Legal & Regulatory News
European Central Bank expresses support for the draft ESRS
31 January 2023On 31 January 2023, the European Central Bank (ECB) issued a staff opinion (the Opinion) supporting the draft proposals on the European Sustainability Reporting Standards (ESRS).
In particular, the Opinion notes, amongst other things, that:
- the first set of ESRS broadly address the main needs from the perspective of the ECB;
- ECB staff appreciate the ambitions and mandatory nature of the climate standard (ESRS E1); and
- ECB staff recommend a limited number of adjustments to the ESRS and invite the Commission to consider such amendments before adoption.
The Opinion notes, however, that the timely delivery of sectoral guidance and guidance would be particularly beneficial, including the general requirements for materiality assessments and the information that must be provided.
Click here to view the Opinion.