- Christoph Köpke
- 22.05.23
- 2 min
- innovations
Your contact person
Dr Denise Ott
You've previously learned why it's worth preparing a sustainability report in our 10 good reasons for sustainability reporting blog article. The following article introduces the CSRD and explains the consequences of the new guideline for sustainability reporting.
CSRD stands for Corporate Sustainability Reporting Directive. It is an extension of the Non-Financial Reporting Directive (NFRD). With the CSRD as a cornerstone of the European Green Deal, the topic of sustainability reporting is now to be raised to the same level as financial reporting.
With the Non-Financial Reporting Directive (NFRD), large companies have already been legally required to disclose non-financial aspects of their corporate activities since 2014 (EU law) and 2017 (German law). In November 2022, the EU adopted the Corporate Sustainability Reporting Directive (CSRD). It extends both the content to be reported and the group of companies subject to reporting requirements. As a result, small and medium-sized enterprises (SMEs) will also be subjected to a reporting obligation, starting in 2027.
The NFRD requires reporting on the following aspects:
The CSRD extends this reporting obligation. For the area of environmental concerns, reporting will soon be required on the following aspects, among others:
All content must refer to the 1.5-degree target. A mandatory external review of the reports has also been added.
The CSRD also expands the group of companies subject to reporting requirements. The reporting obligation for the CSRD takes effect in multiple stages.
Guidance for the preparation of a sustainability report is provided by a variety of frameworks such as:
Want to write a sustainability report for your company? Waste no time in getting ready for the upcoming reporting obligation. With the preparation of our own DNK statement and thanks to our many years of experience in sustainability consulting, we were named DNK training partner at the beginning of 2022. Feel free to contact us for a free consultation.
Author: Katharina Prontnicki
Your contact person
Dr Denise Ott
EurA AG
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