ESMA emphasises need for ESG Standards and Access to Data

Posted on July 24, 2020 by Editor

The European Securities and Markets Authority (ESMA) has emphasised the need for standardised Environmental, Social and Governance (ESG) disclosures in its response to the European Commission’s (EC’s) consultation on the renewed sustainable finance strategy.

Amongst a broad range of measures designed to promote sustainable finance, ESMA identifies the lack of access to structured sustainability data as a key obstacle to integrating ESG factors into financial decision making.

ESMA encourages the EC to work towards uniform standards, and offers to assist in the standards making process (something EFRAG is taking the lead on) to make ESG disclosure more comparable, reliable and relevant. ESMA, and the other EU supervisory authorities, also urge the EC to focus on the need for the establishment of a “publicly accessible, single EU data platform covering both financial and ESG information [that] would grant all market participants equal and timely access to publicly reported information”.

ESMA also points to its response to the Non-Financial Reporting Directive review consultation for further information.

See ESMA’s response to the consultation on the renewed sustainable finance strategy here.

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