For the first time in 2021, the EU Taxonomy Regulation required affected companies to prepare and publish sustainability reports, thus demonstrating the extent to which the companies are taking measures to achieve the EU’s environmental goals.
Following the publication of the “Corporate Sustainability Reporting Directive – CSRD”, starting from January 2024, an increasing number of large companies, as well as listed SMEs, will be required to report on the sustainability of their business activities. EU estimates that 50,000 organizations within the EU-block will need to comply with the CSRD in the next years .
Additionally, the requirements for reporting are increasing and need to be more factual and integrated into the company strategy.
These additional requirements for sustainability reporting are a great challenge for many companies. However, the opportunities and advantages associated with implementation are obvious; the ever-increasing awareness of investors for sustainability issues shows that there are clear economic advantages to be gained from implementing Environmental Social Governance requirements.
Therefore, the earlier and more seriously ESG /sustainability measures are implemented within a company, the greater the economic benefit that can be derived from it.
The implementation of ESG measures in Austria takes place at various levels. At the corporate level, for example, measures are taken to reduce the ecological footprint, improve working conditions and ensure transparent corporate governance. Many companies have already published sustainability reports to document their progress in these areas. At the regulatory level, there are various laws and regulations in Austria that aim to promote environmental protection, social responsibility and good corporate governance. Examples include the Austrian Sustainability Strategy, the Environmental Information Act, and the Equal Treatment Act. Overall, the implementation of ESG seems to have a growing importance in Austria and is supported by both companies and governmental authorities.
The challenge is how to align the regulatory requirements and corporate voluntary measures with the CSRD requirements, for a more comprehensive and effective disclosure that supports investment decision making process.
Not sure where to start? Contact the HPC sustainability team and get tips and facts on how to get started with ESG and sustainability in your company!
HPC is your partner in ESG and sustainability. We support you in setting your sustainability goals, implementing and building an ESG management system to minimize your sustainability risks and seize potential opportunities.
We help you to move forward!
PS: If you like, we can help you with a pre-Test using our ESG pre-screening tool. This allows you to validate your own status and can serve as a basis for designing the optimal steps.
Your contact persons:
Rafael Smutny – HPC IBK GmbH, Österreich
email@example.com | +43 664 3413499
Emmanuel Zinsu – HPC AG, Deutschland
firstname.lastname@example.org | +49 177 5845611
Valentina Vieri – HPC Italia, Italien
email@example.com | +39 342 3338132