- Start with double materiality
Those who deal with double materiality in a structured way create the basis for convincing CSR reporting according to future requirements. Engel&Zimmermann brings you together with the right experts.
- Use sustainability software
The annual reporting rhythm makes the acquisition of a suitable sustainability software economical. Engel&Zimmermann has market insights. Talk to us.
- Get busy with the six environmental goals of the EU
Take the six environmental objectives from article 9 of the Taxonomy Regulation. Article 9 Taxonomy Regulation – environmental objectives (lexparency.de) in the perspective. Because they are an essential part of the so-called taxonomy. The taxonomy aims to establish an EU-wide classification system for the assessment of environmental sustainability of economic activities. The six environmental objectives according to the taxonomy ((EU) 2020/852) are:
- Climate Change Mitigation (CCM)
- Adaptation to climate change (Climate Change Adaptation)
- Sustainable use and protection of water and marine resources
- Transition to a circular economy
- Pollution prevention and control
- Protection and restoration of biodiversity and ecosystems.
Collect data on these topics, establish a reference year, and describe status quo and their goals.
- Sustainability reporting: respecting the framework (https://www.europarl.europa.eu/doceo/document/TA-9-2022-0380_DE.html)
This draft guideline sets the direction for future mandatory sustainability reporting. It states, “According to the sustainability reporting standards referred to in paragraph 1, the information to be reported must be understandable, relevant, representative, verifiable, reliable and comparable, and presented in a truthful manner. Sustainability reporting standards shall ensure simplicity and shall be implemented in a manner that provides stakeholders with relevant and material information.”
A new sentence has been added: “Where possible, this information should be scientifically based.
These passages give a foretaste of the future requirements for the content to be communicated. You can therefore already check your existing sustainability data for these parameters today. We will support you in this with our know-how.
- Sustainability reporting: On the way to an “appropriate” standard
We often hear statements that the long-established GRI reporting standard will become mandatory for future reporting. Even though GRI experts are involved in the CSRD, this is not the case.
Rather, the current draft of the directive states:
“(18a) SMEs should be given the opportunity to base their reporting on standards that are proportionate to the capacities and resources of the SMEs concerned. Listed and unlisted SMEs may choose to apply appropriate standards voluntarily. The SME standards should serve as a reference for companies falling within the scope of the directive on the scope of sustainability information they can reasonably require from small and medium-sized suppliers and buyers along their value chains.”
Engel&Zimmermann recommends that companies take a look at the GRI indicators and compare them with existing company data. Engel&Zimmermann can support you with this check.