Sustainability reporting enables companies to communicate their performance and impact across environmental, social, and governance (ESG) dimensions. This practice enhances transparency by providing stakeholders with a deeper understanding of a company’s performance beyond financial metrics.
The report conveys the social, economic, and environmental performance of a company, as well as its future objectives in a clear and transparent manner. The goal is to enable stakeholders to understand the company's approach to sustainability and how it implements its mission and strategies.
Sustainability reports follow guidelines or methodologies that provide organizations with a framework for recognizing, evaluating, and reporting on sustainability issues relevant to their activities. Several well-known sustainability reporting frameworks exist, such as the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB).
It is important to note that, as of 2024, the Corporate Sustainability Reporting Directive (CSRD) in the EU requires companies to provide comprehensive sustainability reports covering environmental impact and social responsibility. This directive builds on prior regulations, emphasizing increased transparency and accountability. It is applicable to all large companies and listed SMEs in the EU, with the aim of providing thorough sustainability information to stakeholders.
By adopting a Sustainability Report, an organization can achieve several significant benefits that contribute to strengthening and improving its positive image, both internally and externally. Additionally, the report plays a pivotal role in shaping the organization's future strategic plans. Some of the benefits include:
We offer a tailored technical approach support clients through all the keys phases of sustainability reporting process, in accordance with the principal frameworks and EU Directive. Our focus includes:
RINA has extensive experience in sustainability topics and has developed expertise in sustainability reporting process. We offer a customized and detailed approach tailored to the needs and strategic objectives of our clients. Moreover, our team of engineers, with expertise in a variety of sectors, provides the knowledge needed to support clients in developing all the activities typically reported in the sustainability report, such as GHG Scope 1, Scope 2, and Scope 3 emissions, SA8000, and eco-design strategy. Our team also includes Vertical ESG consultancy skills covering Environmental (E), Social (S), and Governance (G) topics. Our strengths in ESG consultancy encompass all aspects, enabling us to offer a growth path for our clients in these crucial areas. This comprehensive expertise ensures that we can guide our clients towards growth in ESG-related matters.
The sustainability report is mandatory for companies falling under the Corporate Sustainability Reporting Directive (CSRD). The Corporate Sustainability Reporting Directive (CSRD) came into effect in 2023. As of 2024, all large companies already covered by the Non-Financial Reporting Directive (NFRD) that meet at least two of the following three criteria are required to comply with the CSRD:
- 500 or more employees
- EUR 40 million in net turnover
- EUR 20 million in assets
Starting in 2025, all large companies that meet at least two of the following three criteria will be required to comply with the CSRD:
- 250 or more employees
- EUR 40 million in net turnover
- EUR 20 million in assets
Starting in 2026, small and medium-sized enterprises (SMEs) that meet at least two of the following criteria will be required to comply with the CSRD:
- More than 10 employees
- More than EUR 700,000 in net revenue
- More than EUR 350,000 in gross revenue
Starting in 2028, all non-EU companies with a net turnover of EUR 150 million or more in the EU and at least one subsidiary or branch in the EU will be required to comply with the CSRD.