EBF Calls for Pragmatic Simplification of European Sustainability Reporting Standards

EBF CONSULTATION RESPONSE
x

EBF Calls for Pragmatic Simplification of European Sustainability Reporting Standards

x

BRUSSELS, 6 May 2025 - The European Banking Federation has submitted its response to EFRAG's consultation on the simplification of Set 1 of the European Sustainability Reporting Standards (ESRS). Reflecting the banking sector's strong commitment to advancing transparent and meaningful sustainability reporting, the EBF stresses the need for a more practical and principles-based approach. While fully supporting the objective of improving corporate sustainability disclosures, the EBF highlights the growing concern over the complexity and administrative burden of the current framework. The EBF recommends adjustments to ensure greater alignment with existing financial reporting practices and international standards, thereby facilitating comparability and consistency across markets. Furthermore, the EBF calls for clearer guidance and flexibility, particularly for the banking industry, to avoid disproportionate efforts and costs for preparers.

For more information please contact:

Denisa Avermaete, Head of Sustainable Finance, D.Avermaete@ebf.eu

x

About the EBF:
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere.