Non-Financial Reporting Directive (NFRD)
The NFRD was an EU directive requiring large public-interest entities to disclose information on environmental, social, and governance matters, now superseded by the CSRD.
What is Non-Financial Reporting Directive (NFRD)?
The NFRD (Directive 2014/95/EU) required approximately 11,700 large EU companies to disclose non-financial information in their management reports. However, it was criticised for being too vague (no mandatory standards), having limited scope (only large public-interest entities), and allowing non-comparable disclosures. The CSRD replaced and substantially expanded the NFRD, introducing mandatory ESRS standards, broader scope (approximately 50,000 companies), and limited assurance requirements.
Practical Examples
A large EU-listed bank previously reported under the NFRD and is now transitioning to the more detailed CSRD/ESRS requirements.
A company reviews the differences between its NFRD disclosures and the new CSRD requirements, identifying significant gaps in Scope 3 reporting and transition plan disclosure.
How Climatise Helps
Climatise generates the enhanced emissions data required under the CSRD, supporting the transition from NFRD-level disclosures to the more detailed ESRS requirements.
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