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EU Sustainability Developments Issue 7
Embracing change: preparing for the future of digital sustainability reporting in the EU
On 30 August 2024, the ESRS Set 1 XBRL Taxonomy and a separate XBRL Taxonomy for Article 8 disclosure requirements (the Article 8 Taxonomy) were published by EFRAG. The ESRS Set 1 XBRL Taxonomy provides a structured framework for digitally tagging sustainability information, with the aim of providing data that is easily accessible, comparable, and transparent, enabling stakeholders to efficiently analyze and utilize environmental, social and governance (ESG) information for decision-making.
The taxonomies are now in the process of adoption by ESMA, the European Commission, the European Council and the Parliament.
It is not expected that companies will need to report sustainability information according to the ESRS Set 1 XBRL Taxonomy and the Article 8 Taxonomy before 2026.