"CSRD Essentials: How the Global Reporting Initiative (GRI) helps SMEs with their sustainability reporting
On May 15, 2024, a major publication focusing on the essential aspects of the Corporate Sustainability Reporting Directive (CSRD), legislation adopted by the European Union in December 2022 and now in force, was launched in Amsterdam. The "CSRD Essentials" series, developed by the Global Reporting Initiative (GRI), Pascal Durand - Member of the European Parliament and rapporteur of the CSRD, and the Lefebvre-Sarrut Group, is a practical and free resource that aims to explain the CSRD in plain language. This should help large companies, consultants in the sustainability sector, and SMEs in particular, to familiarize themselves step by step with the reporting directive.
The CSRD marks a significant expansion of sustainability reporting obligations within the EU, with more than 42,500 EU-based companies and several thousand companies outside the EU now required to report on the impact of sustainability issues on business performance and the social and environmental impact of their operations. This directive means a significant increase in reporting requirements and data collection, which can be seen as a challenge for some reporting companies.
The "CSRD Essentials" series addresses, among other things, the scope, timing and interactions with existing standards, expanding the requirements for the number of companies, broadening the scope of sustainability reporting and setting out criteria for the inclusion and implementation of companies. Furthermore, the reporting format will be integrated, incorporating sustainability into annual reporting and combining financial and non-financial data. The digitalization of reporting will be promoted to ensure consistency and accessibility. Legal links, audit requirements and internal monitoring are also addressed, which the CSRD integrates into existing EU regulations and prescribes a sustainability audit by third parties.
The CSRD Essentials series provides publicly available support to bridge the gap between legislators and those implementing the rules. This initiative illustrates the EU's commitment to making sustainability reporting a universal, accessible and mutually beneficial practice. Additionally, this new resource strengthens the GRI's role in promoting sustainability reporting globally and serving as a model for other regions and countries that may be considering similar legislation. The CSRD and its effective implementation could therefore not only increase transparency and fairness in the European business landscape, but also contribute to more sustainable and responsible business practices worldwide.
With CURENTIS AG at your side, find out how you can work with and benefit from the new reporting obligation. CURENTIS AG will be happy to support you in integrating sustainability criteria into your business processes.
