Date: 9th August 2022

BETTER FINANCE notes that the gap between users’ information needs and the sustainability information reported by undertakings is growing. Academic research demonstrates however that companies are reporting more often on aims and intentions rather than on actual actions and performance. Besides, there is a significant increase in demand for sustainability reporting information from undertakings which is driven by the changing nature of risks and opportunities to undertakings and growing investor awareness of the financial implications of non-financial risks and opportunities. BETTER FINANCE, therefore, welcomes the publication of the European Sustainability Reporting Standards that provide key elements framing the architecture and clarifying key concepts and content of the CSRD proposal. The data is of tremendous importance for investors and the general public in line with the objective of the EU to “shift the trillions” towards a more sustainable economy.