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NZA.
A trusted partner in your ESG transformation journey

Leading ESG advisory service provider in Greece and Southern Europe

NZA Consulting Lens

Who we are

NZA is your trusted partner in ESG and climate-related risk!

With a deep understanding of regulatory requirements and sustainability intelligence, our dedicated team of experts is committed to propelling the impact of your company to a superior level of dutiful excellence.

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With the introduction of the EU Green Deal, the requirements for sustainability in businesses have accelerated. Even organizations that have been leaders in sustainable business practices so far will need to take significant steps to comply with the new laws. The three most important changes are the introduction of the EU Taxonomy, the CSRD, and the CSDDD.

EU Taxonomy

Classifying Sustainability

The EU Taxonomy is a way to classify which of your business activities are sustainable. Initially focused on climate-related activities, soon it will cover more environmental themes like water, marine life, circular economy, and biodiversity. This classification helps businesses understand what actions contribute to sustainability, a vital piece of the puzzle.

Corporate Sustainability Reporting Directive

CSRD - Defining Impact

The CSRD outlines how organizations should report on sustainability with the crucial part being the Environmental and Social Reporting Standards (ESRS). ESRS helps companies define their impacts, risks, and opportunities across various areas and brings to the forefront Double Materiality requirements. ESRS covers topics beyond just climate change. From pollution and water resources to social aspects like workforce, communities, consumers, and governance, ESRS dives deep into the heart of sustainability. Part of the CSRD includes the obligation to include the necessary information related to the EU Taxonomy in your sustainability report.

Corporate Sustainability Due Diligence Directive

CSDD: Bringing Liability into Play

The CSDDD addresses similar themes as the previous directives but adds a new dimension: liability. If your company doesn't have due diligence processes to manage its impacts, there will be consequences, especially at the board level. CSDDD emphasizes the importance of diligently managing your impacts and integrating them into your business operations.

The Path to Sustainability

Raising awareness

Raising awareness among top management is the first step in developing an ESG strategy for companies. Engaging the right people is crucial to ensure that the organization commits the necessary time and resources to the project. A corporate long-term strategy is the basis for an ESG system, and clear goals and metrics should be established to track progress and identify areas for improvement. By prioritizing ESG, companies can create a sustainable business model that minimizes risks and maximizes opportunities for growth.

Preparing and disclosing ESG report

Designing the contents of the ESG report is a critical step in the ESG project of companies. The report should present a fair and accurate depiction of the company's ESG status and profile and contain reliable and representative information. Companies need to ensure that the information presented in the report is consistent with their actual practices, as the public and stakeholders are increasingly scrutinizing the commitments made by companies to improve their ESG KPIs.

Alignment of ESG strategy throughout company

To ensure the successful implementation of the ESG project, it is recommended that companies provide ESG training to all their crew and staff. This training should cover any changes that were made as part of the ESG project, as well as the reasons behind these changes. It is important to emphasize the commitment of top management to ESG during this training.

The team

Assembling a multi-disciplinary team and appointing an ESG coordinator, along with trusted external advisors, will help companies successfully implement their ESG strategy, integrate ESG considerations into their operations, and achieve their ESG goals.

Monitoring and updating KPIs

The company has a responsibility to continuously monitor and update ESG Key Performance Indicators (KPIs) in order to demonstrate its commitment to ESG. Regularly reviewing and updating procedures and introducing new activities and metrics in its reporting when these are relevant to ESG is a continuous process.

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