Building a Sustainable Future: How CSRD Compliance Aligns with World Standards Day 2024

As the global focus on sustainability intensifies, businesses are being called upon to do more than just operate efficiently—they must also be transparent about their environmental, social, and governance (ESG) impacts. The Corporate Sustainability Reporting Directive (CSRD) represents a significant shift in how companies report on their sustainability practices, ensuring greater accountability and transparency.

At the heart of CSRD is the goal of creating a more sustainable and responsible business world—making it a perfect fit for the theme of World Standards Day 2024: “Shared Vision for a Better World: Standards for the Changing Climate.” In this post, we explore how Intertek’s CSRD services can support businesses in meeting these new reporting requirements and contribute to global climate goals.

What is CSRD?

The Corporate Sustainability Reporting Directive (CSRD) is an evolution of the European Union’s Non-Financial Reporting Directive (NFRD), designed to enhance the scope, quality, and comparability of sustainability reporting across Europe. It applies to a broader range of companies, including listed SMEs, and introduces more rigorous reporting standards aligned with the EU’s ambitious climate and sustainability targets.

Companies covered by the CSRD will need to provide detailed disclosures on:

• Environmental performance, including carbon emissions, energy usage, and resource management
• Social responsibility, such as labour practices, diversity, and human rights
• Governance practices, focusing on leadership, business ethics, and compliance with sustainability goals

The directive aligns with global frameworks such as the Global Reporting Initiative (GRI) and the Task Force on Climate-Related Financial Disclosures (TCFD), ensuring that sustainability data is standardised and comparable across industries.

How CSRD Promotes Climate Action and Transparency

CSRD is not just about compliance—it’s about driving real change by holding businesses accountable for their impact on the environment and society. By providing clear, standardised metrics, CSRD helps companies identify areas where they can improve their sustainability performance, contributing to the global effort to combat climate change.

Here’s how CSRD drives progress:

Enhanced Transparency and Accountability
CSRD pushes companies to provide detailed, verifiable information on their ESG practices. This transparency builds trust with investors, consumers, and regulators, ensuring that businesses are held accountable for their environmental and social impact. It also enables stakeholders to make informed decisions based on a company’s true sustainability performance.

Alignment with Global Climate Goals
The detailed environmental disclosures required by CSRD, such as carbon emissions and energy consumption, directly support international climate agreements like the Paris Agreement. By reporting their environmental impact, companies can take more meaningful steps to reduce their carbon footprint and contribute to the global effort to limit temperature rise.

Focus on Social and Governance Standards
CSRD goes beyond environmental metrics to include social and governance factors. This holistic approach ensures that businesses are not only reducing their environmental impact but also upholding ethical labour practices, protecting human rights, and maintaining sound governance. A strong ESG performance is crucial for building long-term business resilience.

Better Decision-Making and Risk Management
Through comprehensive sustainability reporting, businesses gain a clearer understanding of their risks and opportunities. This insight allows them to make informed decisions that not only reduce environmental impact but also improve their bottom line. CSRD empowers companies to take proactive steps towards a more sustainable and resilient future.

Why CSRD Matters for Your Business

CSRD represents a major shift in how companies approach sustainability reporting, but it also offers a tremendous opportunity for businesses to enhance their reputation, build stakeholder trust, and strengthen their ESG performance. Here’s why it matters for your business:

• Meet regulatory requirements and avoid penalties by ensuring compliance with the latest sustainability reporting standards
• Build trust with investors, consumers, and stakeholders through transparent and accurate ESG disclosures
• Enhance your sustainability performance by identifying areas for improvement in environmental, social, and governance practices
• Contribute to global climate goals by reducing your carbon footprint and aligning your business with international sustainability frameworks

World Standards Day 2024: A Focus on Sustainability

As we celebrate World Standards Day 2024, the theme “Shared Vision for a Better World: Standards for the Changing Climate” underscores the importance of standards like CSRD in building a sustainable future. CSRD ensures that businesses are not only transparent in their sustainability efforts but also aligned with global standards that drive meaningful climate action.

International standards play a crucial role in ensuring that businesses operate with accountability, transparency, and integrity. By adopting CSRD, companies demonstrate their commitment to these values, contributing to the broader effort to create a fairer, more sustainable world.

Take Action with Intertek’s CSRD Services

At Intertek, we understand the complexities of CSRD compliance and the importance of accurate sustainability reporting. Our expert team offers tailored support to help your business navigate the new requirements, ensuring that your ESG disclosures are comprehensive, transparent, and aligned with global standards.

Whether you’re preparing for your first CSRD report or looking to enhance your existing sustainability strategy, Intertek is here to guide you every step of the way. Our services include ESG reporting assistance, verification, and auditing, helping you meet CSRD requirements while driving meaningful progress toward your sustainability goals.

Ready to get started?

As we celebrate World Standards Day 2024, there’s no better time to align your business with global sustainability standards. To learn more about our CSRD services and how we can support your journey towards responsible and transparent business practices, visit our website!