News European Commission adopts the ESRS – European Sustainability Reporting Standards 01/08/2023

The last day of July 2023 was marked by the adoption of the European Sustainability Reporting Standards (ESRS) by the European Commission, through the approval of a delegated regulation, which will be sent for approval to the European Parliament during the current month of August.

 The ESRS were designed to harmonize and guide how companies covered by Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 on corporate sustainability reporting (CSRD) should report such information, in line with the European Green Deal.

 The main objective of these Standards is to ensure that the information reported by companies to their stakeholders on environmental, social and governance impacts, risks and opportunities is reliable and comparable.

 The ESRS, drafted by the European Financial Reporting Advisory Group (EFRAG), are grouped as follows:

  • General standards;
  • Standards on the environment, addressing climate, pollution, water and marine resources, biodiversity and ecosystems, and resource use and circular economy;
  • Standards on the social component, focusing on the own workforce, workers in the value chain, affected communities, and consumers and end-users; and
  • Standards on good governance, mainly concerning business conduct.

The Commission, as well as EFRAG, has taken care to align the ESRS with the standards of the International Sustainability Standards Board (ISSB) and the Global Reporting Initiative (GRI).

If approved by Parliament, these standards will be applied for the first time in 2025, with reference to the year 2024, by companies already subject to the Non-Financial Reporting Directive (NFRD). For other companies, the ESRS will be implemented gradually, in tandem with the CSRD, until 2028.

GPA Law Firm will keep its Clients updated on any developments, providing support in an ever demanding context of change.  


For further information:  Q&A adoption of European Sustainability Reporting Standards (

For further clarifications on this subject: Manuel Gouveia Pereira (

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