FuelsEurope supports the EU ambitions for significant corporate sustainability reporting policies, and believes that effective non-financial reporting practices have a great potential for investors to engage in low carbon and renewable energy projects.
The Corporate Sustainability Reporting Directive (CSRD) is currently facing the secondary-legislation phase, most importantly with the drafting of the sector-specific standards for the Oil & Gas industry.
FuelsEurope is an active stakeholder at this stage and calls for the harmonisation with already existing international standards, a clear and consistent use of concepts and language, simplification, avoidance of duplication, an adequate level of granularity that does not lead to excessive reporting burden for companies, and the exclusion of issues that are not sector-specific.
Consequently, FuelsEurope stands ready to engage in an open and transparent dialogue with the involved institutions, in particular EFRAG and the European Commission, to ensure a balanced and effective set of reporting requirements.