New EU Delegated Regulation 2023/2772: What You Need to Know
The new EU Delegated Regulation 2023/2772, issued on 31 July 2023, is an important step towards establishing a common reference framework for sustainable development in the European Union.
This regulation complements Directive 2013/34/EU and concerns the sustainability reporting standards (ESRS) that companies must use to carry out their reporting.
Basic Aspects of the Regulation
1. Purpose and Scope: The Regulation sets out the European Sustainability Reporting Standards (ESRS), which businesses must use when carrying out their sustainability reporting. These standards include requirements for the disclosure of information on climate change, pollution, water and marine resources, biodiversity and ecosystems, resource use and the circular economy, as well as social issues such as employment, working conditions and corporate governance.
2. Enhancing Transparency: The regulation requires companies to provide clear and detailed reporting on their environmental, social and governance performance, thereby facilitating assessment and comparison by investors and stakeholders.
3. Implementation and Timing: The regulation will enter into force on January 1, 2024, for fiscal years beginning after that date. Businesses are asked to immediately prepare for the implementation of these new standards, in order to comply with the requirements in a timely manner.
Table of Obligations
| Business Category | Reporting Obligations | Implementation Timeline |
| Big businesses | ESRS report on environmental, social and intergovernmental issues | From January 1, 2024 |
| Small and medium enterprises | Optional ESRS report with simplified requirements | From January 1, 2025 |
| Public enterprises | Detailed ESRS reporting for transparency and reliability | From January 1, 2024 |
How OLYSIS Can Help You
OLYSIS has the experience and expertise to guide you in complying with EU Regulation 2023/2772. Our services include:
- Compliance Assessment: Detailed examination of existing procedures and identification of gaps.
- Education and Training: Seminars and workshops to inform employees and management about the new requirements.
- Report Development: Create custom sustainability reports according to ESRS standards.
- Ongoing Support: Ongoing monitoring and support to maintain compliance with regulatory requirements.
Compliance with the new sustainability requirements is not only mandatory, but also an opportunity for businesses to demonstrate their commitment to sustainable development and strengthen the trust of stakeholders.
Read the Regulation here
