Estonia reacts to ESG reporting requirements

Posted on February 17, 2023 by Editor

With Estonian reporting requirements expanding to include sustainability information in line with the EU’s Corporate Sustainability Reporting Directive (CSRD), this week an article weighs up the pros and cons for Estonian corporates.

Estonia’s biggest companies will now be required to file a sustainability report along with their annual reports. While the reaction in some quarters has been concern over additional reporting burden on companies, Aire Rihe, an adviser in the Ministry of the Environment’s Department of Environmental Management, noted the importance of the disclosure requirements to Estonia’s climate goals. Rihe explained that disclosure requirements are key for “knowing how capital is moving toward more environmentally sustainable activities.”

Information published will not only be useful for government policy setting and monitoring, but also for investors and banks. As the data will be in XBRL and thus machine-readable, the sustainability data reporting will be more readily usable, providing vital information for a range of sustainability-related concerns:

“Once this data becomes more systematic and standardized, the EU has set as a target that this data will be aggregated into a single database, it will be machine-readable and it can essentially be used as the basis for additional analysis for improving either state or regional environmental policy planning,” Aire Rihe explained.

Read more here.

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