24 Jun

The new Corporate Sustainability Reporting Directive (CSRD) is here, and it's changing the game for companies in the EU. But don't panic! Here's a breakdown of the key steps to get your company started:

Step 1: Check if You're In

Not all companies need to comply with the CSRD.  First, see if your company falls under these categories:

  • Listed on a regulated EU market (like a stock exchange)
  • Large company (with over 250 employees and meeting certain turnover and balance sheet thresholds)
  • Non-EU company with a big footprint in the EU

Step 2: Double Down on Materiality

The CSRD focuses on "double materiality." This means considering:

  • Impact on Your Business: How do environmental and social issues (ESG) affect your finances? (e.g., climate change impacting resource costs)
  • Your Impact on People and Planet: How do your operations affect the environment and society? (e.g., pollution from your factories)

Step 3: Get Familiar with ESRS

Think of ESRS as the rulebook. These European Sustainability Reporting Standards define what information you need to report on. You can find them online.

Step 4: Look Beyond Your Doorstep

The CSRD isn't just about your own operations. Consider the sustainability practices of your suppliers and business partners throughout your value chain.

Step 5: Take Action!

Here's how to move forward:

  • Assess the Gap:  See how your current reporting practices stack up against the CSRD requirements.
  • Plan and Invest:  Develop a strategy for collecting data, implementing processes, and potentially seeking expert help.
  • Train Your Team:  Educate everyone involved about the CSRD and their role in reporting.

Remember, the CSRD is an opportunity. By embracing transparency, you can become a sustainability leader and gain a competitive edge. Don't wait - take these steps and get ready for a more sustainable future! 

Contact VisionGreen if you need help understanding the requirements for your company.

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