With the adoption of ESRS, Europe is the first jurisdiction in the world to incorporate IFRS sustainability disclosures, under a thorough interoperability approach. As EU entities prepare their sustainability statement in compliance with ESRS, they can be assured that they also provide information in line with the IFRS requirements in relation to climate change, without undue burden. Similarly, companies reporting under ESRS will be deemed reporting 'with reference' to the GRI Standards, without issuing a separate report. Furthermore, ESRS environmental standards are structurally compliant with the Framework recently issued by the Task Force on Nature-related Financial Disclosure and encourage best practices of that Framework. Finally, when considering the approach to impact reporting, ESRS refer to international instruments, such the UN Guiding Principles on Business and Human Rights and the OECD Guidelines for Multinational Enterprises.