B Lab’s vision of an inclusive, equitable, and regenerative economic system where businesses hold themselves accountable aligns with the objectives of the European Green Deal. The ESRS (European Sustainability Reporting Standards), in particular, is a key piece of the puzzle to maintaining the ambition of the CSRD (Corporate Sustainability Reporting Directive), which has introduced rigorous rules regarding companies’ social and environmental disclosures.
The CSRD targets large EU and significant non-EU companies, expanding non-financial reporting to around 50,000 entities. B Lab Europe submitted two consultation responses, sent a letter to the Commission, and formed the CSRD Coalition with partners like Impact Economy Foundation, Impact Institute and True Price. We urged for more ambitious sustainability reporting standards to enhance EU transparency and accountability.