Upskilling for ESG Reporting - Learning CSRD / ESRS. How I Started.

Summary

The speaker prepares for the Corporate Sustainability Reporting Directive (CSRD), emphasizing the need for effective sustainability reporting for larger EU companies starting next year. With 20 years of experience in other standards, they navigate the complexities of the CSRD and its European Sustainability Reporting Standards (ESRS) through webinars, guidance documents, and networking with fellow sustainability managers. They highlight the importance of understanding sector-specific reporting requirements and the benefits of learning from industry peers, aiming to efficiently upskill before their upcoming role.

Takeaways

• 😀 The Corporate Sustainability Reporting Directive (CSRD) requires big EU companies to report on sustainability efforts starting next year.
• 😀 Despite 20 years of experience in sustainability, the speaker finds the CSRD new and challenging.
• 😀 Previous reporting standards like GRI and SASB were voluntary, whereas CSRD and European Sustainability Reporting Standards (ESRS) are compulsory for large companies.
• 😀 The ESRS standards emphasize double materiality, focusing on both impact and financial aspects, unlike SASB which is mainly financial.
• 😀 The speaker began upskilling by exploring webinars, blog posts, and materials from consultancy firms to understand the CSRD better.
• 😀 It’s beneficial to look into implementation guidance and Q&A documents provided by standard setters in addition to the main standards.
• 😀 Using AI to compare familiar standards (GRI and SASB) with ESRS helped the speaker gain a clearer overview of the differences.
• 😀 Joining a network of sustainability managers from different companies proved invaluable for exchanging ideas and solutions.
• 😀 Attending industry events facilitates connections with peers facing similar challenges, enhancing learning through shared experiences.
• 😀 Familiarizing oneself with sector-specific requirements is essential for preparing for upcoming reporting obligations.

Q & A

What is the Corporate Sustainability Reporting Directive (CSRD)?

The CSRD mandates sustainability reporting for larger companies in the EU to ensure standardized and comparable reports.

Why is it important for companies to report on sustainability efforts?

The EU aims to steer investments towards more sustainable businesses, making it crucial to highlight which companies perform better in sustainability.

How does the CSRD differ from previous reporting standards like GRI and SASB?

The CSRD is compulsory for large European companies, while GRI and SASB are voluntary. Additionally, CSRD focuses on double materiality, considering both impact and financial aspects.

What strategies did the speaker use to upskill for CSRD reporting?

The speaker attended webinars, read blog posts and guidance documents, and compared CSRD standards with those they had previously worked with.

What is the significance of the European Sustainability Reporting Standards (ESRS)?

The ESRS provide specific guidelines on how companies should report their sustainability efforts to ensure consistency and comparability across reports.

How did the speaker navigate the complexities of the ESRS legal text?

They first studied supplementary materials like webinars and guidance documents, which helped them understand the standards better before diving into the legal text.

What role do industry events play in preparing for CSRD reporting?

Industry events offer opportunities to connect with peers facing similar challenges, providing valuable insights and shared experiences that can inform reporting strategies.

How did the speaker approach the materiality assessment for CSRD?

The speaker learned from other sustainability managers about how to conduct materiality assessments, drawing on their experiences to inform their own approach.

What resources did the speaker find helpful in understanding the CSRD standards?

The speaker utilized commented versions of the standards, summary books, and AI tools to clarify the differences and similarities with other reporting standards.

What is the next step for the speaker after familiarizing themselves with the standards?

The speaker plans to prepare for their upcoming job by understanding the specific sector and its related CSRD reporting requirements.