EFRAG (European Financial Reporting Advisory Group) has released revised Exposure Drafts of the European Sustainability Reporting Standards (ESRS), launching a 60-day public consultation. These standards aim to reduce complexity while maintaining alignment with the European Green Deal and the Corporate Sustainability Reporting Directive (CSRD).

In a recent development, 40 Members of the European Parliament (MEPs) proposed a motion to reject the European Sustainability Reporting Standards (ESRS). These MEPs advocated for simpler, less burdensome sustainability disclosure rules. The Parliament ultimately voted against this motion, with 359 votes against out of the 631 MEPs. On the same day however, the European Commission did announce plans to delay the ESRS implementation timeline.