The Carbon Border Adjustment Mechanism (CBAM)
11 min
Level
In this article we’ll explore what the CBAM is, why it’s been created, and what importers need to know ahead of its introduction.
The voice of impact
ESG / CSR
Industries
Ecology
Greenly solutions
US
US
The Best 5 CSRD Reporting Platforms in 2024
Level
As CSRD reporting continues to become more compulsory for companies across the European Union, many businesses are resorting to the use of CSRD reporting platforms to make sure they don’t miss any of the mandates required by the CSRD.
Select small to medium sized businesses will also be required to comply with CSRD reporting by 2026 – making now the perfect time to read about the different CSRD reporting platforms available, and ensure the best choice is made for your business.
In this article, we’ll give a quick recap on the CSRD, the 5 best CSRD report platforms in 2024, and how your company can get started with the CSRD.
What is CSRD?
The CSRD, otherwise known as the Corporate Sustainability Reporting Directive, is an EU-based piece of regulatory framework guided towards making non-financial reporting compulsory across the bloc and eventually around the world.
“ Ultimately, the CSRD is an effort to help work towards carbon neutrality and fulfill the goals depicted in the European Green Deal. ”
Close
The CSRD currently requires all companies already required to comply with the NFRD with two out of three of the following:
- 500 or more employees
- A net turnover greater than €40 million euros (around $43,000 USD)
- Assets equivalent to €20 million euros (around $22,000 USD)
However, the CSRD is slowly becoming imperative amongst smaller-sized businesses – such as is depicted below:
By 2025, the CSRD will be compulsory for large companies with:
- 250 or more employees
- A net turnover greater than €40 million euros (around $43,000 USD)
- Assets equivalent to €20 million euros (around $22,000 USD)
By 2026, the CSRD will be mandatory for small and medium sized companies with:
- 20 or more employees
- A net turnover greater than €700,000 euros (around $760,000 USD)
- Assets equivalent to €350,000 euros (around $380,000 USD)
💡By 2028, the CSRD will be required for all non-EU companies with a €150,000 (around $162,000 USD) and at least one branch located in the EU.
👉 The CSRD aims to encourage greater transparency and accountability, as companies will be required to share the impact of their business activities on the climate, their climate risks, and how the company manages these roadblocks.
Why is a CSRD reporting platform important?
CSRD reporting is essential to help build greater transparency across various industries around the world, which is paramount in our global efforts to reduce climate change.
“ Transparency is key in the midst of climate change as it can help to build greater trust amongst employees, customers, investors and stakeholders – all of which can help businesses to succeed with honesty and prevent environmental scandals such as greenwashing. ”
💡The main goal of a CSRD reporting platform is to help simplify the process for companies by assisting them with collecting data and providing them with the proper tools to make sure their business is compliant with their requirements under CSRD reporting.
A few additional reasons why CSRD reporting is crucial in the midst of a global effort to mitigate climate change include the following:
- Can help consumers make better informed decisions when purchasing new products;
- Allows investors to have an honest, full scope and understanding of the company’s environmental impact;
- CSRD reporting will slowly seek to include companies and headquarters across the globe, which can help to inspire environmental initiatives elsewhere;
- Will help to push greater expectations for other climate initiatives;
- Companies will have to think about the effects their business will have on not only the environment, but society as a whole.
👉CSRD reporting will ultimately create a ripple effect across all other areas of companies and their future business activities – as they will grow more cognizant of the overall impact created by their business activities, and seek to adjust them accordingly for CSRD reporting and other future environmental initiatives.
What are the best 5 CRSD reporting platforms as of 2024?
CSRD reporting is relatively new, which means that CSRD reporting platforms also have yet to accumulate a long-standing track record – but don’t worry, we’ve rounded up our top 5 CSRD reporting platforms to share.
Here our top 5 picks CSRD reporting platforms as of 2024:
1. Greenly
We offer our own CSRD reporting platform at Greenly!
Our platform aims to simplify the process of CSRD reporting with the option to conduct a double materiality assessment, work with certified partners, risk assessment tools, and streamlined data collection.
We can also help with:
- Mapping your value chain
- Assessing climate risks
- Specialized assistance from our in-house experts
- Fulfill your ESRS requirements
- Networking opportunities
- Allow auditors access to view your company's progress
- Precise data collection
- Task management and the ability to share with your stakeholders
👉 Greenly is a great choice if your company needs a well-rounded and personalized approach to preparing your CSRD report, especially as we can help your company every step of the way with specialized tools and specialized support.
2. Brightest
Brightest is a great choice for your company if your business is looking for a more well-rounded approach to CSRD reporting. This is because Brightest is focused on streamlining ESG management, social impact, and sustainability onto one platform – all of which are relevant to CSRD reporting.
Key aspects of Brightest include:
- Assistance in helping companies to manage their ESG strategies with data collection and creating a holistic approach to improving sustainability;
- An all-in-one platform to monitor scope 1, 2, and 3 emissions, collect data on sustainability, and other information necessary for CSRD reporting;
Adheres to the TCFD, CDP, and UN Sustainable Development Goals (SDGs)
“ Brightest is best for companies looking for an all-inclusive platform for CSRD reporting, carbon accounting, and ESG management. ”
3. Enablon ESG
Enablon is a CSRD reporting platform that allows users to view a full scope for the best ESG management possible while also helping companies to improve their sustainable performance and ultimately assist them with their CSRD reporting.
“ Enablon is a good choice for companies who want to succeed in other sustainability reporting as it provides a holistic set of tools to comply with other sustainability reporting requirements – such as with data collection and analysis. ”
Enablon offers clients:
- Specialized data analytics that can help companies with decision making;
- Tools to help boost stakeholder engagement and teamwork within the company;
- Assistance with supply chain management to help boost efficiency and overall sustainability;
- Compliance management systems that allow companies to comply with not only CSRD reporting requirements, but mandates depicted in other sustainability reporting requirements;
- Improved risk management as the CSRD reporting platform is designed to help companies assess and avoid various risks.
👉 Enablon is the best choice for companies looking for a CSRD reporting platform with detailed data collection and analysis that can be used for a variety of reporting requirements.
4. Convene ESG
This CSRD reporting platform allows users to manage their ESG risks in addition to utilizing and ESG opportunities, ultimately – with the goal in mind to help companies take a proactive approach to sustainability.
“ One of the best things about Convene ESG is its user-friendly interface that can be used regardless of your company’s size or industry. ”
Additional key offerings from Convene ESG include:
- The opportunity to conduct a materiality assessment which allows further insight into the environmental impact of a company’s product or service;
- Various tools to help boost stakeholder engagement, such as ESG data analysis and a simple method to integrate data;
- Assistance in developing an action plan for companies to tackle their sustainability issues more effectively;
- Helps to ensure that all legal requirements are met, which can help companies to avoid legal fees.
👉 Convene works to make data collection and management simpler so that companies can make it easier to comply with climate-related disclosures.
5. IBM Envizi
IBM Envizi is a CSRD reporting platform that adheres to the requirements of the Task Force on Climate-related Financial Disclosures (TCFD) and the European Sustainability Reporting Standards (ESRS).
IBM Envizi is a suitable choice for companies looking for an inclusive CSRd reporting platform, as IBM works to ensure ESG requirements are met across various ESG frameworks – from Sustainability Accounting Standard Board (SASB), the Global Reporting Initiative (GRI), or the United Nation’s Sustainable Development Goals (SDGs).
👉 Therefore, IBM Envizi might be the best choice for a company with multiple international operations or wants to ensure climate-related disclosures can be adhered to regardless of the geographical location where the reporting will take place.
How can your company get started with CSRD reporting?
Your company can get started with CSRD reporting by selecting a framework to follow, setting goals, collecting and analyzing data, and keeping stakeholder engagement in mind.
“ CSRD reporting is multidimensional and requires multiple steps, which is why most companies will refer to the assistance of a CSRD reporting platform. ”
Here are some things to keep in mind if your company is going to move forward with CSRD reporting:
- Set Goals – Your company will need ample data in order to prove compliant for CSRD reporting, meaning it’s best to organize your data collection process, or at least brainstorm the method you prefer, before meeting with a CSRD reporting platform.
- Engage Stakeholders – Making sure you keep in touch with internal and external stakeholders is imperative in order to include their expectations in CSR and the rest of your CSRD reporting strategy.
- Choose a CSRD Reporting Framework – Become familiar with well-known CSRD reporting frameworks such as SASB, GRI, and SDGs – and determine which is most appropriate for your business.
- Make CSRD Reporting Part of Your Company – People shouldn’t brush their teeth only when they go to the dentist, it should be a year-round effort. Same goes for CSRD reporting: your company should make an effort to adhere to the guidelines of the CSRD framework of your choice year-round.
- Seek to Improve – Your business should seek to monitor new policies, adjust goals, and incorporate feedback from your stakeholders in order to continue creating the best CSRD reporting strategy possible.
Overall, complying with the CSRD can prove challenging – but we hope this list of our best 5 CSRD reporting platforms can help your company to get started with this worldwide movement.
What about Greenly?
If reading this article about the best 5 CSRD reporting platforms of 2024 has made you interested in reducing your carbon emissions to further fight against climate change – Greenly can help you!
It can be challenging to decide which CSRD reporting platform is best for your company, but don’t worry – Greenly is here to help. Click here to schedule a demo to see how Greenly can help you find ways to effectively implement and utilize a better climate strategy.
Greenly can help you make an environmental change for the better, starting with a carbon footprint assessment to know how much carbon emissions your company produces.
More articles
View all
California Climate Package: SB 219 & SB 252
11 min
Level
What is the California Climate Accountability Package, and how do SB 253 and SB 261 (SB 219), and SB 252 help the state work towards their environmental goals?
5 concrete solutions to help industrial companies reduce their emissions
3 min
Level
Here are five concrete actions industrial companies can adopt to reduce emissions.
Checklist: The 7 Steps to Start Your CSRD Compliance
2 min
Level
The CSRD imposes new requirements for non-financial reporting. Here’s a straightforward guide to start your compliance journey, without any unnecessary jargon:
Share
Subscribe to the newsletter