Anita Boros, Gyula Koi (eds): Sustainability and Law
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5. Legislation on Sustainability in the European Union law (László Vértesy)
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5.3. Secondary law
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5.3.6. Reporting

5.3.6. Reporting

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The Corporate Sustainability Reporting Directive (abbr. CSRD, EU 2022/2464),1 requires large EU companies and listed SMEs to disclose ESG data in accordance with the European Sustainability Reporting Standards (abbr. ESRS). It introduced double materiality, digital reporting in XHTML, and assurance by a third party (auditor).2 While the CSRD has not yet been subject to review by the European Court of Justice, earlier decisions of the ECJ have recognised the importance of disclosure regimes. In C-465/00 Rechnungshof,3 the ECJ referred to transparency as a public good in financial oversight: in view of the importance of that principle for democratic accountability of public finances, the Member States must provide appropriate rules in this regard. In C-279/12 Fish Legal,4 the ECJ expanded organisation obligations of access-to-information under environmental legislation. This fortification of transparency, regardless of official capacity, supports the public-interest transparency that is now mandated under the CSRD.

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Mandatory carbon accounting is present in the – above mentioned – EU Emissions Trading Scheme (abbr. EU ETS) under Directive 2003/87/EC. The EU ETS relies on compliance through verified GHG emissions reporting and financial penalties for net emissions exceeding an annual allowance. Regulation (EU) 2018/1999 requires each Member State to provide GHG data relative to EU climate targets.5 At the corporate level, Scope 1-3 emissions reporting and disclosure regarding transition to decarbonisation is mandated in ESRS E1 of the CSRD. The legality of indoor carbon accounting is indirectly affirmed in C-366/10 Air Transport Association of America.6 In that case, the ECJ permitted for inclusion of international aviation outside of the EU into the EU ETS, this affirmed for national environmental regulatory schemes that the obligation to report beyond a territory’s boundary can exist. Carbon accounting is affirmed as a regulatory obligation, which is commonly evidenced under EU law.

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In Regulation (EU) 2019/2088 on sustainability‐related disclosures in the financial services sector, a sustainability risk means an environmental, social or governance event or condition that, if it occurs, could cause a negative material impact on the value of the investment, as specified in sectoral legislation, in particular in Directives 2009/65/EC, 2009/138/EC, 2011/61/EU, 2013/36/EU, 2014/65/EU, (EU) 2016/97, (EU) 2016/2341, or delegated acts and regulatory technical standards adopted pursuant to them.7
 
1 Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as regards corporate sustainability reporting https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32022L2464
2

Hummel, K., & Jobst, D. (2024). An overview of corporate sustainability reporting legislation in the European Union. Accounting in Europe, 21(3), 320-355.

Baumüller, J., & Grbenic, S. O. (2021). Moving from non-financial to sustainability reporting: Analysing the EU Commission’s proposal for a Corporate Sustainability Reporting Directive (CSRD). Facta Universitatis, Series: Economics and Organisation, 1(1), 369-381.

3 Joined cases C-465/00, C-138/01 and C-139/01 Rechnungshof (C-465/00) v Österreichischer Rundfunk and Others and Christa Neukomm (C-138/01) and Joseph Lauermann (C-139/01) v Österreichischer Rundfunk. References for a preliminary ruling: Verfassungsgerichtshof (C-465/00) and Oberster Gerichtshof (C-138/01 and C-139/01) - Austria. Judgment of the Court of 20 May 2003.
4 Case C‑279/12 Fish Legal and Emily Shirley v Information Commissioner and Others. Judgment of the Court (Grand Chamber), 19 December 2013
5

Boute, A. (2024). Accounting for carbon pricing in third countries under the EU carbon border adjustment mechanism. World Trade Review, 23(2), 169-189.

Golicz, K., Bellingrath-Kimura, S., Breuer, L., & Wartenberg, A. C. (2022). Carbon accounting in European agroforestry systems–key research gaps and data needs. Current Research in Environmental Sustainability, 4, 100134.

Tukker, A., Pollitt, H., & Henkemans, M. (2020). Consumption-based carbon accounting: sense and sensibility. Climate Policy, 20(supl..), S1-S13.

6 Case C-366/10 Air Transport Association of America and Others v Secretary of State for Energy and Climate Change. Judgment of the Court (Grand Chamber) of 21 December 2011.
7 Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32019R2088
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