From 2024, ESG becomes mandatory within the EU
The European Union is declaring its ambition to be a world leader in sustainability regulation by adopting new laws that require companies to report on their environmental, social and governance practices.
From the beginning of 2024, environmental, social and corporate governance (ESG) becomes mandatory for certain companies in the EU and Bulgaria. According to the Corporate Sustainability Reporting Directive (CSRD), companies will have to publish non-financial information in the form of an ESG implementation report. The changes will affect not only large companies, but also their partners and suppliers. Banks will also apply stricter lending requirements to companies that do not meet ESG standards.
The new sustainability reporting standards will affect over 50,000 companies, and from 2028 non-EU companies operating in Europe will also have to report their impact using ESRS or equivalent standards. This regulatory framework is designed to standardize and improve corporate sustainability reporting practices across the European Union. However, recent assessments have revealed that nearly half of the affected companies are currently unable to comply with the new requirements, as the topic of reporting ESG policies is still poorly addressed.
In this regard, Ruse Chamber of Commerce and Industry in partnership with the leading consultants from denkstatt Bulgaria, will very soon be holding an ESG event where you will find out more:
- For the Corporate Sustainability Reporting Directive or CSRD (Corporate Sustainability Reporting Directive), which the EU adopted at the end of last year.
- How is the project to create the ESG report, what resources does it require from you, how long does it take?
- How to keep running a successful business while you are busy with yet another bureaucratic task?
- How The EU taxonomy, which defines which activities are sustainable, gives additional access to financing to companies that report on CSRD?
Follow the events on our website!
