The Future of ESG Reporting: Timeline for Key UK and EU Sustainability reporting regulations (Changes for 2024 and 2025)
The next two years will introduce transformative changes in sustainability reporting, with new legislation across the UK, EU, and beyond. Companies that proactively adapt to these evolving requirements will not only meet compliance but also create value through a robust sustainability strategy. Here are five essential actions to consider:
1. Develop a Strategic Approach: Treating each regulation separately can be costly and inefficient. Instead, focus on an integrated strategy that addresses overlapping requirements, leading to long-term agility and streamlined compliance efforts.
2. Involve the Entire Organization: Successful ESG reporting requires input from multiple teams. Early engagement and clear ownership will ensure better data quality and a smoother implementation process, especially as regulations like the EU CSRD demand extensive disclosures.
3. Address Data Challenges: Reliable data is the cornerstone of strong ESG reporting. Transition from manual processes to tech-driven solutions for better data management, accuracy, and audit readiness.
4. Prioritize Materiality: Focus on what’s financially material to avoid greenwashing and ensure transparency. This approach builds investor trust and highlights the most impactful sustainability efforts.
5. Leverage Reporting for Business Value: Beyond regulatory compliance, robust ESG reporting can enhance brand reputation, attract investment, and drive continuous improvement towards net-zero goals.
As new regulations take effect, including the UK SDR and EU CSRD, a well-planned reporting strategy will be crucial for companies aiming to stay ahead.
Source: PwC
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