ESG Today: “EU Commission warns 17 member states over failure to implement CSRD sustainability reporting rules, and more...”

The CSRD took effect from the beginning of 2024 for large companies, with the first reports to be issued in 2025, with smaller companies phased in over the following two years.

ESG Today: EU Commission warns 17 member states over failure to implement CSRD sustainability reporting rules, and more...

The European Commission announced that it has sent letters to 17 EU member states, opening infringement procedures with the states over their failure to fully transpose the new Corporate Sustainability Reporting Directive (CSRD) into their national laws.

 The CSRD took effect from the beginning of 2024 for large companies, with the first reports to be issued in 2025, with smaller companies phased in over the following two years. The deadline for states to transpose the CSRD into national laws was in July 2024.

In its statement announcing the launch of the infringement procedures, the Commission said:

“In the absence of transposition of these new rules it will not be possible to achieve the necessary level of harmonisation of sustainability reporting in the EU and investors will not be in a position to take into account the sustainability performance of companies when making investment decisions.”