The CSRD (Corporate Sustainability Reporting Directive) is a European directive aimed at improving the transparency and quality of information provided by companies regarding sustainability issues. It replaces and expands the requirements of the previous NFRD (Non-Financial Reporting Directive) on non-financial disclosures, covering a broader range of companies and deepening the transparency requirements.
The directive was adopted in the Greek legislation in December 2024 with the Law 5164/2024, which was published in the Government’s Gazette 102 Α/2024.
E-ON is actively working to ensure compliance with the Directive through our information systems, both at the ESG level and specifically in relation to Climate Change. Addressing climate-related challenges requires robust models and future climate projections to support accurate and transparent disclosures. Key milestones in 2030, 2040, and 2050—along with interim targets on the path to achieving Net Zero—demand detailed quantitative and qualitative data, far beyond simple verbal reports.
E-ON leverages both the RIBIA platform and the RiskClima platform, currently in Beta testing, to comprehensively address the CSRD Directive in a highly digitized manner. Our goal is to continuously enhance the technological capabilities of our systems—through advanced algorithms, models, and automation—to generate compliance reports with maximum efficiency and accuracy.
What is the CSRD Directive?
The CSRD (Directive 2022/2464 of the EU) introduces more extensive and detailed requirements regarding sustainability reporting (ESG: Environmental, Social, Governance). Companies subject to this directive are required to publish information about the environmental, social, and governance impacts of their activities, integrating sustainability into their strategy and decision-making.
The CSRD extends the scope of the NFRD and includes:
Reporting obligations in compliance with the European Sustainability Reporting Standards (ESRS).
External assurance of the sustainability data, audited by an independent body of certified auditors.
Enhanced transparency for investors and society regarding corporate progress towards sustainability goals.
Which companies are required to comply?
The CSRD significantly broadens the scope of the previous directive (NFRD) and applies to more companies. Specifically, the following companies are required to submit sustainability reports under the CSRD:
Large companies: Companies that meet two out of the following three criteria:
More than 250 employees.
Net turnover of more than 40 million euros.
Total assets of more than 20 million euros.
Listed companies: All companies listed on regulated markets in the EU, regardless of size, with the exception of very small companies.
SMEs (Small and Medium-Sized Enterprises) listed on stock exchanges: Special requirements apply to listed SMEs, though they will have more time to comply with the new obligations (until 2026).
Subsidiaries of large groups: In certain cases, if subsidiaries of large groups in the EU do not report separately, the parent company will need to include their data in the consolidated sustainability report.
Financial market participants: This includes insurance companies, banks, and other financial institutions, which will be required to report not only on their own sustainability information but also on the impacts of their investment activities.
Timeline for Implementation
From 31/12/2024: Large listed companies and large enterprises that meet the criteria will need to comply and publish their first sustainability reports for the financial year 2023.
From 2026: SMEs listed on stock exchanges will need to comply with the CSRD requirements.
The CSRD seeks to improve transparency regarding companies' sustainability impacts and support the transition to a greener economy in Europe. As mentioned, we are fully prepared to assist clients through both consulting services and system automation, leveraging advanced models and algorithms.
We have already undertaken projects for clients in Greece and across the EU, assisting with the preparation of sustainability reports dated 31/12/2024 and conducting climate risk assessments on their assets.