Monica Keaney

How do large companies currently link CSRD reporting to their overall business strategy? EFRAG has carried out an interesting (albeit qualitative) study to find out where large companies currently stand in the implementation of the CSRD (Corporate Sustainability Reporting Directive) and in particular how they are dealing with the first step, the required dual materiality assessment. ❗ The most impressive figure for me is that 85% of the companies surveyed use the results of the materiality analysis not only for reporting, but also to inform the overall corporate strategy and as a basis for decision-making. For me, this is a first success of the directive and shows that the complex regulation has been set up in the right way. Reporting is not an end in itself, but should be a strategic tool for the development of a company and for top-level decisions. The CSRD seems to fulfil this purpose. For more information, for example on the important topic of data management and other exciting findings, take a look at the study results for yourself: https://lnkd.in/ekJAj5WX #CSRD #sustainability #reporting #strategy

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EXCITING NEWS: EFRAG'S UPDATED IMPLEMENTATION GUIDANCE APPROVED - WHAT'S NEW?   My team and I at Nordic Sustainability have just sent out our special edition ESRS newsletter! Among the updates we shared with recipients are the latest, hot-off-the-press news on the Implementation Guidance from the European Financial Reporting Advisory Group (EFRAG).   On Thursday, April 11th, the Sustainability Reporting Technical Expert Group (SR TEG) of EFRAG approved the revised versions of its three key Implementation Guidance documents that are now to be sent to the Sustainability Reporting Board for publication.   Stay ahead of the curve with our recap of the key updates and additions to these essential documents!   📝 MATERIALITY IMPLEMENTATION GUIDANCE   – Enhancement for FAQ23 on mitigation actions – The revisions make it clear that in the double materiality assessment, environmental impacts, risks, and opportunities are generally to be evaluated before any mitigation actions (e.g. remediation or rehabilitation activities), specifically such that have been put in place after the occurrence of an actual negative impact. How a company manages its impacts (which includes any mitigation actions) are to be addressed as part of the policies, actions, and targets – not the materiality assessment. A similar approach is to be applied for social matters.   – Further, you will find updates on how to go about subsidiary-specific impacts, how to make use of existing frameworks such as the TNFD, and more.    📝 VALUE CHAIN IMPLEMENTATION GUIDANCE   – Enhanced clarifications on E1 disclosures – These include two new FAQs as part of Chapter 3 to clarify the reporting perimeter for ESRS E1, i.e. by using a fictional example of a Group with a number of subsidiaries.    – CSDDD clarifications – A note on the Corporate Sustainability Due Diligence Directive (CSDDD) has now been included, explaining that while the ESRS requires transparency around companies' due diligence processes, it does not assume any compliance with the CSDDD. The disclosure obligations of CSRD are independent of the future CSDDD obligations.    – Aspects related to financial reporting were moved to a separate section now labelled ‘The accountants’ corner’ to avoid the impression that these are sustainability reporting concepts.   📝 ESRS DATAPOINT LIST   – The list of the ESRS datapoints accompanied by its explanatory note has also undergone changes. These includes the hyperlink integration, expanded identification of conditional and alternative datapoints, phase-in specifics and the inclusion of a unique identifier for each datapoint.      ➡️ Stay connected with Nordic Sustainability for more updates. You can sign-up to our newsletter here: https://lnkd.in/guCywnvf #Sustainability #CSRD #ESRS #NordicSustainability #EFRAG

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Sustainability SaaS: already a saturated niche? What companies need? - A tool to manage their Corporate Sustainability What companies get? - Big promises but only a few helpful features Seems like too many service providers but little innovation and quality. There is a strong argument for building up an in-house solution in Excel. #AI #sustainability #GreenTech #innovation #CSRD #ESRS #Scope3 #strategy #networking #SDG #planet

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I believe in sustainability reporting (so much so that I made it my career). 1. It drives accountability, which in turn incentivises change… which is why it has become a primary tool for legislators and regulators to push their impact agendas. 2. It provides companies with crucial insights that enable them to develop effective sustainability strategies. I’ve been waiting for credible mandatory sustainability reporting standards for most of my career, and couldn’t be more excited to be part of the large-scale change that we are currently seeing in our field. Yet, the striking image in this post resonates with me. Despite our best intensions, we often lose sight of what matters. The moment we are pulling resources from sustainability practices to fund reporting, we need to stop and reconsider.

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I sifted through my Climate Week notes for the best insights I heard. Most big events had inspiring speakers and topics, but the smaller discussions were more practical and immediately useful. It likely reflects where we are with sustainability in 2024 – it's more technical, more fluid and more urgent than any one soundbite. Those in the trenches are hungry for ideas, partnerships and methodologies they can use right now. Here are a few: 🌍 FUNDING PROJECTS: There are a growing number of finance options at reasonable terms for sustainability projects, which is helping mid-size companies with the transition to clean energy. With interest rates dropping, there may be even more opportunity. 🌎 USING TAX CREDITS: IRA tax credits are particularly attractive, both as a path to financing and as an investment opportunity since they can now be bought and sold. While the election may impact availability, the projects and job creation have benefited the geographies of both political parties, so it may not change too much. 🌏 GETTING PROJECTS INSURED: Insurance costs are rising and it’s increasingly important to look at the fine print in insurance contracts. Climate impacts like unprecedented weather events put climate solutions like solar panels and wind turbines at greater risk than ever before. 🌍 DECARBONIZATION BY INDUSTRY: An aging infrastructure and reliance on fossil fuels means that every company is struggling to secure clean energy. But we may not have to wait for a total systems upgrade. There are scalable near-term solutions like lines that double energy transmission, microgrid integration, using recyclable water for cooling and using nuclear safely – as well as using AI to identify additional opportunities. 🌎 EMISSIONS DATA SOLUTIONS: Data automation and software are becoming critical tools for ESG compliance. But smart companies are also using the data along with AI for competitive advantage and for making business decisions, everything from more efficient manufacturing processes that produce less emissions, to mapping supply chains to mitigate the risks of human rights abuses and biodiversity loss. 🌏 CARBON CREDIT CREDIBILITY: Carbon credits have received their fair share of criticism, and rightly so. But the scrutiny has led to new frameworks for verifying the credibility of credits and using a disciplined approach to credits as a financial instrument. #climateweek #sustainability #esg

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🚨 Why Scalable Processes and Tools for Environmental Impact Calculations are More Crucial Now Than Ever! 🌍📈 Have you noticed the surging demand for Sustainability professionals lately? 🌱 The race is on, and it’s getting tougher (and more expensive) to find the right talent as companies prioritize sustainability like never before. 🔍 At the same time, the demand for detailed Life Cycle Assessment (LCA) data is skyrocketing! Major companies are gearing up to report their Scope 3 emissions in 2025, and they’re looking at their supply chains to deliver on sustainability data requirements. 💡 Here’s the challenge: If your environmental impact calculations can only scale linearly with your resources, you’re staring down a potential 10x increase in costs over the next five years. That means skyrocketing payrolls or consultancy fees. 😬 The Solution? Ensure your product enviromental impacts calculations can scale efficiently, keeping labor and consulting costs in check. Now is the time to invest in the right tools that help your sustainability efforts grow without breaking the bank. 🚀 The companies that adapt today will lead tomorrow. Are your environmental impact calculations ready for the future? #Sustainability #LifeCycleAssessment #EnvironmentalImpact #Scope3Emissions #SustainableGrowth #Sustainability #SustainableBusiness #SustainabilityStrategy #SustainableDevelopment #LifeCycleAssessment #LCA #EnvironmentalImpact #ClimateChange #CarbonFootprint #CO2Reduction #SustainableGrowth #GreenBusiness #Scope3Emissions #SupplyChainSustainability #CorporateSustainability #SustainabilityReporting #SustainableSupplyChain #ESG #EnvironmentalResponsibility #SustainabilityLeadership #ClimateAction #SustainablePractices #NetZero #CarbonNeutral #SustainabilityConsulting #SustainableInnovation #GreenTech #EnvironmentalManagement #CircularEconomy #SustainableSolutions #SustainableFuture #SustainableInvesting #EcoFriendly #GreenEconomy #EnvironmentalSustainability #SustainabilityTrends #SustainabilityGoals #SustainabilityProfessionals #SustainableDevelopmentGoals #EnvironmentalCalculations #CarbonAccounting #GreenFinance #SustainableBusinessPractices #CarbonManagement #ClimateLeadership #SustainableIndustries #SustainabilityReporting2025 #GreenInnovation #ClimateTech #SustainableTransformation

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🔗 How does CSRD relate to other legislations such as the EU Taxonomy, CSDDD, SFDR, and the Audit regulation ? Crédits to Sofie Bergdahl. Follow her for sustainability insights. Original post: __ This great infographic was presented in a report released by Global Reporting Initiative (GRI) yesterday, called "CSRD essentials," which provides an overview of how other legislative frameworks are either interlinked to or modified by the #CSRD. These are the regulations and directives amended by the CSRD: 👇 🔹 The Accounting directive - Has been extended from only governing financial information to also encompass disclosures on sustainability-related information. 🔹 The Transparency Directive - Now also prescribes the rules of sustainability reporting, such as content, periodicity, language, etc. 🔹 The Audit Directive - Now also requires an independent third-party auditor to assure the sustainability information. 🔹 The Audit Regulation - Now also prohibits the audit firm who assure the sustainability information from also providing certain non-audit services (such as consultancy services) to the same client. While the above directives have been modified by the CSRD, the following legal acts are separate from the CSRD, yet interlinked and referred to by the ESRS. 📃 The EU Taxonomy - A classification framework with specific criteria for whether different economic activities can be considered as environmentally sustainable. The EU Taxonomy Regulation is fully integrated into the CSRD and should be incorporated into a specific section of the final report. 📃 The Sustainable Finance Disclosure Regulation (#SFDR) - Aims to provide the financial market with sustainability information on an even more granular level than the disclosure requirements covered by the CSRD, primarily through the concept of Principal Adverse Impact (PAI). The #ESRS is considered as a tool to build relevant metrics to assess such PAIs. 📃 The European Climate Law - Requires companies to disclose their climate transition plan and establishes a legal framework on the criteria for such plans to ensure the goal of climate neutrality by 2050 can be met. Companies in the scope of CSRD need to disclose their climate transition plan as part of the ESRS E1. 📃 EU Climate Transition Benchmarks and EU Paris-Aligned Benchmarks - Was used by EFRAG when developing the ESRS for climate reporting and are also connected to the EU Taxonomy. 📃 Corporate Sustainability Due Diligence Directive (#CSDDD) - Requires companies within certain criteria to identify, prevent, mitigate, communicate, and remedy adverse impacts in their value chain. I.e., while the CSRD is "only" about disclosing the due diligence processes, the CSDDD is an obligation to act. The GRI report provides even further information on all of these legal acts for anyone who wants to dive deeper. It's not easy to navigate this landscape, but I truly think this was a great source! Follow Sustainability Infographics 📊

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Are you wondering how your company is affecting nature and dependent on ecosystem services - or are you preparing for nature-related financial disclosures? Last week the latest edition of the WWF and Zoological Society of London's Living Planet Report, showed a dramatic 73% decline of wildlife populations between 1970 and 2020. We are reaching critical tipping points in many ecosystems, and all the companies need to act. Pls get in touch with us for support on your journey towards future-proof and nature positive business. Tiina Pajula Freya Santana Cubas Max Sterk Loes Kip Jenni Katajarinne Johan Fridh Daniel Weiss Riccardo Traverso

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  🔔 The Ecodesign for Sustainable Products Regulation (ESPR) has entered into force today, 18 July 2024!   To recap, all products* placed on the EU market will need to: ✅ Meet new ecodesign requirements including on recyclability, product durability, reusability, upgradability, and reparability. ✅ Be accompanied by Digital Product Passports to enable sourcing and sharing of product and sustainability data across its lifecycle including on raw material sourcing, emissions footprint and supplier information.   What comes next? 📣 Q4 2025-Q1 2026: First batch of ecodesign requirements (including details on Digital Product Passport) for priority products which includes textiles, ICT and electronics, furnitures etc will be adopted through Product-specific Delegated Acts (DAs). 👗 18 July 2026: Ban on destruction of unsold textile and footwear products will apply for large companies. 📃 Q2-Q3 2027: First set of ecodesign requirements will start to apply 18 months after DAs are published.   *Exceptions include food, feed, and medical products   For more insights on the ESPR, follow the #EMEASustainabilityRegulationHub   Magdalena Puźniak-Holford | Adithya Subramoni | Ramon Bravo | Ruth Kilsby | Ejona H. | Camille Kessler | Lubna S. Al-Sheikh, ACA

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Did someone say CSRD Sustainability Reporting?? 📊🌍 we all know the challenges we face when trying to capture the multiple data streams aross ESG. Between multiple departments, software, stakeholders, it can feel really overwhelming trying to determine where to start. In this webinar we will talk - 🔍 Double Materiality Assessment: Understanding the data requirements and KPIs. 🏢 Data Collection: Strategies for collating ESRS data in complex organizations 💻 Software Solutions: Enhancing efficiencies and for compliance and getting your reporting in order. Don't miss it! 🗓️ Date: 12th September ⏰ Time: 9am U.S. Central East, 2pm BST, 3pm European CET 📍 Register Now: http://spr.ly/6049lxrz5 #Sustainability #CSRD #DoubleMateriality #DataManagement #Compliance #SustainabilityReporting #Webinar #CorporateResponsibility #DataEfficiency #EnvironmentalImpact #SustainableBusiness #GreenFuture

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This week I shifted my retirement investments from a typical fund to an ESG fund free of fossil fuel investments. The ESG fund I selected has similar returns to those of my now ex typical fund, so I don’t have to worry about it’s performance. According to Bill McKibben, “More than 25% of ALL money invested in U.S. oil, coal, and gas companies comes from our 401(k) retirement savings.” Your money may be contributing to climate change without you even knowing. And, if you have over $100k in your 401k this can be a substantial impact. Now my money is working for me by funding companies committed to a sustainable future. It was a quick and easy process. If you’re committed to stopping climate change and securing a sustainable future put your money where your goals are and ask your 401k plan provider where your money is invested.

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Lately, people ask me about the differences in sustainability reporting. It is confusing, complex and diverse. How to know which one is a good framework for my company? I'll try to answer this with music. Imagine sustainability reporting as a musical orchestra. You've got the classics - the #GRI, covering all the environmental, social, and governance bases like a full symphony. Then there's the #TCFD, the star violinist, focusing intensely on the financial risks and opportunities of climate change. For enviro-rockers, there's #CDP, a deep dive into specific areas like climate change, deforestation or water, demanding detailed data like a guitar solo. #DJSI, however, is more like the music awards - they don't ask companies to play, but analyze their public sustainability efforts to award a top sustainability ranking. Now, it's getting fancy! ISSB and ESRS are like the conductors for investors. #ISSB focuses on the VIP zone where the people with money are (investor needs), ensuring their ears are satisfied with the pleasant musical notes of clear reporting on financially material sustainability risks; while #ESRS expands the audience, considering both financial and broader stakeholder concerns. Think of ESRS as a conductor who considers the whole concert hall, not just the VIP section. And #SASB? Well, imagine it got merged with ISSB, like a band coming together to form a supergroup! They both focused on financially material topics, but how their styles blend in the ISSB standards is still being written. Finally, the UN Global Compact is less about the music and more about the values. It's like a global music festival where companies commit to ten key principles like human rights and environmental responsibility. Importantly, they don't all play the same song, but they're all playing in harmony for a better world. So, that's the diversity of sustainability reporting! Each standard plays a different role, but together they create a powerful symphony for a more sustainable future. I hope I was not too reductionist with this approach, and it helped as an introduction to #sustainabilityreporting. Which one do you use?

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Looking forward to talking food systems change at Norrsken #ImpactWeek The urgency and focus on food is scientifically established. Food is the single largest driver behind the breaching of six out of nine #planetaryboundaries, impacting climate, freshwater, air quality, and ecosystems. The latest evidence that nature on land is losing its capacity to absorb and store greenhouse gases is a serious warning—and it’s closely tied to unsustainable agricultural practices. In short, if we want to solve the #climate and #nature crises for a stable future, food is a key lever and solution space. It’s also a unique opportunity: more than 10 million people die prematurely each year due to unhealthy #diets. Transforming our food systems is truly a win-win. And net-positive startups have a crucial role to play. ‍Looking forward to joining inspiring speakers like Niklas Adalberth, Chris Anderson from TED Conferences, Sian Sutherland, Prof. Dr. Martin R. Stuchtey, Beatrice Crona and 1000+ top founders, investors, business leaders and policymakers in Barcelona Nov 6-7. Hope to see you there in a few days! #foodsystems #climateaction #NatureOnTheBalanceSheet #startups

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It's great to see this work published. Need help in knowing where to start on corporate biodiversity action? We have developed this guide on how to design and implement impactful corporate biodiversity action to tackle the #biodiversity crisis. 🌿🌍

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Happy to share the "2024 Adaptation Gap Report: Come hell and high water" with you, for which I was a lead author of Chapter 3. https://lnkd.in/e6gJh4Cd Some of the take-aways from that Chapter; - The number of new adaptation projects and their annual funding volume under the Adaptation Fund, the Green Climate Fund (GCF) and the Global Environment Facility (GEF) do not keep pace with increasing climate impacts. Instead of growing, the grant-based funding volume for adaptation projects under these three funds has remained the same for over five years at just below US$500 million per year. - Evaluations of 168 completed adaptation projects under the Adaptation Fund, GCF and GEF found that about 40 per cent of the projects were rated as satisfactory on their outcomes, and a similar proportion as moderately satisfactory. Just over half were rated moderately likely or likely for its outcomes to be sustained beyond the project’s lifetime. This demonstrates a continued need to improve the design and modalities of adaptation projects, while also confirming that achieving lasting adaptation outcomes poses challenges. - National adaptation planning instruments are partially implemented, but gaps and barriers remain. Countries in the early stages of national adaptation plan (NAP) implementation have low completion rates, while countries that are more than four years into their NAP implementation are reporting significant progress on implementation, albeit with limited data on its outcomes. - To date, only five countries have assessed the overall depth and breadth of their NAP implementation. Each of them finds that the scale and speed at which adaptation is happening is inadequate relative to the extent of climatic risks. - Almost 3,500 adaptation actions by ca. 500 city governments were reported in 2023, but consistent and robust information on their outcomes is lacking. A warm thank you to the GEF Independent Evaluation Office, Independent Evaluation Unit, Green Climate Fund, and the Technical Evaluation Reference Group of the Adaptation Fund for the sharing of data and collaboration on sensemaking.

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𝐖𝐡𝐲 𝐈 𝐟𝐨𝐜𝐮𝐬 𝐨𝐧 𝐡𝐞𝐥𝐩𝐢𝐧𝐠 𝐥𝐞𝐚𝐝𝐞𝐫𝐬 𝐧𝐚𝐯𝐢𝐠𝐚𝐭𝐞 𝐒𝐜𝐨𝐩𝐞 𝟑 I am often asked this question by companies who provide software solutions to collect data for Scope 3, but aren't able to engage Scope 3 stakeholders in implementing change. Why Scope 3? Scope 3 has the scale and reach to really deliver reductions in emissions and waste to meet our 2030 targets. I believe corporate leaders have a vital role in orchestrating this change. It's also understandable that leaders feel like the scale of Scope 3 is overwhelming. And it's natural to use a business as usual top down, compliance and education approach when things feel beyond your control. But when I look at Scope 3, I see a ready made powerful network of stakeholders who are experts in their local domains. When we distribute leadership through such a network in a structured way, we can have exponential reach and impact. The great news about Scope 3 is that local leaders can problem solve based on their expertise, without constant oversight. And equally importantly, they can share best practices in their local networks, using peer to peer learning which is much better than top down dictates. And the best part, corporations can learn from each network to support other stakeholders across their whole business ecosystem. It becomes a self sustaining top down and bottom up ripple. This is the scale of change that I get excited about. And empowering leaders to create new change agents brings me meaning and joy. So how do corporate leaders navigate this change? Step 1 is learning how to empower others to lead using tools from the science and practice of leading large scale social change. Step 2 is sharing the same tools with your stakeholders, no matter where they sit in your value chain. Unlocking the power to lead change. I'd love to help you navigate Scope 3 with a new approach that is effective and sustainable so that we build a better future for my kids and yours. #sustainability #socialimpact #ESG #scope3 #circulareconomy

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Upskilling myself in further carbon accounting knowledge! I now want more of a deep dive into emission factors and ISO14064, so if you have any course recommendations please leave a comment :D

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A call out for case studies - concrete examples of circular business models with significant revenues. A good collection of case studies and insights will be useful in accelerating this agenda. Please send through or get in touch. Unlocking the Circular Economy via Profitable Circular Business Models – it’s time to get real The #circulareconomy has been promoted in the last decade as a way of dematerialising business and yet most companies are still only recycling here and there.   A deep circular economy plan works across the business value chain and aligns with the waste hierarchy - designing out waste as much as possible followed by managing waste as best as possible.  The essential components of a robust strategy include the redesign of products around durability and/or modularity, use of recycled and recyclable materials and components, re-manufacturing, and re-commerce.  Re-commerce - circular business models and services around repair, rental and/or resale - is the golden opportunity and yet a significant shift into this area is currently rare.  It is mainly regarded as a value-add and a way of deepening the relationship with customers, but if re-commerce can drive serious revenues it becomes a game changer where selling stuff is no longer the primary focus and instead products can move substantially to services. The signs are here.  In fashion, pure play resale platforms are multiplying, and reports continue on the rapid year on year growth of the second-hand market.  Estimates from GlobalData show second-hand clothes could account for a tenth of global fashion sales in 2025 due to cost-of-living pressures and rising conscious consumerism.  As a result, mainstream fashion brands have begun to dabble in re-commerce. Some established companies in other industries have somehow taken more of a plunge with strong returns. One example is Curry’s.  The retailer operates one of the largest repair centres in Europe providing revenues of almost £700 million in a year.  The appetite for refurbished electronics is on the up which provides commercial opportunities beyond traditional retail. Decathalon is another good story – annually recovering, repairing and reselling up to 800,000 sports products.  For the business, this fits with their drive for more participation in sports while also unlocking the value of used kit. Umicore went from being a mining operation to providing circular materials technology some years back.  More recently, it has entered a multibillion dollar partnership in the automotive sector to tap into the circular battery economy. Other such case studies are surfacing.  Salterbaxter continues to examine how more companies are moving beyond piece-meal recycling and shifting – at least in part – from products to circular services.  We are gathering insights across various sectors around - enabling conditions, getting organised, effective customer engagement and other factors for achieving a successful re-commerce strategy.

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This report highlights the need of incorporating science based target initiatives within the corporation’s sustainability plans! It is time to act implemeng effective actions that can positively restore our planet and contribute to adaptation

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