Patricia Muñoz Pequeño
Sustainability Manager
Strategy, Innovation and Sustainability Division
In hindsight, sustainability reporting has undergone significant changes in recent years. Gone are the days when companies like Sacyr, with unwavering commitment and sensitivity to these issues, voluntarily provide information relevant to their ESG strategies and performance using internationally recognised frameworks, with GRI at the forefront.
With the adoption of the Non-Financial Reporting Directive (NRFD) in 2014, and its Spanish transposition in Law 11/2018, sustainability reporting became a legal obligation and, since that time, the importance of these reports has only grown.
In 2023, with the goal of defining a clear framework for sustainability reporting that would ensure the quality of the information published, data comparability, and the consistency of the information shared by companies, the European Union approved a new Corporate Sustainability Reporting Directive (CSRD) with common reporting standards known as the European Sustainability Reporting Standards (ESRS).
But misgivings and opposition to this new regulation soon arose from the private sector; first, due to the technical complexity and breadth of its requirements and the difficulty of implementing them, highlighting the need for further clarification in certain areas, as well as greater flexibility in their application.
Secondly, the smaller companies affected expressed doubts about their capacity to comply with this new regulation using their own resources and the potential damage that would be caused by the additional costs required for this purpose.
The foregoing is paired with a deeper reflection on the part of the European Union; in a complex international environment facing major global changes, ensuring the autonomy, competitiveness, and resilience of the European economy without abandoning the sustainability commitments it has made, has become more crucial than ever.
This has prompted the EU to redefine its roadmap, while keeping its ambition intact, as demonstrated by i) the strategy of the Green Industrial Deal, designed to strengthen the competitiveness of European industry while accelerating decarbonisation, and ii) the Omnibus Package, the main objective of which is to reduce the administrative burden on companies when reviewing various sustainability regulations, without renouncing the principles of the European Green Deal.
From a reporting perspective, the Omnibus Package affects CSRD requirements as follows:
- Simplification of standards, reducing the number of requirements and providing greater technical clarity in their application. These texts are expected to be available in Q4 of 2025.
- Two-year postponement of entry into force for companies, allowing more time to adapt.
- Redefinition of application thresholds, excluding listed SMEs and modifying the ranges for the rest.
- Maintenance of limited assurance, eliminating the possibility of reasonable assurance in the future.
In short, 2025 marks a turning point in this area, reflecting the European Union’s commitment to moving toward a more sustainable economy without jeopardising business competitiveness.
