Development of the European Sustainability Regulatory Framework

Abstract

The development of a competitive business is undoubtedly a determining factor for the political and economic stability of a country, and therefore for the well-being of its citizens. But the effects of climate change, the scarcity of critical raw materials, the limitation of ecosystem services, and the disregard for human rights are just a few of the events that have led to rethinking of the concept of business value in the mid-twentieth century. Against this backdrop, Europe's political efforts are turning towards taking decisive steps to address the negative impacts of various economic activities on people and the environment, where the Sustainability reporting becomes an important element of monitoring the effectiveness of measures put in place.