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New Guidelines: ESMA publishes rules to harmonize sustainability reporting within the European Union- Support for Large Issuers: Guidelines offered to make the European Sustainability Reporting Standards (ESRS) easier to apply
- Future Monitoring: ESMA pledges to continue enforcing and monitoring sustainability reporting guidelines.
New Measures for Corporate Sustainability Reporting
The European Securities and Markets Authority (ESMA) has released a public statement about the first implementation of the European Sustainability Reporting Standards (ESRS) as well as its Final Report on the Guidelines on Enforcement of Sustainability Information (GLESI). The purpose of these publications is to provide uniform implementation and oversight of sustainability reporting regulations throughout the European Union.
New Guidelines:
Large issuers are intended to get assistance from the Public Statement in the early stages of ESRS implementation. ESMA aims to facilitate the transition while acknowledging that these new standards come with a learning curve.
Promoting Green Finance:
The guidelines are centered around the following and are in line with the ESMA Position Paper “Building more effective and attractive capital markets in the EU”:
- enhancing the sustainability disclosures in order to position the EU capital markets as a center for green financing.
- simplifying in order to lessen industrial burdens related to compliance.
- increasing collaboration amongst EU National Authorities to improve supervisory uniformity.
Future Steps:
Looking ahead, ESMA will keep an eye on GLESI implementation and sustainability reporting methods in 2025. On the ESMA website, translations of the GLESI will be accessible in all EU languages.
Furthermore, in Q4, ESMA intends to make recommendations regarding listed businesses’ sustainability disclosures in its Public Statement on the 2024 European Common Enforcement Priorities.