Companies and organisations in Europe are mandated to publish their annual Environment, Social and Governance (ESG) reports, which includes environmental information such as carbon footprints, and other details such as land consumption, biodiversity, and water usage.
But reporting can be challenging, especially for those doing it for the first time. To address this, WAN-IFRA’s World Printers Forum has organised a webinar – ESG Reporting Explained – on Tuesday, 26 March at 15:00 CET.
The online seminar, led by Dr. Michael Has, Partner at Monopteros in Germany, will provide an overview of European Sustainability Reporting Standards (ESRS) structure and content, explaining in detail the necessary steps for conducting the reporting.
See also: Meeting sustainability targets with CO2 footprint calculation
Compliance guidelines for CSRD, NFRD
The Corporate Sustainability Reporting Directive (CSRD) is a European initiative replacing the Non-Financial Reporting Directive (NFRD), aiming to improve corporate reporting on sustainability.
Companies that previously reported under NFRD must submit the ESRS Report for FY 2024 by 2025. New companies meeting size criteria will be included annually starting from the 2025 financial year.
While CSRD mandates reporting for entities, it doesn’t dictate content or structure, as specified in the Delegated Regulation of the ESRS by the European Commission on 31 July 2023. The significance of this reporting lies in its similarity to financial reporting, impacting ESG ratings and investor attractiveness.
Steep fines for violations
Violations may incur fines ranging from €50,000 to €10 million or up to 5% of the annual global turnover of the group.
Despite its importance, the European Commission hasn’t presented these standards in a clear, concise manner. Compliance with reporting obligations from 2025 poses a substantial challenge for affected companies.
Has recommends that companies engage with ESRS 18 to 24 months before their first reporting year to ensure data collection aligns with requirements.
Click here to register and join us next Tuesday.