Sustainability reporting
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Sustainability Reporting
The increasing complexity of sustainability & ESG reporting, alongside the introduction of new legislation around the world, is creating new and pressing challenges for businesses. Keeping up with the rapid pace of change can also be a burdensome task while you’re trying to put in place effective strategies to meet business sustainability goals. Our experts consolidate global insights, providing clarity on best practices and requirements. We map the regulations to the legal requirements, ensuring confident compliance and reporting. Stay updated, mitigate risks, and shape a sustainable future for your business.
What is a sustainability report?
Sustainability reporting or "non-financial reporting" is when a company creates a report detailing its environmental, social, governance, and economic goals, as well as its progress towards achieving them. Companies typically describe their strategic goals, sustainability activities, and a status report of the benefits and costs of those activities. Reporting is often driven by guidelines set by sustainability standards such as the Global Reporting Initiative (GRI).
As of 2024, companies within the EU must adhere to the new requirements set by the Corporate Sustainability Reporting Directive (CSRD), which expands on the previously established Non-Financial Reporting Directive (NFRD). In line with the CSRD’s implementation this year, our reporting services offer comprehensive support for your company’s disclosure obligations. We guide you through the intricacies of the EU Taxonomy and European Sustainability Reporting Standards (ESRS), ensuring your reporting is thorough, transparent, and compliant. Our expertise is in helping you navigate these new directives, providing tailored solutions that reflect your company’s commitment to sustainable practices.
Double Materiality
The new CSRD Directive, which is becoming #mandatory from 2024, requires from companies to run Double Materiality Assessment for their #ESG #reporting. This means, that companies need to assess both the impact of their operations to the environment and the society, but also the impact of climate change to their financial outcome.
Double materiality consists of three pillars:
In order for a company to run Double Materiality effectively, what is needed is:
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- The assessment of the IROs (Impacts, Risks and Opportunities)
- Collaboration among the members of the sustainability team of the company
- The weights that each company sets on the IRO's
- Efficient time for the Double Materiality
- Expertise consultancy acknowledging the Risks and Opportunities of the company