Georgios Galanis

Sustainability reporting: Questions about ESRS? The EFRAG publishes 64 new explanations, updating the compilation of explanations to a total of 157 explanations, including a mapping of sustainability matters with the Disclosure Requirements in topical standards. https://lnkd.in/etTpkwav

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Hot on the heels of the Financial Conduct Authority's new anti-greenwashing rules for financial services firms, is the final report from the European Securities and Markets Authority (ESMA) on how supervisory authorities will approach #greenwashing risks in regulated entities in the EU. The bottom line: increased scrutiny 🔎 of all sustainability-related claims. #responsiblebusiness #sustainablefinance #greenwashing #responsiblebanking #riskmanagement

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REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on the exercise of the power to adopt delegated acts conferred on the Commission pursuant to Council Directive 86/278/EEC of 12 June 1986 on the protection of the environment, and in particular of the soil, when sewage sludge is used in agriculture, Directive 94/62/EC of 20 December 1994 on packaging and packaging waste, Directive 2000/53/EC of 18 September 2000 on end-of life vehicles, Regulation (EC) No 1013/2006 on shipments of waste, Directive 2006/66/EC of 6 September 2006 on batteries and accumulators and waste batteries and accumulators and Directive 2008/98/EC of 19 November 2008 on waste

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At the request of the European Commission, the Committee of European Auditing Oversight Bodies (CEAOB) has released non-binding guidelines for limited assurance on sustainability information. The CSRD requires the EU Commission to adopt a standard for limited assurance on sustainability information by October 2026. Furthermore, by October 2028, the EU will establish reasonable assurance standards after conducting an assessment to determine if reasonable assurance is feasible for both auditors and organisations. Until that moment, these guidelines from the CEAOB give some light to organizations on the implications of limited assurance engagements on sustainability reports. #CSRD #sustainability #reporting #CEAOB

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Recent developments from EFRAG are noteworthy. EFRAG announced the release of the #Interoperability Guidance in partnership with the IFRS Foundation. For detailed insights, please visit: https://lnkd.in/eY4QajNy Key highlights from the guidance include: - Alignment Achieved: Illustrates the high level of alignment between the International Sustainability Standards Board’s (ISSB) Sustainability Disclosure Standards and the European Sustainability Reporting Standards (ESRS). - Practical Application: Offers detailed analysis and practical support on applying both sets of standards, especially in climate-related disclosures. - Designed for Simplicity: Aims to reduce complexity, fragmentation, and duplication for companies that are applying both the ISSB Standards and ESRS. - Efficiency and Compliance: Supports global companies in meeting disclosure requirements efficiently, promoting transparency, comparability, and accountability. - Decision-Useful Data: Guides companies on collecting, governing, and controlling decision-useful data effectively. This guidance is a significant step towards standardised global sustainability reporting. #CSRD #EFRAG #ESRS #ISSB #SustainabilityReporting #IFRS

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https://lnkd.in/ejug348G Indiferentza IMM urilor fatza de raportarea de tip audit ESG le poate cauza grave prejudicii asupra propriului business si le expune ingrijoratori si pe cele din Romania inclusiv la penalitati care pot ajunge pana la 5 % din cifra de afaceri in viitorul apropiat, incluzand falsa inverzire utilizata ca publicitate inselatoare fata de invesitori, clienti, parteneri si stakeholderii din sectorul lor de activitate! <<EFRAG, a private association majority financed by the EU, was mandated by the European Commission in June 2020 to prepare for new EU sustainability reporting standards, including for SMEs which are public-interest entities, or those with securities traded in the EU. The organization was also asked to develop voluntary sustainability reporting standards for non-listed SMEs. EFRAG released its exposure drafts for the new SME ESRS, including standards for both public interest SMEs (ESRS LSME) and voluntary standards for other SMEs (VSME), and launched a public consultation on the standards, in January 2024. In its response to the consultation, ESMA acknowledged that EFRAG was required “to strike a difficult balance” between addressing proportionality concerns in setting sustainability reporting requirements for smaller businesses with the need to provide transparency and reliability of information to investors. The regulator noted that the proposed standards “adequately strike the balance between proportionality and investor protection considerations,” subject to targeted changes proposed by ESMA.>> #ESG #ESMA #EFRAG #EU #audit #framework #standards #protection #greenwashing #SMEs #IMM #training #business #consumers #investment #lifelonglearning #consultant #transparency #certification #CIOSUERD

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I’m glad to share the summary which I found useful! I’m sharing some updates or additional information on ESG reporting standards or frameworks: SASB: The Sustainability Accounting Standards Board (SASB) joined the IFRS Foundation in 2022. Now, the International Sustainability Standards Board (ISSB) under IFRS uses SASB’s work. CDP: The Climate Disclosure Standards Board (CDSB), hosted by CDP, is now part of the IFRS Foundation. CDSB’s staff and main resources have moved to IFRS. Until ISSB publishes new standards, companies can still use CDSB’s guidelines on Water, Biodiversity, and Social disclosures. These changes aim to make sustainability reporting simpler and more consistent worldwide.

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EFRAG has identified the Sustainable Development Policy Institute (SDPI) as a valuable framework for assessing environmental, social, and governance (ESG) factors. Read more: https://lnkd.in/grcpRk8R #SustainabilityReporting #SDG #ESGReporting #SustainableDevelopment

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Leading EU NGOs raise criticism over EFRAG recent draft guidance on #ClimateTransitionPlans. Central point of critic is the lack of clearer guidance on how to claim compatibility of climate targets with 1.5°C scenario. Clear requirements and guidance are essential for preparing companies to efficiently draft their disclosures and implement policies and strategies subsequently

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On May 24 the Council of the #EU formally adopted the Corporate Sustainability Due Diligence Directive (#CSDDD). The directive introduces obligations for large companies regarding adverse impacts of their activities on 👩‍🔧 #HumanRights and 🌳 #EnvironmentalProtection. It also lays down the liabilities linked to these obligations. The rules concern not only the companies’ operations, but also the activities of their subsidiaries, and those of their business partners along the companies’ chain of activities. - Scope, activities, and civil liability The directive will affect companies of more than 1 000 employees with a turnover of more than €450 million, and their activities ranging from the upstream production of goods or the provision of services, to the downstream distribution, transport, or storage of products. Companies affected by the legislation adopted will have to take and implement a risk-based system to monitor, prevent or remedy human rights or environmental damages identified by the directive. The directive requires companies to ensure that human rights and environmental obligations are respected along their chain of activities. If a violation of these obligations is identified, companies will have to take the appropriate measures to prevent, mitigate, bring to an end or minimise the adverse impacts arising for their own operations, those of their subsidiaries and those of their business partners in their chain of activities. Companies can be held liable for the damage caused and will have to provide full compensation. Companies affected by the directive will also have to adopt and put into effect a climate transition plan in line with the Paris agreement on climate change. #Next #steps: This is the last step in the decision-making procedure. ⚖ After being signed by the President of the European Parliament and the President of the Council, the directive will be published in the Official Journal of the European Union and will enter into force on the twentieth day following its publication. 📅 Member states will have two years to implement the regulations and administrative procedures to comply with this legal text. The directive will apply depending on the size of the companies following this timeline: - 3 years from the entry into force of the directive for companies with more than 5 000 employees and €1 500 million turnover - 4 years from the entry into force for companies with more than 3 000 employees and €900 million turnover - 5 years from the entry into force of the directive for companies with more than 1 000 employees and €450 million turnover. https://lnkd.in/dpP7a9rS

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The EU’s Corporate Sustainability Reporting Directive (CSRD) becomes effective for many entities in 2024, with a later effective date for some entities. The scope of the CSRD will apply to many non-EU groups, which will have a significant effect, including the requirement to apply European Sustainability Reporting Standards. It is crucial for non-EU groups to determine if they will have a reporting obligation under the CSRD. BDO’s ISRB 2024/05 summarises the scoping rules of the CSRD applicable to non-EU groups.

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IFRS Foundation and EFRAG Publish Interoperability Guidance to Align International Sustainability Standards Board (ISSB) and ESRS Standards Mairead McGuinness Patrick de Cambourg Chiara Del Prete Emmanuel Faber Sue Lloyd #Sustainability #Standards #Reporting #Disclosures

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For anyone interested in sustainability sector standards... A recent International Sustainability Standards Board (ISSB) Staff Paper on the maintenance and enhancement of the SASB Standards offers a comparative table of the different sector standards with EFRAG, Global Reporting Initiative (GRI) (https://lnkd.in/e7XYUQri) Sector standards are becoming hugely valuable as credible inputs to a #materialityassessment (whatever perspective you take) and make it easier for companies #starting a sustainability reporting journey. It's good to have visibility on what's here now, and what's coming. #paradigmshift #sustainablefinance #sustainabilitydisclosures #esgdata #esg

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First-of-its-kind #evidence gap map of #sustainableenergy interventions in LMICs, #jobs, handbook on #costeffectiveness, and much more in our latest newsletter Read now and subscribe👇 https://lnkd.in/dH_TZxff

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EU climate Advisory Board calls for considerable improvement to the draft scenarios used for cross-EU energy network development https://lnkd.in/dmv2d8ub The European Scientific Advisory Board on Climate Change found that the draft scenarios for long-term energy infrastructure planning and development at EU level are not compatible with the EU’s climate 2030 targets for energy and climate and its 2050 climate neutrality objective.

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National Environmental Management Act: Procedures to be followed for assessment and minimum criteria for reporting on identified environmental themes when applying for environmental authorisation: Vultures: Comments invited Comment by Sunday, September 8, 2024 - 12:00 https://lnkd.in/ddwAghkx

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#sustainablefinance EU ESMA calls on market participants to ensure their products and services' #sustainability claims are fair, clear, and not misleading if needed by adapting their governance and internal processes. ESMA will continue monitoring #greenwashing risks and supervisory progress, including via the ongoing Union Strategic Supervisory Priority on “#ESGDisclosures”. 

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#Sustainability is at the core of the #ESFRI Landscape, with a strong focus on environmental stewardship and Green Innovation supporting Climate Change policies. Embrace sustainable research practices! Only a few days for #ESFRILandscape2024 #ResearchInfrastructures #EU_RIs #ClimateChange #GreenInnovation

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