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One of the buzzing needs for the hour in sustainable reporting was to create better transparency and awareness of the sustainability impact of the business. It was found that the Non-Financial Reporting Directive (NFRD) provided insufficient information. It omitted information that provides metrics to compare company to company. There needs to be more information on the credibility of the data from the reports. That is what led to CSRD.

The European Commission highlighted the “accountability gap”. Low-quality sustainability reporting has drastic effects on consumer decisions and persuading business investments. Having a strong credible base of information makes it easier for the stakeholders and investors to make a sound decision. 

Hence, The Corporate Sustainability Reporting Directive was introduced to improve the Non-Financial Reporting Directive. On the 21st of April 2021, The EU Commission introduced CSRD to comply with the conditions made under the European Green Deal. 

Learn more about it in this blog…

External URL: https://imveloltd.co.uk/csrd-corporate-sustainability-reporting-directive-uk-2023/