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Expected changes to ESG reporting requirements in Ireland

A recent article on the Centrica website discussed the evolving regulatory landscape surrounding Environmental, Social, and Governance (ESG) reporting in Ireland and the UK. It highlighted increasing pressure on businesses to demonstrate real environmental action and transparency. Various upcoming regulations are explored, aiming to strengthen ESG reporting requirements and combat greenwashing. The article also mentions voluntary reporting frameworks for businesses to consider.

At the moment, there is no one single framework or standard for ESG reporting.

 1. Mandatory ESG Reporting Regulations

– Ireland has mandatory ESG reporting regulations, including the Taskforce on Climate-Related Financial Disclosures (TCFD).

 2. Increasing Pressure and Scrutiny

– Businesses are under pressure from all stakeholders and government to demonstrate real action on climate change and transparency.

3. Evolving Regulatory Landscape

– New regulations are being developed globally, including in Europe, to further strengthen ESG reporting requirements and measure sustainability efforts

4. Some Future ESG Reporting Regulations that businesses should monitor.

Note: this is not an exhaustive list.

– Corporate Sustainability Reporting Directive (CSRD): Expands sustainability reporting requirements in the EU, starting enforcement from 2024.

– EU Green Taxonomies: Classifies sustainable economic activities to combat greenwashing.

– International Sustainability Standards Board (ISSB): Launches consistent sustainability standards for reporting.

5. Voluntary Reporting Frameworks

– Below is a list of some voluntary frameworks:

Conclusion

The evolving regulatory situation means that businesses cannot afford to do nothing regarding action on sustainability. Businesses must make themselves aware of their ESG reporting requirements firstly and then create a plan to ensure compliance.

You can read the original article here.

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