EU extends deadline for sustainability reporting to 2026
![EU extends deadline for sustainability reporting to 2026](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/02/european-union-flag-blue-background.jpg)
The Council of the European Union and the European Parliament have agreed to postpone sustainability reporting requirements for specific sectors and third-country companies by two years. The agreement postpones the adoption of new standards to June 30, 2026.
This amends the Corporate Sustainability Reporting Directive (CSRD) and allows companies more time to prepare to adopt European Sustainability Reporting Standards (ESRS).
“Boosting European competitiveness is a core pillar of the Belgian Presidency, and one way to achieve this objective is to reduce the administrative burden on companies. Today’s agreement limits reporting requirements to the minimum and gives companies time to implement the ESRS and prepare for the sectorial European Sustainability Reporting Standards,” said Vincent Van Peteghem, Belgian Deputy Prime Minister and Minister of Finance, in a release.
EU law mandates that listed companies must disclose information about the risks and opportunities linked to social and environmental issues. This disclosure helps investors, civil society, consumers, and other stakeholders assess green and social sustainability.
On July 31, 2023, the Commission adopted standards across all sustainability topics to help reporting. Following this, sector-specific standards, standards for small and medium-sized enterprises (SMEs), and standards for third-country companies with a turnover of €150 million in the EU and at least one subsidiary or branch in the EU were set to be introduced by June 30, 2024.
A release from the Council of the European Union stated that extending the deadline will give more time to develop sector-specific sustainability standards and standards for specific third-country companies. The date of application for third-country companies will be 2028, as set in the CSRD.
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