to EP’s concerns on EFRAG’s funding
Commissioner McGuinness responded to the European Parliament’s (EP) concerns about EFRAG’s funding. In a written response, McGuinness notes the EC has offered EFRAG two action grants to increase the funding for its work on the ESRS. The grant is supposed to co-finance up to 90% of eligible costs.
Member States exchange on the upcoming ESRS
Estonia and Denmark requested to address the upcoming sustainability reporting standards at the Competitiveness Council meeting on 22 May. In the note, the two Member States (MSs) indicated the need for standards which are ambitious but also proportionate, value-creating and possible to execute for both prepares and users. They invited the EC and other MSs to avoid the upcoming ESRS that would be burdensome and costly for companies.
EP supports new rules for sustainable and durable products
The EP approved their negotiating mandate on the proposal for a directive Empowering Consumers for the Green Transition. The proposed directive should improve product labelling and durability and prevent greenwashing. The EP’s position foresees, amongst others, banning misleading advertising and general unsubstantiated environmental claims. The EU negotiations on the draft legislation will start soon. This directive is part of the first circular economy package.
EP ECON Committee supports the political agreement on the EU green bond
The EP’s Economic and Monetary Affairs Committee (ECON) voted in favour of the political agreement on the EU green bond standard that the EU co-legislators reached earlier this year (39 votes in favour, 4 – against, 5 abstentions).
The EP plenary is expected to vote on the agreement in September 2023.
Council and EP reach a provisional agreement on ESAP
The Council and the EP reached a provisional agreement on three proposals creating the European Single Access Point (ESAP) on 23 May.
To recall, the ESAP will create a single location to offer EU-wide access to public financial and sustainability-related information about EU companies and EU investment products.