European Commission adopts revised ESRS and VSME via Delegated Acts

The European Commission has today adopted the revised European Sustainability Reporting Standards (ESRS) through a Delegated Act.

In addition, the Commission adopted a Delegated Act establishing the new Voluntary Sustainability Reporting Standard (VSME), which will serve as the reporting benchmark under the new value chain cap.

Both Delegated Acts are now subject to scrutiny by the European Parliament and the Council. An initial two-month scrutiny period applies, during which either institution may raise an objection, although this is uncommon. If neither object, the Delegated Acts will enter into force following publication in the Official Journal of the EU.