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CSRD REPORTING

Corporate Sustainability Reporting Directive

What is the CSRD, when does it come into effect, how do you prepare?

Luckily, CG Business Consulting is here to rescue you from the abyss of confusion and paperwork with our trusty consulting company!

We’re the masters of making complex legislation feel like a stroll through a whimsical maze, so grab your compass and leave your stress at the door because, with us by your side, even the most convoluted laws will seem as simple following a recipe to bake your favorite cake.

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From the consultation your will:

  • Speak directly to an ISO professional
  • Get expert advice on your business requirement
  • Understand the benefits of certifcation for your business
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What is the CSRD

The CSRD came into force in Spring 2023 and it is not a directive to be taken lightly. Requiring extensive research, understanding and preparation, it is yet another administrative burden being foisted upon organisations already weighed-down by compliance-heavy operations.

Which is where experts in the field like CG Business Consulting’s Sustainability Division can step in and take the ESG monkey from managerial backs! Seen as additional catalyst for the EU’s ambitious plans to drive member states towards sustainability, the directive increases the number of European businesses which fall under the reporting umbrella of the commission’s Green Deal.

The aim of the CSRD

CSRD now requires all large and listed companies to disclose information on what they see as the risks and opportunities arising from social and environmental issues, and on the impact of their activities on people and the environment.

CSRD is to increase the amount of data available on, and drive awareness of corporate climate and environmental impact. The directive increases the number of European businesses which fall under the reporting umbrella of the commission’s Green Deal.

Seen as additional catalyst for the EU’s ambitious plans to drive member states towards sustainability, the CSRD will now be mandatory across a large portion of Irish businesses, from medium enterprise to large global corporation,

What is the CSRD

The Corporate Sustainability Reporting Directive is a mandate, adopted by the EU in April 2023, compelling businesses across the EU to comply with its sustainability reporting requirements (NFRD), in alignment with the commitments made by member states under the European Green Deal.

To clear the pathway to Net Zero through encouraging greater corporate accountability and transparency, the CSRD transforms ESG reporting by enforcing one dozen ESRSs – European Sustainability Reporting Standards – currently at Draft stage – which will mandate companies operating within the EU and/or which have subsidiaries operating within the EU, to give full disclosure on E – Environmental, S – Social and G – Governance and related risk-management aspects of their business.

csrd-requirements

Which businesses must comply with the CSRD?

Although smaller businesses are exempted from complying with CSRD, technically speaking it is still possible for those participating in a supply or value chain to fall under the scope of the directive.

When will the CSRD come into effect?

The anticipated timeline from today’s date for the CSRD is as follows (Subject to change);

Irish business have until the following dates to have fully compliant ESG reporting, in line with CSRD requirements, in place:

Irish businesses and organisations;

1 January 2024

Undertakings already subject to the Non-Financial Reporting Directive (reporting in 2025 on 2024 data)

  • Results from fiscal year 2024
  • Report published in 2023

1 January 2025

EU domiciled companies satisfying at least two of the following criteria (reporting in 2026 on 2025 data)

  • Net revenue > 40m€/yr
  • Assets > 20m€
  • Employees >250

1 January 2026

Listed small and medium-sized enterprises (reporting in 2027 on 2026 data)

  • EU Domiciled companies that do not satisfy at least two or three criteria to be considered a “large undertaking” but are listed on an EU exchange

1 January 2028

Non-EU domiciled entities with at least on subsidiary or branch located in the EU with revenue > 150m€ (reporting in 2029 on 2028 data)

Does the CSRD just cover ESG?

No. The scope of the CSRD extends beyond ESG into Human/Workers rights, requiring businesses to divulge a wide range of metrics and resource-related data which will require the involvement on stakeholders from both within and without the business including partners, suppliers and investors.

The ESRS topics include:

  • Climate Change
  • Pollution
  • Water and Marine Resources
  • Resource use and circular economy
  • Biodiversity and ecosystems
  • Own Workforce
  • Workers in the Value Chain
  • Affected Communities
  • Consumers / End Users
  • Business Conduct
all about ESG

Getting CSRD Ready

Even organisations with decades’ long-experience of demonstrating and reporting on their sustainability action plans including strategies, teams, milestones and targets will be hard pressed to close out all the activities necessary to extrapolate, collate and document all the data required by the CSRD.

CG Business Consulting can help businesses to meet their obligations under the CSRD.

With our experience of and expertise, and as the first indigenous Irish ISO consultancy to establish a 360 Sustainability Division offering full spectrum sustainability services, CGBC consultants have what it takes to get your business CSRD ready with minimal fuss, clear direction and expert guidance.

Similar to any ISO MS implementation, CGBC will work closely with you to ensure organisation-wide awareness and adoption of the requirements of CSRD, to achieve compliance, optimise performance, identify risks and opportunities and drive continuous improvement going forward.

  • How will CSRD impact your business? Current reporting & sustainability strategy review
  • Risk Analysis and Strategy Development using metrics-based Performance Related Planning
  • Organisational Maturity – Analysing people, policies, procedures & pathways using data modelling
  • ESG Reporting Model – design and develop a custom reporting model based on objectives and KPIs
  • Implementation Across the Organisation – change management planning, awareness training & roll-out

How should my business prepare for the CSRD?

As a first step in the process, Irish businesses are being advised to find out what supports and grants might be available to them.

CG Business Consulting is a registered participant in Enterprise Ireland’s Green Transition Fund, a financial support package aimed at accelerating decarbonisation of Irish organisations. With funding ranging from Euro 1,800 up to Euro 50,000 for Green Plus clients seeking to adopt or improve Environmental Management capabilities.

For more information on the Green Transition Fund and to find out if your business is eligible, click HERE.

Green transition fund

CGBCs Sustainabiltiy Services

CG Business Consulting can also offer clients Carbon Footprinting services to help them establish environmental impact and get them started on the transition to Net Zero and Sustainability. For more information on our Sustainability Services and to download our Net Zero Road Map.

A discussion with our consultants will help begin preparations.
You can contact them on 01 – 620 4121.

Source* Enterprise Ireland, Government of Ireland websites

What is the European Green Deal?

Launched in December 2019, the European Green Deal set about propelling EU member states head long down a joined-up and more direct, as the crow flies path towards Carbon Emissions reduction, steering them away from the meandering route they had been following as individual countries.

The European Green Deal seeks to transform the EU into “a modern, resource-efficient and competitive economy, ensuring:

  • No Net Emissions of Greenhouse Gases by 2050
  • Economic growth decoupled from resource use
  • No Person and No Place left behind.

The Green Deal has seen the roll-out across Europe of initiatives like REPower EU, Green Deal Industrial Plan and the Energy Prices Toolbox.

Setting the 28 member states a wish-list of ambitious goals with fixed deadlines, the deal has three key aims:

  • For the EU to become the first Carbon Neutral Continent by 2050
  • For EU GHGs to be reduced by 55% by 2025
  • For the combined membership to have planted 3 billion new trees by 2030

One of the key tools designed and developed by EU ‘Green Chiefs’ to achieve these three core objectives is the CSRD.

Start your CSRD Journey today...

CGBCs Sustainability Division will guide you through the strategic journey to CSRD.

Starting with an audit of your current reporting and sustainability strategy, all the way through to the implementation of a new model.

Let our expertise in Sustainabiltiy be your guide.  

BOOK a free consultation

From the consultation your will:

  • Speak directly to an Sustainability professional
  • Get expert advice on your business requirement
  • Understand how CSRD impacts your business
Book Consultation

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BOOK a free consultation

From the consultation your will:

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  • Get expert advice on your business requirement
  • Understand the benefits of certifcation for your business
Book Consultation

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