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Stakeholders Consultation – ‘Implementation of Transition Plans for climate change mitigation’
November 5 @ 15:30 - 17:30
This is an in person event. “Important! Online participation is only allowed for attendees located outside Belgium”.
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The Corporate Sustainability Reporting Directive (CSRD) and its delegated regulation – the European Sustainability Reporting Standards (ESRS) – require companies to disclose their transition plans for climate change mitigation, if they have one, and explain how these are aligned with the 1.5°C goal of the Paris Agreement. The Corporate Sustainability Due Diligence Directive (CS3D) mandates companies to adopt and implement a transition plan for climate change mitigation, aiming to ensure, through best efforts, that the company’s business model and strategy are compatible with the transition to a sustainable economy and the goal of limiting global warming to 1.5°C.
According to the application requirements (ESRS E1), current approaches suggest that companies should benchmark their efforts against the 1.5°C target. This benchmark should be based on a sectoral decarbonisation pathway, if available for the company’s sector, or on an economy-wide scenario, acknowledging its limitations. However, without clear methodologies or sector-specific pathways established by public policies, companies, especially those operating across multiple sectors, face significant challenges.
In this context, and among the numerous guidelines issued by private initiatives, EFRAG is developing Implementation Guidance on Transition Plans under the CSRD, which is expected to address some of these ambiguities. This guidance is scheduled for publication by Q2 2025.
This meeting is intended as a consultation with stakeholders and experts to further clarify the issues identified during the focus group discussion on the implementation of transition plans for climate change mitigation.
