EU’s ESG Reporting Standards Move Ahead While Global Rules Lag

Multinational companies will face a growing burden of sustainability reporting over the next few years, largely from new European standards rather than the UN-backed rules announced with much fanfare a year ago.

“We’ve identified around 1,000 data points companies will need to report,” Patrick de Cambourg, chair of the EFRAG Sustainability Reporting Board, said in an interview.

The European Financial Reporting Advisory Group has drawn up comprehensive reporting rules covering all aspects of environmental, social and governance issues, which will be mandatory for big European companies beginning in the 2024 financial year. The standards have been sent to the ...