EU Adopts European Sustainability Reporting Standards (ESRS): What are the implications for Tech and IT?
The European Commission’s recent announcement on July 31st marks a major turning point for sustainability reporting in the European Union. The adoption of the European Sustainability Reporting Standards (ESRS) is set to reshape how companies report their sustainability practices and impacts. This new directive will have far-reaching implications, especially for tech and IT companies that play a significant role in the region’s economic landscape. Expanding Reporting Requirements With the implementation of the Corporate Sustainable Reporting Directive (CSRD), the ESRS is poised to significantly expand the number of companies required to disclose sustainability information. While around 12,000 companies currently report under