The Adoption of European Sustainability Reporting Standards Paves the Way to a Sustainable EU Economy
Oporto, August 5th 2023 - The European Commission has taken a significant stride towards achieving a sustainable EU economy by adopting the European Sustainability Reporting Standards (ESRS) on July 13th 2023. These standards, applicable to all companies covered by the Corporate Sustainability Reporting Directive (CSRD), are poised to play a crucial role in facilitating the transition toward a greener and more sustainable future.
The newly adopted ESRS comprehensively covers a broad spectrum of environmental, social, and governance issues, which includes pivotal topics like climate change, biodiversity, and human rights. By providing relevant information, these standards empower investors to evaluate the sustainability impact of companies in which they invest.
Quickers Venture, a pioneering company in the startup incubation and acceleration space, is proud to announce its adoption and promotion of a new digital product aimed at helping corporations and startups comply with the European Sustainability Reporting Standards (ESRS). The ESRS is a set of guidelines and standards that aim to promote sustainability reporting among European corporations. Compliance with these standards is becoming increasingly important for companies looking to demonstrate their commitment to sustainability and social responsibility.
The new digital product that Quickers Venture is adopting and promoting is designed in-house to make compliance with the ESRS easier and more efficient than ever before. The product is a comprehensive platform that provides corporations with all the tools they need to comply with the ESRS. It includes features such as data collection and analysis, reporting templates, and automated reporting processes. This platform will enable corporations to streamline their sustainability reporting efforts and ensure that they are meeting all the necessary requirements.
Moreover, the product has ensured extensive collaboration and alignment with the International Sustainability Standards Board (ISSB) and the Global Reporting Initiative (GRI), guaranteeing a high degree of interoperability with global standards.
Mairead McGuinness, Commissioner for Financial Services, Financial Stability and Capital Markets Union, expressed her enthusiasm for the adopted standards, emphasizing their ambitious nature and their pivotal role in supporting the EU's sustainable finance agenda. She asserted that the ESRS strikes a delicate balance, minimizing the reporting burden on companies while enabling them to showcase their commitment towards the green deal agenda and gain access to sustainable finance opportunities.
To ensure a smooth transition, the implementation of the reporting requirements will be gradually phased in over time for different companies. This will allow businesses to adapt and integrate the necessary mechanisms to meet these standards effectively.
The adoption of the ESRS is a clear indication of the EU's steadfast commitment to sustainable development and responsible business practices. The move showcases the EU's leadership in driving the global sustainability agenda and reinforces its role as a frontrunner in sustainable finance initiatives. It sets a solid foundation for businesses to enhance transparency, demonstrate responsible behavior, and contribute to a more sustainable economy. This will not only benefit investors and stakeholders but will also foster a more sustainable and inclusive future for the EU and the global community.
The European Commission's adoption of the ESRS is a meaningful step towards embedding sustainability into corporate reporting practices, fostering a sustainable economic ecosystem. With these standards in place, companies will have the opportunity to showcase their commitment to sustainable practices, and investors will have the vital information needed to support environmentally friendly and socially responsible economic activities.
About the European Commission:
The European Commission is the executive branch of the European Union, responsible for proposing legislation, implementing decisions, and managing the day-to-day business of the EU. It plays a pivotal role in shaping policies and initiatives that drive sustainable development, including the adoption of the European Sustainability Reporting Standards (ESRS).