European Commission sends 17 member states letters over ESG reporting requirement (2024)

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October 1, 2024

The European Commission sent letters notifying 17 member states of new infringement procedures over a lack of compliance with ESG reporting initiatives. The letters addressed a commission requirement to integrate the Corporate Sustainability Reporting Directive (CSRD) into national law:

“

The CSRD is a major update to the EU’s Non-Financial Reporting Directive (NFRD), the previous EU sustainability reporting framework, significantly expanding the number of companies required to provide sustainability disclosures to over 50,000 from around 12,000. Based on new underlying European Sustainability Reporting Standards (ESRS), the CSRD introduces more detailed reporting requirements on company impacts on the environment, human rights and social standards and sustainability-related risk. The CSRD took effect from the beginning of 2024 for large public-interest companies with over 500 employees, with the first reports to be issued in 2025, followed by companies with more than 250 employees or €40 million in revenue in the following year, and listed SMEs one year later. The deadline for states to transpose the CSRD into national laws was July 6, 2024, yet the Commission said that it is still calling on 17 member states to transpose the directive. The states receiving the letters include Belgium, Czechia, Germany, Estonia, Greece, Spain, Cyprus, Latvia, Luxembourg, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia and Finland.

”

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• Economy and Society: Ballotpedia's ESG newsletter

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