Sustainability reporting is currently subject to increasing regulatory density on the part of national and international standard setting bodies. New sustainability requirements are being imposed on companies at ever shorter intervals. Examples include the Green Deal, EU Taxonomy, Fit-for-55, Agenda 2030, CSRD and GRI. In some cases, these requirements are highly heterogeneous or inconclusive and supplemented by further regulations. Maintaining an overview of these requirements presents companies with significant challenges, not least because some of these new reporting requirements need to be implemented at short notice.
When implementing sustainability reporting, the first step is to analyse the requirements in respect of the data and information that has to be reported. Especially the provision, analysis and processing of non-financial data presents many companies with new challenges. Reporting processes between previously non-cooperating or less cooperating departments must be established, new interfaces defined and valid and comprehensible qualitative statements provided, in addition to quantitative data.
Due to the large volume of information, companies preparing the reports must be equipped with suitable tools for data collection, analysis and preparation, in addition to internal processes, in order to meet these requirements.
Sustainability reporting can add particular value to informed corporate decision-making as well as to communication with the various stakeholders of a company.
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