The Globe and Mail reports in its Wednesday edition that Europe has ushered in a new era of sustainability reporting for companies, imposing new requirements to provide details about their impact on the climate and other environmental and social factors under new rules that many Canadian players will have to adopt. The Globe's Jeffrey Jones writes that last week, the European Union formalized standards that take disclosure beyond climate- and sustainability-related risks affecting corporate prospects. Called the Corporate Sustainability Reporting Directive, or CSRD, corporations will have to also disclose their effects on the environment and society. A first group of companies will begin applying the new rules in 2024. Despite pushback from members of the European parliament opposed to increasing environmental, social and governance burdens, the body approved the rules that will eventually be adopted by nearly 50,000 companies. Pprovincial securities regulators, however, are more focused on developments at the U.S. Securities and Exchange Commission, given how influential it is for the Canadian market, partly because so many companies are listed in both countries. The SEC is in the process of developing its own rules.