These reports, which were prepared at the request of the Commission following an invitation from the Economic and Financial Affairs CouncilSearch for available translations of the preceding linkEN•••, are an important step in the development of corporate sustainability reporting across the EU. Both reports recognise the importance of coordinating the development of EU sustainability reporting standards with existing and emerging global initiatives. EU sustainability standards are necessary to meet the political ambition and urgent timetable of the European Green DealSearch for available translations of the preceding linkEN•••. They are also necessary to ensure consistency of reporting rules at the heart of the EU’s sustainable finance agenda Search for available translations of the preceding linkEN•••, especially the existing Sustainable Finance Disclosure RegulationSearch for available translations of the preceding linkEN•••, the Non-Financial Reporting Directive (NFRDSearch for available translations of the preceding linkEN•••), the Taxonomy RegulationSearch for available translations of the preceding linkEN•••, as well as with the requirements of forthcoming legislation on sustainable corporate governance and due diligence.