EU Lawmakers Approve 2 Year Delay of Sustainability Reporting Standards for Specific Sectors and non-EU Companies
The European Parliament announced the approval of a proposal to delay key aspects of the Corporate Sustainable Reporting Directive (CSRD) by 2 years, including the adoption of standards for companies to provide sector-specific sustainability disclosures and for sustainability reporting from companies outside of the EU.
CSRD required the adoption of sector-specific European Sustainability Reporting Standards (ESRS) by the end of June 2024,
As per a new research by the ECB, while European banks are committed to net-zero however, alignment to those commitments is severely lacking as the European banking sector shows substantial misalignment and may therefore be subject to increased transition risks, with around 70% of banks also subject to elevated reputational and litigation risk.
Banks face penalties and legal action over fossil fuel funding