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Sri Lanka’s apparel and textile industry—long celebrated for its ethical manufacturing practices—is once again stepping into the spotlight, this time with a transformative push toward greater transparency, inclusivity, and sustainability. At the heart of this initiative is a collaborative effort involving the Global Reporting Initiative (GRI), the Sri Lanka Sustainable…

Biodiversity is the rich variety of life on Earth—isn’t just an environmental concern. It’s an economic, social, and planetary imperative. According to the World Economic Forum, more than half of the world’s GDP roughly $44 trillion is moderately or highly dependent on nature and its services. As we face accelerating…

A Quiet but defining moment for Europe’s industrial strategy The European Commission is preparing legislation that, at first glance, might seem bureaucratic and niche: the Industrial Decarbonisation Accelerator Act (IDAA). But professionals in the industrial, energy, and policy spaces would be mistaken to underestimate its significance. Expected in Q4 2025,…

As the European Union progresses toward a unified sustainability reporting system under the Corporate Sustainability Reporting Directive (CSRD), the coexistence of voluntary and mandatory frameworks presents both challenges and opportunities for preparers. A key development in harmonising these frameworks is the mapping of the EU Eco-Management and Audit Scheme (EMAS)…

Categorisation of Financial Products Under SFDR: A Detailed Overview The European Commission’s Platform on Sustainable Finance has released a proposal that provides essential guidance for categorising financial products under the Sustainable Finance Disclosure Regulation (SFDR). This document outlines a structured approach aimed at enhancing transparency and consistency in sustainable finance…

Introduction In an era where sustainability is no longer optional, the European Financial Reporting Advisory Group (EFRAG) unveiled the Voluntary Sustainability Reporting Standard for Non-Listed SMEs (VSME) on December 18, 2024. This initiative is a response to the mounting demands for structured, transparent, and accessible sustainability data from micro, small,…

The Corporate Sustainability Due Diligence Directive (CSDDD), enacted through Directive (EU) 2024/1760, represents a legislative instrument aimed at embedding sustainable practices and human rights protections into corporate governance. The Directive focuses on corporate responsibility, requiring companies operating within the EU or conducting significant business in the Union to actively assess…

MEPs Endorse Delay with a Focus on Quality and Transparency In a significant development on January 24, 2024, the European Parliament’s Committee on Legal Affairs (JURI) agreed to a proposal by the European Commission to postpone the adoption of specific sustainability reporting standards. This adjustment is aimed at sectors and…

The Rise of ESG in Corporate Governance As we navigate through 2024, it has become evident that this year is pivotal for the full-scale integration of Environmental, Social, and Governance (ESG) and sustainability principles into the corporate ethos. Companies across the board are now mandated to undertake a comprehensive overhaul…

Last year marked a significant milestone in the European Union’s journey towards sustainability and transparency, with the Commission adopting the European Sustainability Reporting Standards (ESRS). This initiative, integral to the European Green Deal, was established to enhance the reliability and comparability of sustainability information reported by large and listed companies.…