ECB staff opinion on the first set of European Sustainability Reporting Standards

The European Central Bank, ECB, has published an ECB staff opinion on the first set of draft European Sustainability Reporting Standards (ESRS Set 1) developed by the European Financial Reporting Advisory Group (EFRAG) in response to the request of the European Commission (EC) and in accordance with the mandate set out in the Corporate Sustainability Reporting Directive (CSRD). The first set of ESRS, according to ECB staff, broadly addresses the ECB’s primary needs.
The ECB staff appreciate the goals and mandatory approach of the climate standard (ESRS E1). However, the ECB staff suggests a small number of helpful changes to the ESRS and invites the Commission to take these changes into account before adoption. Moving forward, ECB personnel emphasize the requirement for the prompt creation of new sectoral standards and guidelines for financial institutions. The ECB staff emphasizes the importance of consistent interpretive support and good standard maintenance throughout time. The ECB staff is grateful for the tremendous efforts made by EFRAG and the International Sustainability Standard Board (ISSB) to harmonize and assure the interoperability of their respective standards.