自CSRD正式實施以來，ESRS逐漸成為全球影響力最大的永續發展資訊揭露框架之一。此標準透過引入雙重重要性（Double Materiality）原則，要求企業同時考慮自身經營活動對環境和社會的影響，以及外部永續因素對企業財務狀況、經營模式和長期價值創造能力的影響。

 

然而，在實際實施過程中，企業也回饋ESRS有一定挑戰。例如，部分企業需要投入大量資源建立跨區域的資料收集體系，以滿足大量定量和定性揭露要求；同時，對於擁有複雜業務結構和全球供應鏈的企業而言，如何判斷哪些事項真正具有重大影響，也成為實施過程中的重要議題。

 

2026年7月3日 – 歐盟委員會正式通過修訂後的《歐洲永續報告準則》（European Sustainability Reporting Standards, ESRS）授權法案（Delegated Act）。此次修訂是歐盟針對《企業永續發展報告指令》（Corporate Sustainability Reporting Directive, CSRD）實施過程中的回饋，對現有ESRS Set 1進行最佳化的重要措施。

 

本次ESRS修訂的核心是在維持報告品質的基礎上，使企業能夠更加關注真正具有決策價值的資訊。

 

01 從“全面披露”轉向“重大資訊披露”

ESRS此次修訂最重要的變化之一，是進一步強調了資訊重要性（Information Materiality）。

在原ESRS實施過程中，有些企業容易將永續報告理解為「完成所有數據點揭露」。這種方式雖然能夠保證覆蓋範圍，但也可能造成兩個問題：

• 企業投入大量資源收集的信息，不一定能夠幫助利害關係人理解企業真正面臨的可持續風險。
• 大量非關鍵的資訊可能降低報告的可讀性，使重要風險和管理措施無法充分關注。

新版ESRS希望改變這種情況，使企業在未來更加關注哪些資訊能夠影響投資者、商業夥伴以及其他利害關係人對企業重大永續事項的判斷。新版ESRS明確提出，企業應重點報告能夠反映重大影響、風險和機會的訊息，而不是機械覆蓋所有可能的數據要求。

 

這並不意味著企業可以減少ESG議題的管理，而是要求企業建立更成熟的重要性判斷機制。

例如，對於一個高耗能產業企業而言，氣候變遷、能源消耗和碳排放可能屬於核心議題；而對於某些服務型企業，員工管理、資料安全或商業道德可能更重要。

 

02 不改變雙重重要性原則，但評估方式較為靈活

雙重重要性仍然是ESRS最核心的技術原則。這項原則要求企業從兩個方向來分析。

 

1 影響重要性（Impact Materiality）

企業需要考慮自身活動如何影響環境和社會。例如，製造業需要考慮生產過程產生的污染物、溫室氣體排放、資源消耗以及供應鏈勞動風險。

 

2 財務重要性（Financial Materiality）

企業需要考慮外部永續發展因素如何影響自身經營和財務表現。例如，氣候政策變化可能影響能源成本，極端天氣可能影響供應鏈穩定，而消費者對於永續產品的需求變化可能影響市場競爭力。

新版ESRS並沒有改變雙重重要性的基本要求，而是在實施方法上給予企業更多彈性空間。

這意味著未來ESG報告不僅關注最終揭露結果，也會更關注企業形成判斷過程的合理性。

 

03 引入公平呈現原則，進一步提升ESG資訊品質要求

新版ESRS引進並強化了公平呈現（Fair Presentation）原則，要求揭露的資訊應具有完整性、準確性、可比較性以及可驗證性。對於ESG報告而言，公平呈現意味著企業不能簡單選擇性地展現正面表現，而需要完整反映重大永續影響、風險和機會。

例如，一家企業可能在新能源使用方面取得進展，但同時仍有供應鏈碳排放增加的問題。如果供應鏈排放屬於重大影響，則企業仍需要進行揭露。

 

04 氣候變遷揭露較為靈活，但氣候管理仍是重點

此次修訂主要針對企業實施過程中較複雜的部分進行了最佳化，而不是降低氣候相關要求，氣候變遷仍然是ESRS體系中的核心主題。

 

例如，在氣候情境分析方面，新版ESRS給予企業更多實施彈性。如果企業已經進行氣候情境分析，需要揭露相關結果；同時，氣候韌性分析仍是企業理解未來氣候風險的重要工具。

在溫室氣體排放會計方面，新版ESRS進一步加強與GHG Protocol的兼容性。

企業可以根據自身情況選擇：財務控制法、營運控制法或股權比例法。

這項變化對於跨國集團尤其重要。因為大型企業通常存在海外子公司、租賃資產以及合資企業等不同營運模式。不同組織邊界選擇可能影響排放計算結果，因此企業需要確保方法選擇合理，並維持資料連續性。

 

企業可在2026年重新評估ESRS實施路徑

 

新版ESRS針對2026財年提供了過渡選擇。

企業應結合自身實際狀況選擇是繼續採用現行ESRS Set 1，或是事先採用修訂後的ESRS，或是採取結合部分便利措施的過渡方式。

對於已經投入大量資源建立ESG資料體系的企業，需要評估新版要求是否影響資料邊界、指標計算方法、報表結構以及內部流程。

對於剛開始準備CSRD的企業，則可以利用新版ESRS提供的靈活空間，從一開始建立更適合自身業務模式的ESG管理系統。

 

對中國企業的影響

ESG數據正逐漸從報告部門負責的數據，轉變為企業經營管理過程中的基礎數據。

 

雖然ESRS主要適用於歐盟範圍內符合資格的企業，但其影響已透過全球供應鏈逐步傳遞。對於中國企業而言，尤其是出口歐洲、服務歐洲客戶或在歐洲擁有營運實體的企業，ESRS變化仍具有重要參考意義。

 

同時，隨著ESG鑑證逐漸普及，企業需要逐步建立類似財務報告的資料治理機制，讓ESG資訊具備更高可靠性。

真正成熟的ESG體系，不只是幫助企業完成合規揭露，更能幫助企業辨識未來風險、發現發展機會，並提升長期競爭力。

 

ESRS此次修訂體現了全球永續發展報告發展的一個重要方向：未來企業競爭的重點，不再是披露更多信息，而是提供更加準確、可靠和具有決策價值的信息。
Section 1

The EU’s Revised ESRS, Decoded: Sustainability Reporting Enters a New Era of “Focus + Flexibility”

Since the Corporate Sustainability Reporting Directive (CSRD)  came into force, the European Sustainability Reporting Standards (ESRS) has gradually become one of the most influential sustainability disclosure frameworks in the world. By introducing the principle of double materiality, the standards require companies to consider both the impacts of their own activities on the environment and society, and the effects that external sustainability matters have on their financial position, business model, and ability to create value over the long term.

In practice, however, companies have also reported certain challenges with the ESRS. Some have had to invest substantial resources in building cross-regional data collection systems to meet the large volume of quantitative and qualitative disclosure requirements. Meanwhile, for companies with complex business structures and global supply chains, determining which matters are genuinely material has proven a significant implementation hurdle.

On 3 July 2026, the European Commission formally adopted the amended Delegated Act on the ESRS. This revision is a key measure through which the EU is responding to feedback gathered during the implementation of the CSRD and refining the existing ESRS Set 1.

At its core, this ESRS revision aims to enable companies to concentrate on information with genuine decision-usefulness — without compromising reporting quality.

 

01 | From “Comprehensive Disclosure” to “Material Information Disclosure”

One of the most important changes in this revision is the strengthened emphasis on information materiality.

Under the original ESRS, some companies tended to interpret sustainability reporting as “completing every data point.” While this approach ensures coverage, it can create two problems:

• The information companies invest heavily in collecting does not necessarily help stakeholders understand the sustainability risks the company actually faces.
• An excess of non-critical information can reduce a report’s readability, preventing significant risks and management measures from receiving due attention.

The revised ESRS seeks to change this situation, directing companies’ attention toward the information that shapes how investors, business partners, and other stakeholders assess the company’s material sustainability matters. The new standards make clear that companies should focus on reporting information that reflects material impacts, risks, and opportunities, rather than mechanically covering every possible data requirement.

This does not mean companies can scale back their management of ESG issues; rather, they are expected to build more mature materiality assessment processes.

For example, for an energy-intensive company, climate change, energy consumption, and carbon emissions may be the core topics — whereas for certain service-sector companies, workforce management, data security, or business conduct may matter more.

 

02 | Double Materiality Unchanged — but Assessment Becomes More Flexible

Double materiality remains the most fundamental technical principle of the ESRS. It requires companies to analyse from two directions:

1. Impact materiality
   Companies must consider how their own activities affect the environment and society. A manufacturer, for instance, needs to account for pollutants generated in production, greenhouse gas emissions, resource consumption, and labour risks in its supply chain.
2. Financial materiality
   Companies must consider how external sustainability factors affect their operations and financial performance. Changes in climate policy may affect energy costs; extreme weather events may disrupt supply chains; and shifting consumer demand for sustainable products may affect market competitiveness.

The revised ESRS does not alter the basic requirements of double materiality, but grants companies greater flexibility in how they apply it.

This means that, going forward, ESG reporting will place more weight not only on the final disclosure outcome, but also on the reasonableness of the judgment process behind it.

 

03 | The Fair Presentation Principle Raises the Bar on ESG Information Quality

The revised ESRS introduces and reinforces the principle of fair presentation, requiring disclosed information to be complete, accurate, comparable, and verifiable. For ESG reporting, fair presentation means companies cannot selectively showcase positive performance; they must present a full picture of their material sustainability impacts, risks, and opportunities.

For example, a company may have made progress in its use of renewable energy while still facing rising supply chain carbon emissions. If those supply chain emissions are material, the company must still disclose them.

 

04 | Climate Disclosure Becomes More Flexible — while Climate Management Remains a Priority

This revision optimises the parts of the standards that proved most complex to implement; it does not lower climate-related requirements. Climate change remains a core topic within the ESRS framework.

On climate scenario analysis, for instance, the revised ESRS affords companies greater implementation flexibility. Where a company has already conducted climate scenario analysis, it must disclose the results; meanwhile, climate resilience analysis remains an important tool for companies to understand future climate risks.

On greenhouse gas accounting, the revised ESRS further enhances compatibility with the GHG Protocol. Companies may choose, according to their circumstances, the financial control approach, the operational control approach, or the equity share approach.

This change is particularly significant for multinational groups. Large enterprises typically operate through overseas subsidiaries, leased assets, and joint ventures. The choice of organisational boundary can affect reported emissions, so companies must ensure their chosen approach is appropriate — and maintain continuity of data over time.

 

Companies May Reassess Their ESRS Implementation Path for 2026

The revised ESRS provides transitional options for the 2026 financial year. Companies should decide, based on their own circumstances, whether to continue applying the current ESRS Set 1, to adopt the revised ESRS early, or to take a transitional approach that combines certain relief measures.

Companies that have already invested heavily in ESG data systems need to assess whether the new requirements affect their data boundaries, metric calculation methods, report structure, and internal processes.

Companies just beginning their CSRD preparation, on the other hand, can use the flexibility offered by the revised ESRS to build an ESG management system suited to their business model from the outset.

 

Implications for Chinese Companies

ESG data is gradually shifting from being the responsibility of reporting functions to becoming foundational data in corporate management itself.

Although the ESRS primarily applies to qualifying companies within the EU, its influence is already being transmitted through global supply chains. For Chinese companies — especially those exporting to Europe, serving European customers, or operating entities in Europe — the changes to the ESRS remain highly relevant.

At the same time, as ESG assurance becomes increasingly prevalent, companies need to progressively establish data governance mechanisms akin to those used in financial reporting, so that ESG information achieves a higher level of reliability.

A truly mature ESG system does more than help a company complete its compliance disclosures: it helps the company identify future risks, uncover development opportunities, and strengthen its long-term competitiveness.

This ESRS revision reflects an important direction in the evolution of sustainability reporting worldwide: in the years ahead, corporate competition will no longer centre on disclosing more information, but on providing information that is more accurate, more reliable, and more decision-useful.