Open Letter: Experts plea for advancement of the European Sustainability Reporting Standards
A group of scientists led by UCD College of Business faculty Andreas Hoepner and Fabiola Schneider; as well as Theodor Cojoianu from University of Edinburgh, Andreas Rasche from Copenhagen Business School and Joeri Rogelj from Imperial College London have published an open letter to the European Commission to seek advancement of the European Sustainability Reporting Standards (ESRS), which were adopted by the Commission on 31 July 2023.
The letter states:
We are alarmed by the decision that corporate disclosures on Scope 1, 2 and 3 greenhouse gas (GHG) emissions have become voluntary disclosures subject to a materiality assessment (see here for Reuters coverage). These indicators, originally proposed as mandatory by the Commission’s own technical advisory body EFRAG, could become ignorable by firms which decide to commission immateriality assessments. While Scope 1, 2 and 3 GHG emissions disclosure were decided to be non-mandatory, a small list of mandatory disclosures remains such as the ‘Integration of sustainability-related performance in managerial incentive schemes’.
The letter contains 117 signatories from universities around the globe.
The open letter is addressed to EU Commission President Ursula von der Leyen, Vice President of the European Commission Maroš Šefčovič and Valdis Dombrovskis and European Commissioner for Financial Stability, Financial Services and the Capital Markets Union Mairead McGuinness.
View the Open Letter to EU Commission here.
View Financial Times 23rd October 2023, 'EU Scientists wade into the climate data debate'
(note: FT.com is subscription based)