KCCI Publishes Korea's First EU ESG Disclosure Guidebook

Guidebook Released on the 1st... Including Sustainability Reporting Guidelines and More

A guidebook for domestic export companies related to the European Union (EU) Environmental, Social, and Governance (ESG) disclosure standards, which are scheduled to be fully implemented this year, has been released for the first time in Korea.

The Korea Chamber of Commerce and Industry (KCCI) announced on the 1st that it has published the 'EU Export Companies ESG Disclosure Standards Guidebook.'

From next year, the EU ESG disclosure standards are expected to become mandatory starting with domestic companies' subsidiaries in the EU region. KCCI created the guidebook to support ESG practitioners in these companies.

The guidebook is composed of the EU Corporate Sustainability Reporting Directive (CSRD), basic concepts and key contents of the EU disclosure standards, excellent disclosure cases, and the top 10 key points that practitioners need to know.

It contains all the information about the EU ESG disclosure standards, including tips needed in the corporate field.

Exterior view of the Korea Chamber of Commerce and Industry building in Jung-gu, Seoul. [Photo by Korea Chamber of Commerce and Industry]

KCCI expects the guidebook to provide practical help to practitioners who face difficulties due to the lack of reference materials on the EU ESG disclosure standards.

It includes information on double materiality response measures, the necessity of establishing climate change transition plans, supply chain management and evaluation, among others.

Double materiality means considering both 'financial materiality,' which identifies the impact of social and environmental factors on the company, and 'impact materiality,' which identifies the company's impact on society and the environment.

Woo Tae-hee, Executive Vice President of KCCI, said, "Following the pilot implementation of the Carbon Border Adjustment Mechanism (CBAM) last year, the EU ESG disclosure system will be fully implemented this year, and we expect difficulties for our export companies to increase. We hope the guidebook will be a great help for domestic companies in responding to the EU ESG disclosure system."

The guidebook can be downloaded for free by accessing the KCCI ESG platform 'Eusseuk' website.

This content was produced with the assistance of AI translation services.