The European Union is poised to spend one trillion euros over a decade on its Green Deal. The plan aims to accelerate sustainable development and combat climate change. In a statement made on 28 January, Executive Vice President of the European Commission Valdis Dombrovskis provided details on implementation of the Green Deal and the decision to require more companies to report on their environmental policies. He said:
- The EU non-financial reporting directive will contain new requirements aimed at companies: they will have to provide more information on sustainable development risks and opportunities.
- The EU will set clear guidelines and standards to which these reports will have to adhere.
- The Green Deal is designed to complement efforts and financial commitments aimed at encouraging the development of sustainable finance worldwide.
Source: Global Reporting Initiative