Brian Burudi’s Post

🌍 The future of doing business in and with Europe is on the brink of a transformative shift, heralded by pivotal regulations such as the Corporate Sustainability Reporting Directive (CSRD), European Sustainability Reporting Standards (ESRS), the Carbon Border Adjustment Mechanism (CBAM), and the newly introduced Corporate Sustainability Due Diligence Directive (CSDDD). These frameworks are reshaping corporate accountability, transparency, and environmental stewardship, setting new global benchmarks for sustainable business practices. 📊 The CSRD is a game-changer in sustainability reporting, expanding the scope of businesses required to disclose detailed sustainability information. This directive ensures investors and stakeholders have the necessary data to make informed decisions, emphasizing sustainability as an integral part of corporate strategy. 🌿 The ESRS offers a standardized approach to sustainability reporting, enhancing the quality of data and aligning corporate reporting with global best practices. This standardization is crucial for businesses aiming to showcase their commitment to sustainable development in a transparent and actionable manner. 💼 The CBAM aims to adjust the carbon footprint calculation for imports, encouraging global industries to adopt greener practices. This mechanism is a significant step towards leveling the playing field for European businesses and fostering a worldwide shift towards sustainability. 🔄 The CSDDD introduces stringent requirements for due diligence across supply chains, ensuring that companies not only monitor their own sustainability practices but also those of their suppliers. This directive underscores the importance of comprehensive sustainability efforts, extending responsibility beyond direct operations to encompass the entire supply chain. 🔗 For a comprehensive overview of these transformative policies and their impact on the future of sustainable business practices, please visit: Corporate Sustainability Reporting - European Commission. The integration of these regulations signifies a monumental shift towards sustainability, presenting both challenges and opportunities. Adapting to these changes is not merely about compliance but about leveraging sustainability as a cornerstone for competitive advantage in the global market. 🌱 As we navigate these changes together, we're here to offer support, guidance, and training. Whether you're initiating your sustainability journey or looking to enhance your approach in line with these new regulations, we can help transform these challenges into opportunities for innovation and leadership in sustainability. #CSRD #ESRS #CBAM #CSDDD #Sustainability #CorporateResponsibility #EuropeanCommission #SustainableBusiness #SupplyChainSustainability Dr Philipp Schuster Brian Burudi

#SDGs #EUGreenDeal #ongoing #Sustainability #RegulatoryCompliance #Developments ♻️CSR & CSRD & CSDDD all complimentary #SFDR & TAXONOMY REGULATION

Helpful picture to understand the intersection between CSRD and the new CSDDD.

📌 The Corporate Sustainability Due Diligence Directive (#CSDDD), which came into force on July 25, 2024, marks a significant shift towards greater #accountability and #sustainability in corporate operations across the EU. This directive mandates extensive #duediligence on #humanrights and #environmentalimpacts, posing both challenges and opportunities for the #miningsector. 🔷 Key Impacts on the #MiningSector: 💠 Enhanced #DD Requirements: Mining companies will need to identify, prevent, and mitigate #adverseimpacts on #humanrights and the #environment throughout their #supplychains. This includes conducting thorough #riskassessments and implementing robust #monitoringsystems to ensure #compliance with the directive 💠 Integration with Corporate Sustainability Reporting Directive (#CSRD): The CSDDD works in tandem with the #CSRD, requiring detailed #reporting on #sustainabilitypractices. #Miningcompanies must now provide #transparent accounts of their #environmental and #socialimpacts, aligning their strategies with the #EU #GreenDeal objectives. 💠 Financial Implications: Access to #finance will increasingly depend on compliance with #CSDDD requirements. Financial institutions are expected to prioritize #investments in companies that demonstrate strong #sustainabilitypractices. This shift encourages #miningcompanies to adopt more sustainable operations to attract #funding and maintain #investorconfidence\ 💠 Civil Liability and Penalties: Non-compliance with the #CSDDD can lead to significant #legal and #financial repercussions. Companies may face #civilliabilities for #environmentaldegradation and #humanrights abuses, including substantial fines and potential litigation. 🔷 Opportunities and Strategic Adjustments: 💠 Innovation and Sustainability: Embracing sustainable #mining practices can lead to #technological #innovations and improved operational efficiencies. Companies that proactively integrate #sustainability into their business models will be better positioned to meet regulatory demands and market expectations. 💠 Strengthened Value Chains: By ensuring compliance with #CSDDD, mining companies can build more #resilient and #responsible #valuechains, enhancing their #reputation and #stakeholdertrust. #Sustainability #MiningSector #CSDDD #EURegulations #Finance #Tethys

It’s not easy for companies to look beyond immediate operations and vet heir global supply chains for humans rights and environmental risks. The responsibilities fall not only on EU member states, but also on many APAC based companies. We’ve witnessed quite some regulations coming up in the past 3-4 years. From what I’ve observed talking to companies, these requirements remain the driving force of supply chain sustainability projects today. It’s a good start - the nudge from regulations are essentially guiding businesses to sit down and think about what supply chain sustainability means in today’s disruptive world, and the value it brings. Here are my 3 takeaways on implementation: 𝗖𝗿𝗼𝘀𝘀-𝗗𝗲𝗽𝗮𝗿𝘁𝗺𝗲𝗻𝘁 𝗖𝗼𝗻𝘃𝗲𝗿𝘀𝗮𝘁𝗶𝗼𝗻 Traditionally, topics like environment and human rights sit mainly within the CSR team. Regulations signal the need for integration across Procurement, SCM, Operations, Finance and Accounting. 𝗘𝗻𝗴𝗮𝗴𝗲, 𝗘𝗻𝗴𝗮𝗴𝗲, 𝗘𝗻𝗴𝗮𝗴𝗲 Effective implementation requires open communication with suppliers and buyers. It’s essential to create a chain of responsibility that helps YOUR implementations. 𝗦𝘁𝗮𝗿𝘁 𝗡𝗼𝘄, 𝗦𝘁𝗮𝗿𝘁 𝗦𝗺𝗮𝗹𝗹 Sustainability is about progression over perfection. Act on supply chain risks early to better navigate emerging regulations - no need to wait til you have everything perfect. Start with easy-to-implement steps, and scale over time.

💡 Thrilled to share our infographic about Double Materiality Assessment! Starting from 2025, it is estimated that nearly 50,000 companies in EU will need to comply with Corporate Sustainability Reporting Directive (CSRD). One of the key components of this directive is the Double Materiality Assessment (DMA), which is crucial for identifying and addressing significant sustainability issues. Preparing for DMA will be vital for meeting regulatory requirements and driving material change within the organizations. Want to conduct DMA in your company? Connect with us to get on a discovery call with our experts Paul van Brenkelen 溫寶林 CESGA® GCB.D ISB®! #DMA #CSRD #EU #Asia #ESG #Sustainability #EQOLOGIC

Understanding the Difference: CSRD vs. CSDDD The European Union’s commitment to sustainability has led to the introduction of two pivotal directives: the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD). But what sets them apart? 🌿 CSRD (Corporate Sustainability Reporting Directive) focuses on enhancing transparency by requiring companies to report their social and environmental impacts. Adopted in 2023, it mandates detailed disclosures aligned with EU sustainability standards, starting January 2025. 🔍 CSDDD (Corporate Sustainability Due Diligence Directive), on the other hand, is about responsibility. It compels businesses to identify and address adverse human rights and environmental impacts within their operations and supply chains. Expected to be adopted in 2024, it sets a uniform standard for due diligence across the EU. Key Differences: Scope: CSRD is about reporting sustainability activities, while CSDDD involves implementing due diligence processes. Focus: CSRD ensures transparency in reporting; CSDDD emphasizes the responsibility to act on identified risks. Action: CSRD requires detailed non-financial reporting; CSDDD demands action plans and grievance mechanisms to address impacts. While both aim for transparency and accountability, CSRD is about reporting the ‘what,’ and CSDDD is about managing the ‘how.’ Together, they form a comprehensive approach to sustainable business practices. Let’s embrace these changes for a greener future! #PwC #Sustainability #CSRD #CSDDD #CorporateSustainability #EURegulations #ESG

Sustainability in practice: risks & opportunities Earlier today, The Institute of Directors (IoD) hosted an event featuring  Martin Baxter and Sarah Mukherjee MBE (from the THE INSTITUTE OF ENVIRONMENTAL MANAGEMENT AND ASSESSMENT) - and Donald Mavunduse (MIoD), Sustainability Leader, IoD. Some thoughts: ✅ Transparency is essential as sustainability issues can impact organizational value, future returns on investment, and financial stability. ✅ Climate disclosures are required for UK organizations, involving reporting on organizational governance, strategy, risk management, and metrics and targets. These disclosures also include accounting for emissions in the value chain (Scope 3) and focusing on credible net-zero pathways through organizational Transition Plans. ✅ The government has established a framework for recognizing and implementing the International Sustainability Standards Board (ISSB) disclosure standards in the UK. These sustainability disclosures cover a broader range of potentially material issues, including environmental and social aspects, and extend to supply chains. ✅ The Corporate Sustainability Reporting Directive (CSRD) represents extensive EU law in this area. Due diligence involves extending organizational accountabilities across the value chain and covers a range of commodities and human rights considerations. The new EU Corporate Sustainability Due Diligence Directive has a broad reach, impacting supply chains beyond the EU. #ibgc

📣 CSRD compliance will soon be mandatory across Europe, from 2024 to 2028. But... is your organization equipped for the first crucial step in CSRD compliance: the double materiality assessment?  As a key step in your CSRD journey, the double materiality assessment (DMA) will determine which European Sustainability Reporting Standards (ESRS) will be implemented by your firm. At the same time, assessing the double materiality allows you to identify what topics are material to your stakeholders, while also highlighting how your organization and the environment are impacted by each other. 🔎🫱🏻 The philosophy of CSRD, and the way we support our clients, is to go beyond and use DMA as a strategic tool, by engaging stakeholders as well as your management and governance bodies to integrate sustainable impacts, risks, and opportunities at the very heart of your business model and strategy.  We work closely with our sectorial, functional and socio-environmental experts within BearingPoint and I Care by BearingPoint to deliver a strategic approach of DMA. 📋 With our expertise, we'll help you: - Determine potential sustainability subjects critical to your business.  - Align with stakeholder expectations through meaningful consultation.  - Establish a stakeholder-inclusive framework for ongoing sustainability endeavors. 💡 Interested in mastering CSRD Step I with us? Let's discuss how we can tailor a sustainability strategy that resonates with your brand and visit our sustainability homepage https://lnkd.in/eH4ZuRuH   #CSRD #SustainabilityStrategy #MaterialityAssessment #CorporateSustainability #StrategyAndFramework #BearingPoint #BusinessResilience #SustainableFuture #EUGreenDeal Chrystel Dierking Antti Hämäläinen Stefani Rahmel Simone Schimmion, LL.M. Benjamin Gietzendanner Janina Morgen-Cros  

The implementation of the new European CSRD directive on sustainability reporting is changing the landscape for companies. As Mr. Mavropoulos stated to ot.gr, compliance is not only a requirement, but also a strategic opportunity for companies to gain a competitive advantage, enhance their reputation and attract investment. And at the heart of this transition are the accredited certification and verification bodies that ensure the transparency and reliability of sustainability reports. Compliance with the CSRD Directive requires verification that companies' environmental, social and governance performance is based on appropriate qualitative and economic evidence that demonstrates the authenticity of their business model and sustainability strategy. Certification bodies accredited to ISO 17029, with experienced verifiers working exclusively in the field of sustainability standards, are able to understand such evidence in the context of the challenges and needs of companies in managing the aspects of sustainability that affect them. TÜV AUSTRIA, with its excellent expertise and international presence, offers comprehensive solutions for the verification of sustainability reports according to the ESRS requirements of the CSRD. Collaboration with such organizations reduces administrative costs and ensures added value of green transition services. Read the article ➡️ https://lnkd.in/dw6QPdvY. #tuv_austria_hellas #TuvAustriaHellas #CSRDDirective #GreenTransition #ESRS #SustainabilityStandards #ISO17029 #ESGCompliance #CorporateSustainability #EnvironmentalResponsibility #SocialGovernance #SustainableBusiness #SustainabilitySolutions