GBIC response to EFRAG proposals for revising European Sustainability Reporting Standards

On 31 July 2025, EFRAG, the European standard-setter, launched a consultation on revising the European Sustainability Reporting Standards (ESRS). The German Banking Industry Committee has issued a statement on this matter. To reduce bureaucracy in the area of ESG, it is essential to review and simplify the relevant reporting standards. While EFRAG's proposals provide for fewer mandatory data points overall, many data points have merely been summarised. This does not improve the readability of the reports, but rather impairs it.