Show me the Money: How serious is Sustainability Reporting being taken

I am lucky to spend most of my time at the minute discussing Sustainability matters, specifically sustainability reporting, with our clients. Intertek has had a huge focus on customer outreach since CSRD went live to ensure we understand the pain points and opportunities for our clients when it comes to their disclosure requirements. 

I read an article from ESG Today recently citing that: “Over two thirds of large companies in the U.S. have put in place dedicated budgets for sustainability reporting, and nearly all plan to increase spending on sustainability and compliance reporting, and would advance their sustainability efforts even in the absence of climate and sustainability regulations, viewing sustainability as a company value driver, according to a new survey by ESG and EHS solutions provider EcoOnline.”

The survey had a particular focus on companies’ preparedness for the new California laws SB 253 and SB 261, requiring large companies doing business in the state to report on Scope 1, 2, and 3 greenhouse gas (GHG) emissions and on climate-related financial risks. 

The survey also said that when asked about the companies’ plans on technology investments, the survey found that 76% of respondents reported that they are planning to implement or exploring dedicated software for specific sustainability applications.

It is clear we have seen the rightfully deserved shift in attitude from many companies towards the needed focus on how to accurately communicate progress on ESG goals. Many of our customers are not only focusing on how to get through the reporting, but how to ensure they go beyond the concept of just reporting, and making sure it is driving the meaningful impact. 

But it is challenging. And a long road we will have to all embark on, as their is a lot still to tackle. At Intertek we understand the complexity, hence we have focused a lot on how to transcribe and relate the legislations into what companies already have in place, or need to start working on. 

To learn more on how we can support please visit: Total Sustainability Assurance (intertek.com)