edie launches new business guide on understanding CSRD

CSRD is a new reporting framework that the European Union has implemented across the bloc, replacing the Non-Financial Reporting Directive (NFRD).

The CSRD aims to provide a more comprehensive picture of a company’s sustainability performance.

The Directive was first proposed by the EU Commission in 2021 and was officially adopted in November 2022. CSRD came into force on 5 January 2023 and reporting for businesses covered under the NFRD commenced 1 January 2024. It will expand to cover other large businesses from 1 January 2025.

But why does CSRD matter? What are the key requirements of CSRD? What businesses are required to follow CSRD? What does CSRD mean for UK businesses? And, how does CSRD tie in with other reporting frameworks?

—-CLICK HERE TO DOWNLOAD THE EDIE EXPLAINS GUIDE—-

As revealed in August last year, almost eight in 10 businesses have not started preparing for new Environmental, Social and Governance (ESG) reporting requirements that will be implemented in the EU this year.

VinciWorks’ survey found that one-quarter (23%) of the businesses polled have started to prepare to report in line with the CSRD. Their first aligned reports will be for the 2025 financial year. A further 29% of businesses are planning to start preparing within the next six months – but this still leaves the majority of businesses likely to be unprepared for the initial start date.

Previous research from 7Bridges also revealed a lack of CSRD preparation relating to Scope 3 emissions from suppliers.

This new edie Explains guide, developed with support from ClimatePartner UK answers all these questions and more. It features best-practice tips on getting to grips with CSRD, outlines its relationship with other reporting frameworks and features an expert viewpoint from ClimatePartner’s net-zero lead Chris Pocock.

Click here to download the edie Explains: CSRD guide