29/08/2023
8 in 10 businesses have not started preparing for the new ESG reporting requirements that will be implemented in the EU starting January 2024!
A recent survey conducted by VinciWorks engaged 175 ESG reporting and strategy leaders, primarily from businesses within the ambit of the new European Corporate Sustainability Reporting Directive (CSRD) uncovered some interesting insights:
📊 Awareness and Preparedness: Astonishingly, only half of the respondents believed their businesses were likely to fall within the CSRD mandate. With the CSRD poised to impact approximately 50,000 larger businesses in the EU (up from around 11,000 under existing ESG mandates), the need for comprehensive sustainability reporting has never been more evident.
📆 Road to Compliance: The CSRD, set to launch from 1st January 2024 for businesses already under the EU's Non-Financial Reporting Directive (NFRD), aims to provide a holistic view of companies' sustainability performance. Requirements will expand further on 1st January 2025 to encompass more large businesses. It's a transformative step towards elevating accountability and transparency.
🌱 Challenges and Opportunities: VinciWorks' survey reveals that a significant chunk of businesses are grappling with data collection challenges, particularly related to supply chain emissions and nature impacts. The path to compliance requires proactive preparation, as those who prioritse readiness will be better positioned to navigate the complexities.
Interestingly, the CSRD's influence extends beyond borders, impacting British businesses, especially those engaged in EU trade and international supply chains. As we embrace this paradigm shift, collective efforts and reliable solutions have never been more important.
Do you need help preparing for the new horizon of scope 3 emission reporting? Drop us a line and we'll show you how. 😉
🔗 Click here to read the full article: Almost 8 in 10 businesses have not started preparing for the new ESG reporting requirements that will be implemented in the EU starting January 2024!
A recent survey conducted by VinciWorks engaged 175 ESG reporting and strategy leaders, primarily from businesses within the ambit of the new European Corporate Sustainability Reporting Directive (CSRD) uncovered some interesting insights:
📊 Awareness and Preparedness: Astonishingly, only half of the respondents believed their businesses were likely to fall within the CSRD mandate. With the CSRD poised to impact approximately 50,000 larger businesses in the EU (up from around 11,000 under existing ESG mandates), the need for comprehensive sustainability reporting has never been more evident.
📆 Road to Compliance: The CSRD, set to launch from 1st January 2024 for businesses already under the EU's Non-Financial Reporting Directive (NFRD), aims to provide a holistic view of companies' sustainability performance. Requirements will expand further on 1st January 2025 to encompass more large businesses. It's a transformative step towards elevating accountability and transparency.
🌱 Challenges and Opportunities: VinciWorks' survey reveals that a significant chunk of businesses are grappling with data collection challenges, particularly related to supply chain emissions and nature impacts. The path to compliance requires proactive preparation, as those who prioritse readiness will be better positioned to navigate the complexities.
Interestingly, the CSRD's influence extends beyond borders, impacting British businesses, especially those engaged in EU trade and international supply chains. As we embrace this paradigm shift, collective efforts and reliable solutions have never been more important.
Do you need help preparing for the new horizon of scope 3 emission reporting? Drop us a line and we'll show you how. 😉
🔗 Click here to read the full article: https://www.edie.net/businesses-unlikely-to-be-ready-for-eus-new-esg-reporting-mandate-survey-reveals/
A recent survey reveals that almost eight in ten businesses have not started preparing for new ESG reporting requirements, posing significant challenges for compliance with the upcoming EU mandate.
