It seems likely that insurers operating in the EU zone will be looking at new sustainability standards in the future. Get set for more recycled products used during claims, more supply line checking and carbon usage caps and targets.
The announcement of a Statement of Cooperation between GRI and the European Financial Reporting Advisory Group (EFRAG) Project task Force sees both organizations agree to share technical expertise to co-construct new EU sustainability reporting standards and contribute to further global convergence. This collaboration aims to assist the European Commission in fulfilling its objective to increase corporate transparency in support of the European Green Deal.
Requirements for companies to report to new European sustainability reporting standards is set out in the new Corporate Sustainability Reporting Directive (CSRD) proposal. EFRAG’s Project Task Force on European Sustainability Reporting Standards is leading the technical work to develop those standards.
In the announcement, Sean Berrigan, Director General for Financial Stability, Financial Services and Capital Markets Union, European Commission, states: “European sustainability reporting standards should build on and contribute to the progress of existing standards and frameworks that are widely used by companies. I welcome this Statement of Cooperation between EFRAG and GRI as an important step towards promoting convergence between European and global sustainability reporting standards.”
Patrick de Cambourg, Chair of the EFRAG Project Task Force, highlights that: “in the spirit of co-construction and convergence we promote, we want to benefit from long-standing precursors and avoid reinventing the wheel while contributing at the same time to further substantial progress globally”.