The EU's Non-Financial Reporting Directive (NFRD) previously governed the non-financial environmental information that European companies had to disclose. On January 5th, 2023, the Corporate Sustainability Reporting Directive (CSRD), a disclosure framework that builds upon NFRD and expands the scope of ESG-related disclosures, came into force. CSRD broadens the types of information that must be reported, the granularity of the data, and the qualitative and quantitative factors that illustrate a company's impact on the environment and on society. CSRD also expands the pool of companies that will have to disclose non-financial information, and it introduces a new digital tagging requirement with the goal of making this data more public and digitally searchable. This memo reviews information on the background, nature, requirements, and costs associated with the CSRD package.