IBERSOL | Integrated Management Report 2022

STRATEGIC FRAMEWORK taneously, the Green Taxonomy regulation now implies full reporting (eligibility and alignment) for the first two environmental objectives, while the publication of the technical criteria for the remaining four objectives is only expected to be completed during 2023, with practi- cal effects on reporting only in 2024. At the level of organisations’ sustainability reporting, the approval of the European Sustainability Reporting Directive (CSRD) in 2022 brings with it the new European Sustainability Reporting Standard (ESRS), which will be published in a phased manner starting in 2023. It is expected that at least the two general standards (requirements and disclosures) will be ratified by delegated act by June 2023 and fully applied to the 2024 reporting (to be published in 2025) by all or- ganisations already covered by the Non-Financial Reporting Directive (NFRD), as is the case of the Ibersol Group. This will be followed by the publication and entry into force of another 10 transversal stand- ards dedicated to environmental, social and governance (ESG), and also specific standards for SMEs (by 2024) and companies of non- European origin (by 2024), in addition to sectorial standards covering 41 sectors (by 2026). 34