Michael Giebels

Two cities, one theme: Compliance Monitoring. Join us in Hannover or Eschborn to discuss how you can effectively monitor and adapt your CMS despite limited resources. Registration is open. Hannover: https://go.ey.com/4ckRiVf Eschborn: https://go.ey.com/4chtvp6 #EYForensics #CCompliance #Monitoring

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#Utilities #workforce shortages and challenges are forecasted here in ANZ as they are in Germany. #GenAI provides an opportunity to enhance productivity, freeing up time for higher value tasks, enables workforce upskilling and greater flexibility to evolve to changing skill needs. Read more on how to get started. Mayur Bhaskar Glenn Heppell Gillian Blake Tina Piga Jarrod Harrington Marisa Perry Laura Stonebank Noelle Campos Madeleine Harvey Madeleine Evans Laura Dawson

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The #IFRS Foundation and #EFRAG have published guidance material to illustrate the high level of alignment achieved between the International Sustainability Standards Board's IFRS Sustainability Disclosure Standards and the European Sustainability Reporting Standards (#ESRS) and how a company can apply both sets of standards, including detailed analysis of the alignment in climate-related disclosures. Having first worked during the development of the ISSB Standards and ESRS to deliver a high degree of alignment, today's publication now provides practical support that explains how companies can efficiently comply with both sets of standards. 

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Carbon Dioxide Removal (#CDR): An Essential Puzzle Piece of Climate Change Mitigation? 🌍 Despite over 96% of global greenhouse gas emissions coming from countries that have pledged climate action, our current trajectory is still significantly falling behind the efforts needed for the 1.5°C target established by the Paris Agreement. The latest Boston Consulting Group (BCG) and Deutscher Verband für negative Emissionen e.V. (DVNE) study highlights that ramping up global CDR volume to at least 4.5-9 gigatons annually by 2050 will be inevitable to limit global warming to below 2°C or 1.5°C, respectively.    Our report explores four scenarios: ▶️ High Natural Sinks: Relies heavily on nature-based methods, posing risks due to low storage permanence. ▶️ Balanced Portfolio: Equally splits between nature-based and technological methods, ensuring resilience and adaptability. ▶️ Slow Cost Degression: Focuses on methods like enhanced weathering and biochar, with limited reliance on high-cost technologies. ▶️ High Tech Removals: Emphasizes technological breakthroughs and substantial investments for long-term durability. Explore more about CDR and how it can become a nearly trillion-euro global industry: https://lnkd.in/eS4AJnjZ   #BCG #CarbonDioxideRemoval #NetZero #Sustainability  

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Last week’s KEYNOTION #SustainabilityWorldSummit 🌍 sparked many important questions. As Klaus Kunz provocatively claimed: "If you focus on reporting and compliance, at least you have zero excitement 😐 in your organization". Dr. Teresa Haller-Mangold was more reflective: 💭🤔: Shouldn’t reporting and compliance with standards 📊✅ be seen as progress 📈 and powerful instruments? We witnessed a diversity of perspectives 🗣️🌐 . In this post, I’d like to condense these into three tenets. #1: Compliance done wrong, leads to zero engagement. Did you try imposing on children a “clean room policy”? 🧹 No chance. Same for adults and a “clean desk policy,” #5S, #Lieferkettensorgfaltspflichtengesetz 🎉, #SUDP, #CSRD, ... And yet: implementing #ISO, #GMP or #Lean can enable & empower people. Lets them experience flow 🌊 & fulfillment at work 🏢. If your leadership team truly promotes the change, compliance with “Good Planetary Practices” WILL lead to engagement among people & stakeholders 🌿. Be the change you want to see in the world (Gandhi) 🌟. Take serious the people-side of change 👥. #2: What gets measured can be managed. What gets published WILL get managed. Use the momentum! That's old hat 🎩, but useful. Measure the planetary impact of your business🌍, ONLY THEN you can manage it. When you publish #ESG outcomes 📢, in your QBR, to your people, to the public, you will set discussions in motion & stimulate creativity 💡. #3: For change to stick, make it part of your bigger picture & make sustainability part of your strategy 📊. You see compliance as a burden? Then try using inventive principle 13 and think the other way around 🔄! Because one trend became evident at the Summit: Today, a solid sustainability agenda may still be a “delighter” for customers, regulators, employees, stake-and-shareholders. But it is bound to become a “must-have” requirement in the near-to-mid term 🔜. So, look at your sustainability agenda as an asset: Now that you have it, HOW ELSE can you use it? How could it help you compete? Or attract talent? Or save costs? 💡 If you are not sure, ask “WHAT IF” type of strategic questions: WHAT IF we were not only a sustainable but even a regenerative, instead of a degenerative organization? 🌱 WHAT IF you collaborated across your “business ecosystem” and became exemplary corporate citizens of Planet Earth? 🌏 There is a lot you can do, indeed. If you have read until here, then you may want to consider the following: This post is no “marketing” 🚫. I want to contribute ideas to causes that matter 🌟. Share your perspective if you truly care 💬. Like this post if you like it 👍. Reach out to me if you want to discuss 🤝.

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Deloitte Knowledge Café: A Guide to Climate Transition Planning   From the 2024 accounting period on, companies in Europe will be required to formulate and publish climate transition plans; these will serve supervisory authorities to evaluate the credibility of climate targets. ☕ In our recent knowledge café my colleagues Dr. Nicole Röttmer and Mark Philipp Kielgast shared their expertise about this relevant topic and covered the following subjects:   - What the transition plan contains: Assessment and disclosure of climate impacts, risks, and opportunities and also organizational embedding of climate actions into organizations - What the current state of climate transition planning is, based on the example of the banking industry (refer to the publication in my comments) - What are best practices in transition plan creation and organizational embedding, and what support does Deloitte offer   👉 Nearly 800 colleagues followed the session, and thanks to the audiences questions we went into some details in the financial industry. Thank you all for your active participation, Nicole and Mark for your great presentation and Adriana for the organization! #deloitte

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💡Tackling the Skills Shortage with #GenAI   🔋 The #energytransition demands innovation. In our latest article, we reveal how GenAI can be a game-changer for utility companies facing a skilled workforce shortage amid the energy transition. 👇Check out the full article to see how GenAI can empower the future energy #workforce!

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🌍 Yesterday, I attended the BDI Climate Congress, a key event for discussing Germany's industrial transformation. Key findings from the "Transformation Paths" study include: 🇩🇪 Germany is lagging in key industrial indicators. ⚡ 20% of industrial value creation is at risk due to high energy costs. 🌐 Global climate transformation offers €15 trillion in new market opportunities by 2030. 🔄 Germany must reinvent itself as an industrial nation. 📝 A comprehensive industrial policy agenda is needed. 💸 Over €1 trillion in investment required by 2030.   BDI's immediate measures: federal co-financing of grid fees, a new electricity market design, and accelerated planning and approval processes. One personal key learning: the need for a strong and reliable future narrative for Germany and Europe. Let´s write it! #Klimakongress FGS Global BDI - Bundesverband der Deutschen Industrie e.V.

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Many companies are overwhelmed by the extensive requirements of the EU’s Corporate Sustainability Reporting Directive (CSRD). Companies should not wait, but act now to ensure that reliable reports can be produced on time and with confidence, contributing to more sustainable results overall. "The solution lies in working closely with an experienced assurance provider from the very beginning of the reporting journey." - this is exactly what we try to do in our projects. Find out more: https://lnkd.in/dZ4rwHV7 #EU #CSRD #ESRS #doublemateriality #DMA #IRO #Sustainability #reporting #assurance

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What needs to be done to ensure a green transformation in Germany?

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New and helpful Guidance published by EFRAG today on the Implementation of European Sustainability Reporting Standards (ESRS): Initial Observed Practices from Selected Companies. Interesting (but not surprising) findings in relation to Value chain being one of the most challenging and least mature areas for undertakings; and on the complexities of Double Materiality Assessments - including the drive to find a more data-driven approach that relies less on individual judgement. Happy reading!  #csrdreporting #csrd https://lnkd.in/ghvMUdEF

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The German Federal Foreign Office has just released the Climate-Conflict-Vulnerability index which presents a combined view on the interconnections between #climate hazards 🌪️ , #conflict 🔫 and #vulnerability. #climate and #social are often presented and analysed as separate #sustainability 🌲 issues. However we know they are intricately connected. A common challenge when analysing the potential future impact of #climaterisks 🌡️ is understanding the #vulnerability of social structures to specific climatic events (be it floods, droughts, heatwaves, etc). Research and datasets like the Climate-conflict vulnerability index are useful tools in further understanding the links between #climate and #social issues, so that we may not disregard them in our analysis or action plans ✔️ . https://lnkd.in/dSjGhw_y

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We still find that many boards are not properly prepared for the EU’s Corporate Sustainability and Reporting Directive (#CSRD) and European Sustainability Reporting Standards (#ESRS). The good news is that #CSRD/ESRS does not require companies to report on every aspect of their sustainability practices. Instead, they should focus on the #ESG topics most relevant to their business and stakeholders. “Relevance is the criterion to identify the information to be disclosed,” stresses the European Financial Reporting Advisory Group (#EFRAG) in its own guidance. In our latest article How Boards Can Make the Most of Sustainability Reporting | BCG, we set out the practicalities of a forward-looking approach to #ESG reporting that emphasizes future value, resists the pressure to over-report, and integrates sustainability with corporate strategy. Thanks to fellow authors Ron Soonieus, Lorenzo Fantini, Dr. Georg Lienke and Lorenzo Girardi https://lnkd.in/e_M6GFae

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Interoperability between #ISSB S1 and S2 and the #ESRS is critical to reduce complexity and cost of compliance for corporate issuers and improve comparability and decision-usefulness for investors and other stakeholders. This is welcome guidance from the IFRS Foundation and EFRAG and our team at Third Economy will be leveraging this tool to help our clients improve their sustainability reporting. #sustainabilityreporting #climaterisk

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Seems that #IFRS S3 and S4 are coming in next 1-2 years... It is good that #ISSB has integrated many of sustainability reporting frameworks. Business is looking for a unified approach, avoiding a necessity to follow a soup of various different frameworks and standards. Regulators in the Central Asia and Caucasus region, it may be a right momentum to think about moving towards #ISSB standards now. Making anpublic position of that movement and development of a roadmap woth clear deadlines - businesses will thank you for that. And EY is here to help. #ESG #climatechange

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With the negotiations and activities of #COP 29 and #COP16 behind us, the 2024 EY Global Climate Action Barometer provides a powerful reminder that while progress is being made, businesses worldwide must accelerate their efforts to tackle the climate crisis.   Our findings highlight a stark reality: only 41% of surveyed companies have published transition plans, to map out how they will manage the impacts of climate change; and a mere 19% have adopted mitigation strategies. The disconnect between ambition and action is unsustainable as we face the escalating impacts of climate change.   The Barometer underscores the urgent need for decisive, science-backed action—supported by robust financial commitments—to accelerate decarbonization and the energy transition. With mounting expectations from regulators, investors, and stakeholders, businesses cannot afford to delay.   Discover more insights and recommendations in the full report:  https://lnkd.in/euGSgXe3   Marie-Laure Delarue Matthew Bell Bruno Sarda Shannon Sullivan Roberts Dilek Cilingir Rosemary Brown Amy Brachio Rowena Mearley Jeanne Boillet Ben Taylor Matthew Handford John Hodges Tripp Borstel Rob Bradley Christophe Lumsden   #SustainabilityLeadership #ClimateAction #ShapeTheFutureWithConfidence

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Seems, that #GRI and #ESRS will either very closely cooperate, or will be merged. So that the world will use ESRS in EU and #IFRS S1/S2/SX (and their derivatives) in other parts of the world. #Sustainability reporting is moving towards a unified approach. Do you agree?

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At GMH Gruppe, we've joined the Science Based Targets initiative (#SBTi), committing to #climateneutrality by 2039. Our journey toward sustainable steel began with electric steelmaking 30 years ago, but high #electricity costs now #threaten our progress. For energy-intensive industries like ours, #competitive electricity rates—ideally 4-6 euro cents per kWh—are essential for driving #GreenTransformation. Renewable energy’s low production costs must benefit industry directly, and CO₂ pricing should support, not restrict, sustainable solutions. We're ready to lead and truly want to do the transformation, but competitive rates are critical to making climate neutrality #achievable. Read more on the link. https://lnkd.in/eUU2mgpT #GreenSteel #ClimateNeutrality #SBTi

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