Make EU laws on corporate sustainability reporting smarter, not weaker
Posted on 13 September 2023
WWF and other NGOs have written to the European Commissioner for Financial Stability, Financial Services and the Capital Markets Union, Mairead McGuinness, expressing their concern about the possible weakening of EU laws on corporate sustainability reporting.
The letter argues that sustainability reporting is essential for ensuring that companies are held accountable for their environmental and social impacts. It also points out that there is a strong market demand for more sustainability data, and that sustainability reporting can help companies attract more diversified funding.
The letter concludes by recommending that the European Commission:
Ensure consistency across the various EU reporting requirements.
Support and fund adequately the EFRAG, which is developing sustainability reporting standards.
Provide more training and guidance to companies on how to report sustainability information.
Provide targeted subsidies to SMEs to encourage them to develop meaningful sustainability reporting.