EBA issues Opinion to the European Commission on the draft European Sustainability Reporting Standards

The European Banking Authority, EBA, has published an 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).
In the EBA’s view, ESRS Set 1 generally achieves a good starting level for the implementation of the CSRD, with only minor aspects still requiring modification.
The EBA highlights interoperability with the EBA Pillar 3 disclosures in combination with data for credit institutions‘ risk management as essential and well achieved so far.
Overall, the EBA is pleased with ESRS’s compliance with key EU Regulations and international standards, as well as its improved alignment with the disclosure requirements set forth in the EBA Pillar 3 framework. With the appropriate phasing-in procedures in place, the EBA considers the draft standards to offer a well-balanced approach in terms of proportionality. The EC should give a few things more thought, like the schedule for creating industry-specific standards for financial institutions.
For further details, please refer to the original document.
The EC will take into account EBA’s technical advice as well as advice from ESMA (eventid=19442), EIOPA (eventid=19482) and other public bodies.