GBIC comments on the European Commission’s delegated act

The German Banking Industry Committee comments on the draft delegated act on the Sustainability Reporting Standard for Voluntary Use (VS), which is intended to provide undertakings outside the mandatory scope of the CSRD with a voluntary and proportionate framework for sustainability information. GBIC welcomes the standard as an important contribution to improving the availability, comparability and consistency of ESG data, but sees a need for further clarification, in particular regarding the date of application, the scope of the value chain cap, the treatment of voluntary sustainability reports under the Empowering Consumers Directive, and the availability of decision-useful climate and biodiversity information for financial institutions.