EcoVadis’ Post

EFRAG releases proposed sustainability reporting standards for SMEs. #sustainabilityreporting #smebusiness #europe #greenbusiness #sustainability

International organizations, such as the UN, regional organizations (e.g., the EU), stock exchanges, and independent organizations (e.g., the Global Reporting Initiative (“GRI”) have all been involved in the development and implementation of international initiatives on sustainability reporting. Many of these initiatives take the form of national policies and instruments that incorporate elements of international or sustainability reporting frameworks. For example, the GRI Standards are referenced in government or market instruments in dozens of countries around the world and are frequently one of several normative standards referred to in reporting instruments. All this work resulted in a variety of frameworks and tools that organizations could leverage to develop their sustainability strategies and reporting processes. Many of these take a comprehensive approach and some, like the GRI Standards, have achieved international recognition and provide a robust collection of disclosure items and metrics. In addition, companies can turn to standards that are focused on single issues such as GHG emissions, climate change, or the impacts of business activity on forests.  Adding to the complexity is the emergence of sector-specific performance measurement and reporting frameworks based on recommendations provided by sectoral trade associations. While there is no universal agreement on what a sustainability report is or what such a report might include in order to be defined as one, significant progress has been made on consolidating the wide range of indicators, frameworks and guidelines issued by multiple organizations that had created significant duplication of effort and lack of clarity and quality in the information reported. While the focus of sustainability reporting requirements and initiatives on listed and large private companies has been understandable given their significant sustainability impact, reporting must also be attainable, at appropriate scale given their resources, for small and medium-sized enterprises. In order for that to occur, sustainable entrepreneurs need to be aware of key components of the sustainability reporting ecosystem outline in my article, which is adapted from my new book on Sustainability Reporting Frameworks, Standards, Instruments, and Regulations [https://lnkd.in/gJZDjPg8]. #sustainability #sustainabilityreporting #gri #sustainableentrepreneurship #sdgs

I am glad to share a quick review of international developments in SUSTAINABILITY landscape, which is changing very fast! Highlights of 2023 in SUSTAINABILITY space are; -International Sustainability Standards Board (ISSB) announced that 20 regulatory & standard-setting bodies, 400 businesses, 50 stock exchanges have committed to support the adoption or use of the ISSB’s climate disclosure standard S1 & S2 as a global baseline. #cop28 in Dubai closed with an agreement that signals the “beginning of the end” of the fossil fuel era by laying the ground for a swift, just and equitable transition, underpinned by deep emissions cuts and scaled-up finance”. -Global Reporting Initiative (GRI) launched Sustainability Innovation Lab, at Singapore supported by ISSB -EU under the new Corporate Sustainability Reporting Directive  #CSRD Cos are required to report on their environmental impact, including Scope 3 emissions. This encompasses emissions within the supply chain and Waste Management, which represent indirect emissions from activities outside a company's operational control. CSRD apply to all large EU Cos. Non-EU Cos with a turnover over €150 mn euro in the EU, will also have to comply. -US Securities and Exchange Commission (SEC) is working on finalizing its proposed climate disclosure rules. -UK Financial Conduct Authority published its Policy Statement on Sustainability Disclosure Requirements & investment labels (PS23/16). PS23/16 confirms (i) the new anti-greenwashing rule, applicable to all FCA-authorized firms, which mandates that sustainability-related claims of a product or service must be clear, fair, and not misleading, and (ii) introduces investment label categories which aim to distinguish sustainability investment products. The anti-greenwashing rule will go into effect 31 May 2024, and the new labeling regime will go into effect 31 July 2024. -Monetary Authority of Singapore published a code of conduct for ESG rating & data product providers, which aims to establish baseline industry transparency standards for rating methodologies and data sources, governance, and management of conflicts of interest. -Bursa Malaysia launched an ESG reporting platform on 6 December, for listed issuers to submit disclosures under the Bursa's enhanced sustainability reporting requirements. -India SEBI has mandated BRSR Core and Updated BRSR, which is a sub set of the BRSR, consisting of a set of Key Performance Indicators (KPIs) / metrics under 9 ESG attributes. Keeping in view the relevance to the Indian / Emerging market context, few new KPIs have been identified for assurance such as job creation in small towns, openness of business, gross wages paid to women etc. Thanks to the efforts of Eelco van der Enden Emmanuel Faber Sue Lloyd Charles Tilley OBE

#ICYMI The European Union introduced the Corporate Sustainability Reporting Directive (#CSRD), a standardized approach that helps stakeholders compare a company's environmental and social impact more effectively. Explore how Jambo is perfect for helping companies align with this directive. 👉 https://hubs.ly/Q02H9Q8G0 #SRM #stakeholderrelationship #stakeholderengagement #eu

Malaysian companies to start complying with sustainability reporting framework in phases from 2025, says SC #SustainabilityReporting #BursaMalaysia #CorporateGovernance #EnvironmentalStewardship #Malaysia https://lnkd.in/guUrMRtF

🌍 The European Council has postponed certain sustainability reporting requirements for both EU and non-EU companies under the #CSRD. Read the full article and download EU Directive here: https://lnkd.in/dTpD7XGT Sector-specific standards now due in 2026. This directive offers companies 2 additional years to comply, aiming to enhance ESG reporting quality. With nearly 50,000 EU firms affected, preparation for the first wave of general standards starting in 2024 is crucial. Investors rely on robust ESG data for informed decisions. Utilize this extension wisely to align with evolving sustainability regulations. #Corporate #Sustainability #Reporting #EU #esgpro

The evolution of standards continues to evolve with proposals out of Europe relating to developing sustainability standards for small and medium sized enterprises........ https://lnkd.in/dWX_8gfF

The sustainability reporting landscape is changing rapidly - and as the discussion around mandatory reporting intensifies, many businesses in Ireland may be feeling overwhelmed by what will be required of them in 2024. Irish businesses of all sizes can take proactive steps to prepare for the requirements of this evolving landscape, which includes regulations such as the Corporate Sustainability Reporting Directive (CSRD). Anthesis' Enda Colfer explores the key steps that Irish businesses can take to start their CSRD journeys in a new article for Thinkbusiness.ie. Read "Get your business ready for sustainability reporting" for Enda's insight into: 💡 Key Green Deal regulations, 💡 What Irish business should be prioritising ahead of CSRD, and 💡 The reporting support that is available, including the Anthesis Regulations Hub. Read the full article here: https://lnkd.in/ewXuUiHG #CSRD #GreenDeal #SustainabilityReporting #RegulationSupport

Deloitte Japanese Services Group EMEA - Sustainability regulation outlook 2024 For Japanese companies, a key agenda item for 2024 is complying with European Sustainability reporting. Please take a look at our article on the sustainability regulation outlook in 2024 and how to leverage the EU regulations to conquer sustainability reporting and drive decarbonisation *Sustainability reporting (CSRD) enters a decisive phase *Making circularity and circular design the norm *Decarbonisation gaps and focus areas *Averting greenwashing risks *What companies should do now https://lnkd.in/e3rdZ753 今後のSustainability Regulationsの展望について、すでにご存じの方が多いかと思いますが、簡潔にまとまった記事を共有致しますので、一読ください。 #DeloitteJapaneseServicesGroupEMEA

ESG reporting remains pressing in the dynamic world of sustainability. This has compelled businesses to align more with transparent sustainable practices by using EcoVadis; a valuable portal that streamlines measurement and reporting processes, integrating resources, and enhancing sustainability performance within the business. In this article Bolu Iyiola highlights the rising importance of EcoVadis and its vital role in helping businesses keep up with the ever-evolving ESG reporting landscape. Read the full article on our website - https://lnkd.in/eegJDraE #MakingSustainabilityHappen #SLRInsights #Sustainability #Reporting #EcoVadis