Taxonomy & CSRD update on future needs

The Corporate Sustainability Reporting Directive (CSRD) is the new EU legislation requiring all large companies to publish regular reports on their environmental and social impact activities. CSRD applies from the financial year 2023, for publication in 2024, but need to be established already in 2023. It differs to the Non-Financial Reporting Directive (NFRD) in some important areas, including applicable requirements for dual materiality analysis (the whole value chain). The directive also contains audit obligations in all areas, based on a set of sustainability standards that are under development and will be released in two stages during 2023.

CSRD will place high demands on transparency and traceability, which means a need for the companies to review their entire sustainability reporting. Both to see what needs to be supplemented and changed, but also to see which processes will be suitable to keep in their current form.  The new directive will mean a need for organizations to specify, compile and develop new methods to start reporting in accordance with CSRD & Taxonomy. The ongoing process for taxonomy reporting will be an important part of the adaptation to CSRD, and conditions exist for parallel handling of the two processes.  Companies are also in need of system support in order to continuously collect the data that is covered by the audit duty and the new requirements in a smooth and efficient manner.

Starting with a free one-hour consultation, we will help you understand what you need to fix to be compliant with the new CSRD and the EU’s taxonomy. We can provide learnings from other companies, an overview of digital tools, and recommendations on how to approach this new legislative landscape. The consultation will provide you an understanding of the current regulations and how the updated legislation affects processes and reporting in general. This is an important part to consider before implementing Microsoft Sustainability Manager.



Our team of digital sustainability strategists, climate reporting experts, sustainability data analysts, and taxonomy specialists assist you in the various stages of your sustainable transformation.