The draft standards were developed by PTF-ESRS, EFRAG's working group on the development of European standards for reporting sustainability issues. They have the character of working documents, i.e. they are subject to further revisions and agreements. In the following months of 2022, the drafts will undergo public consultations. After their completion, the final version of the standards will be issued by the European Commission in the form of delegated acts.
PTF-ESRS, which creates draft standards for the European Commission, has published its first set of standards. It includes:
- four draft cross-cutting standards
- draft climate change standard
- Two sets of guidelines (which will not be binding standards).
More sets of standards are expected to be published in the coming weeks.
At the current stage of work, PTF-ESRS plans that the sustainability reporting system will consist of 21 standards for all companies and a set of industry standards. In addition, there will be 6 sets of guidelines.
The materials published today are available on EFRAG's website at: Cover note for Batch 1 WPs.
You can also refer to them below: (we recommend reading the Cover note document first)
- Cover note
- ESRS 2 Strategy and business model
- ESRS 3 Sustainability governance and organization
- ESRS 4 Sustainability material impacts, risks, and opportunities
- ESRS 5 Definitions for policies, targets, action plans, and resources
- ESRS E1 Climate change
- ESRG 1 Double materiality conceptual guidelines for standard-setting
- ESRG 2 Quality of information conceptual guidelines for standard-setting.
Piotr Biernacki, ESG Reporting Partner at MATERIALITY, is a member of the PTF-ESRS team and serves as cluster co-lead of the subteam that developed the draft cross-cutting standards (ESRS 2-5) and both sets of guidelines.
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