European Sustainability Reporting Standards (ESRS)
Record all data points in good time
With the CSRD, the EU has revised and significantly expanded the reporting requirements for sustainability. The number of companies affected has increased, as have the requirements for the required report content. The European Sustainability Reporting Standards (ESRS) regulate what and how the companies concerned must report on their sustainability management.
Reporting in accordance with ESRS - new complexity of sustainability reporting requires timely preparation by the companies concerned
The ESRS currently comprises 12 individual standards, including cross-sectional standards with general requirements and topic-specific standards for the areas of environment, social affairs and governance. In addition to key figures, the new reporting requirements also focus on strategies. They are very complex and detailed and comprise around 280 pages.
In order to meet the new requirements, the companies concerned now need to create the necessary conditions and set up the processes for generating the required data. Tailor-made software for digital ESG management, such as Substain, which guides through the processes and automates data management, provides support during implementation.
The double materiality analysis as the basis for reporting in accordance with ESRS
At the heart of the new reporting standards is the double materiality analysis. Here, the company views itself as part of society and the environment. Both the impact of the company on its environment (company analysis) and the external influences on the company (risk analysis) are evaluated. The results of this analysis form the basis for the development of a sustainable corporate strategy with measures and also the basis for reporting in accordance with ESRS.