ACCA (the Association of Chartered Certified Accountants) welcomes the objectives of the new proposals to drive a greener, fairer, and more sustainable Europe and support the implementation of the Sustainable Development Goals.

The European Commission’s unveiled new proposals for an EU Taxonomy Climate Delegated Act, a Corporate Sustainability Reporting Directive – revising the Non-Financial Reporting Directive (NFRD), the Audit Directive and Regulation and the Transparency Directive – and amendments to delegated acts to better reflect sustainability preferencesin insurance and investment advice, and sustainability considerations in product governance and fiduciary duties.

The COVID-19 crisis has exacerbated economic, social, environmental and governance (ESG) risks and issues affecting both businesses and society, further highlighting the need for urgent action and to consider ESG issues and solutions together. The new proposals could therefore be a decisive step towards improving the quality, comparability and consistency of corporate reporting,to ensure a greener and fairer transition to a more sustainable business model for companies, and contribute to a more sustainable, long-term geared society.

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