UNEP FI has launched an ESRS Interoperability Package which helps banks leverage the close alignment between the Corporate Sustainability Reporting Directive (CSRD) and the Principles for Responsible Banking (PRB), using the UNEP FI Holistic Impact Methodology.
EU law, through the CSRD, requires companies to disclose information on what they see as the risks and opportunities arising from social and environmental issues, and on the impact of their activities on people and the environment, supported by the European Sustainability Reporting Standards (ESRS). Over 175 European signatories to the PRB are subject to the CSRD; many others, in particular signatories with activities in the EU, will also be subject to it in the future. Requirements of the PRB, supported by the UNEP FI Holistic Impact Methodology, are highly aligned with the requirements of the CSRD, especially the impact materiality assessment and disclosures, which feature centrally within the Directive and supporting Standards.
The interoperability of both frameworks has been set out in the new Package, which includes a user guide, topic and data point mappings, as well as a conversion tool which will lift relevant datapoints from the UNEP FI Portfolio Impact Analysis Tool for Banks (Version 3) for CSRD reporting.
Earlier this year, UNEP FI also launched a Working Group to leverage the close alignment between the PRB and CSRD and create a level playing field for report preparers in the banking sector, as well as more comparable data for report users. The Group will also serve to support UNEP FI inputs into EFRAG’s upcoming work on finance sector standards. Careen Abb, Impact & SDG Programme Lead at UNEP FI, has been nominated to the EFRAG Banking Advisory Panel (EFRAG BAP).
The outputs of the Working Group will also support members with Global Reporting Initiative (GRI) implementation, given the close alignment between the ESRS and the GRI framework. UNEP FI is also part of the GRI Technical Committee supporting the development of their future finance sector standards.
Find out more about the team’s work on ESRS, and access the UNEP FI-ESRS Interoperability Package here.
Working Group members:
Banks: Banca Transilvania, Banco Santander, BBVA (Banco Bilbao Vizcaya Argentaria, S.A.), BMO Financial Group, Crédito Agrícola, COOP Pank, Danske Bank, Julius Baer, La Banque Postale, LABORAL KUTXA, NLB d.d. / NLB Group, OTP Bank, Piraeus Financial Holdings, SpareBank 1 Østlandet, Spuerkeess (Banque et Caisse d’Epargne, Luxembourg), West African Development Bank (BOAD)
Consultancies: PPI AG/ Federal Association Impact Investing and evolutiq Impact Advisory GmbH
UNEP FI Secretariat
- Careen Abb, Costanza Ghera, Alex Stopp – Impact & SDG Team
- Chiara Magrelli – Policy Team
- Daniel Bouzas – Regional Coordinator for Europe
- Flora Petrucci – PRB Membership Team Lead
For more information please contact us.