In a joint letter sent to Mairead McGuinness, Commissioner for Financial Services, Financial Stability and Capital Markets Union, the European Banking Federation (EBF) and SMEunited ask that EFRAG should launch rapidly the public consultation on the voluntary draft sustainability reporting standards for SMEs.
In addition, the upcoming public consultation on the delegated acts concerning the large companies' standards should be accompanied by a mapping of the value chain disclosures for SMEs.
In the joint letter, both organisations remind the Commissioner that in June 2022 she already expressed her support in June 2022 for the development of a voluntary sustainability reporting standard for SMEs (VSRS), different from the listed SME standard, under the condition that EFRAG’s experts agreed with it.
Draft sustainability reporting standards for SMEs: joint letter
Governments should provide sustainability reporting tools for SMEs
To allow the smallest enterprises to calculate and report their emissions in the framework of upcoming sustainability reporting obligations, public authorities have to develop and make available to SMEs the necessary tools for free. Otherwise, SMEs will be obliged to turn to extremely expensive consultancy firms, said our Legal Affairs Director.
Sustainability reporting in SMEs needs preconditions
The implementation of the Environmental, Social and Governance goals, including reporting on the 3 greenhouse gas emissions scopes, is currently a huge leap forward for SMEs, emphasised Guido Lena at the webinar “’Scope 3 reporting’ and other challenges in a post COP27 world” organised by CONNECTS.
Sustainability reporting and taxonomy may not endanger bank lending to SMEs
The overwhelming majority of SMEs depend on bank lending when it comes to external finance. This is also the case for financing the green transition. At a webinar organised by ecoDa, stakeholders discussed how to ensure that taxonomy and sustainability reporting do not become a barrier for banks to lend to SMEs.
Position Paper on the Proposal for a Directive on Corporate Sustainability Due Diligence (CSDDD) (COM(2022)71 final)
SMEunited is in favour of a European due diligence legislation that works and is workable, is proportional to the limited possibilities of SMEs to do due diligence, and effectively shields SMEs who did their due diligence against unfair liability claims. Legislation should ensure a level playing field, both within the EU and with external actors.
Empower SMEs to shape a water resilient Europe
Healthy and secure water resources are not only vital for our society and ecosystems, they are also critical to the resilience, competitiveness, and continuity of millions of small and medium enterprises (SMEs). Clean water sustains key business operations, from manufacturing processes such as dyeing, cleaning, and cooling to the production of materials, infrastructure maintenance, and the functioning of reliable supply chains.