The EU economy includes 23 million SMEs, which should benefit from greater access to sustainability advisory services based on their specific needs. The COVID-19 crisis has made it more challenging for SMEs to attract financing they need for their transition efforts. SMEs often lack the capabilities and awareness to seize the opportunities offered by sustainable finance tools.
The Commission stands ready to support Member States in their efforts to provide capacity building and technical advice on how SMEs can voluntarily report on sustainability risks and impacts. To that end, and in line with the proposed CSRD, the European Financial Reporting Advisory Group (EFRAG) will prepare a simplified voluntary sustainability reporting standard that will provide SMEs with a proportionate tool. In addition, the Invest EU Programme will provide de-risking mechanisms while the SME pillar of the Single Market Programme will provide advisory services for SMEs through the Enterprise Europe Network and the Joint Cluster Initiative.
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