January 2024: Business and financial leaders calls for the timely development of EU sector-specific standards for sustainability reporting

Corporate reporting on sustainability matters is a central tool to set direction for responsible business transformation and greening finance. In line with the plan charted in the EU Corporate Sustainability Reporting Directive, leading voices and associations representing the business and financial communities have published a joint statement stressing the importance of continuing with the technical work for sector-specific standards in the EU. 

"The undersigned commend the European efforts and work accomplished so far in the promotion of sustainable finance and responsible business, and stress the importance for the EU to continue the development of sector-specific reporting standards. These are essential to clarify the requirements and expectations for companies' disclosures based on their industry, facilitate the reporting exercise and thereby reduce costs." 

The EU standards are set to provide clarity and legal certainty, level the playing field, and increase the relevance, reliability and comparability of corporate disclosures. Following the adoption of the first set of EU sustainability reporting standards covering general sustainability disclosures, signatories stress the need for companies to have clarity while determining and justifying information on the sustainability risks and impacts that are prevalent in their sector. 

The statement also refers to the importance of sector-specific standards to guide and support the assurance process and the need to ensure coherence with global and leading initiatives. 

The statement can be found here.