On August 7, 2024, the European Commission published a set of frequently asked questions (FAQs) aimed at aiding stakeholders in implementing the EU Corporate Sustainability Reporting Directive. This publication is part of the Commission’s ongoing efforts to enhance the usability of the EU’s sustainable finance framework and alleviate the administrative burden on companies. The FAQs address various concerns, including the scope of the rules, application dates, and potential exemptions, such as the use of estimates in lieu of detailed value chain information from suppliers.
The Corporate Sustainability Reporting Directive, a key element of the EU’s sustainability agenda, and the European Green Deal modernizes and strengthens requirements for companies’ social and environmental reporting. The Directive, which took effect on January 5, 2023, mandates that the first set of companies comply with these new reporting standards starting in 2025, covering the financial year 2024. Commissioner Mairead McGuinness emphasized that these FAQs aim to streamline the application process and support companies in their sustainability efforts.
