It has recently been announced that Ireland has adopted the Corporate Sustainability Reporting Directive (CSRD) into national law. The Irish Government signed the CSRD into Irish law on the 5th of July, 2024, representing a significant stride towards business sustainability in the Emerald Isle.
What does this mean for Irish companies?
Signed into law by Minister for Enterprise Peter Burke TD, the new laws came into effect on the 6th of July and require large and listed businesses to integrate corporate sustainability reporting into their audit and accounting processes.
The CSRD requires that all large companies and all listed companies, excluding listed micro-enterprises, report sustainability information in alignment with the European Sustainability Reporting Standards in the director’s report. The sustainability report must be provided digitally with an auditor’s opinion with limited assurance.
Speaking on the transposition of the CSRD into Irish law, Minister Burke said: “The signing of these important Regulations marks a significant step the Government is taking in the context of the European Green Deal and the EU’s Action Plan for Financing Sustainable Growth. These Regulations provide a helpful structure to companies for preparing sustainability reporting in a clear and consistent way, that gives the relevant information to investors, consumers, and other stakeholders, whilst minimising unnecessary burdens on companies.”
He added: “I am happy to announce that the European Union (Corporate Sustainability Reporting) Regulations 2024 are being implemented on time in Ireland, in compliance with the EU transposition deadline, and I know this will bring the necessary certainty to both the preparers and the users of sustainability reporting.”
Minister of State for Trade Promotion, Digital and Company Regulation, Dara Calleary, said: “The Regulations play an important role in addressing risks posed by climate change to financial systems and in channelling future investments and consumption towards companies that have a clear sustainability focus. The Regulations will be highly useful to the companies, and to investors and consumers alike, and bring predictability for all stakeholders in this valuable aspect of Ireland’s active response to the climate agenda at national and European level.”
Summary
The adoption of the Corporate Sustainability Reporting Directive (CSRD) into Irish law signifies a pivotal advancement in Ireland’s commitment to business sustainability and climate action. As Ireland aligns with the EU’s broader sustainability goals, this Directive will play a crucial role in mitigating climate-related risks and fostering a sustainable economic future.
The timely implementation of the CSRD underscores the Irish Government’s dedication to leading by example in the pursuit of sustainable growth and resilience in the face of global environmental challenges. For businesses and professionals looking to navigate these new regulations effectively, gaining a thorough understanding of the CSRD is critical. Gain foundational insights into the CSRD and transform your approach to sustainability reporting with a comprehensive CSRD course.
