CSRD, EU taxonomy, LkSG, ISSB, etc. – the efforts (and their abbreviations) to steer the economy and financial flows in a sustainable, socially beneficial direction are many and varied [1].
They start at different points, overlap, create synergies, mean additional work and are complex in their structure and interaction. They can quickly become overwhelming and certainly represent a major challenge for many companies. However, we also see them as a huge opportunity – by initiating new ways of thinking, demanding urgently needed minimum standards and transparency and establishing sustainability as a competitive advantage.
New requirements for sustainability reports and their practical challenges
In our day-to-day work advising on sustainable reporting and implementing communication strategies, we receive many questions about the development of these new reporting requirements.
We can answer many of these questions at Nur Baute and some will be clarified when the standards are finalized. Some contradictions and ambiguities will only be resolved during implementation and in comparison with the benchmark, while others could leave room for interpretation for years to come. The table below provides an initial overview of the objectives, application groups, characteristics and interactions between the Non-Financial Reporting Directive (NFRD), Corporate Sustainability Reporting Directive (CSRD) and the EU taxonomy.
Over the next few weeks, we will outline the most important developments in this blog and explain the steps we can take to help you with this topic.
Click here for an overview of the NFRD, CSRD and EU taxonomy.
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