News
ASSURANCE OF SUSTAINABILITY REPORTS: CONSOLIDATING A STRATEGIC DOCUMENT
CPD
News
SUSTAINABILITY PRIORITIES AMONGST STAKEHOLDERS DRIVING GREATER CARBON DISCLOSURES, STATES BUREAU VERITAS
Jan. 20 2023
With environmental concerns an ever-increasing priority amongst business leaders, stakeholders and investors, the CDP saw a record number of reports in 2022.
18,700 companies representing half of the global market capitalisation made disclosures, up 42% on 2021 and over 230% more than when the Paris Agreement was signed in 2015, demonstrating that the link between sustainability and prosperity is only becoming more evident.
This, together with the disclosure deadline set for the end of July, leading sustainability expert Bureau Veritas is urging businesses to maintain the momentum of last year’s carbon reporting in order to impress discerning investors and future-proof their operations.
There has never been a more important time for firms to ensure they measure, disclose, report, communicate and act on sustainability strategy, as environmental catastrophes around the world demonstrate the critical urgency of reducing and even reversing the damaging effects of climate change. Furthermore, a recent global review of randomly selected websites (by The UK Competition and Markets Authority) – found that 40% of green claims made online could be misleading consumers – showing the vital reassurance that accurate reporting provides.
Associate Director – Sustainability
Bureau Veritas
It’s fantastic to see such an upsurge in CDP reporting during 2022, which demonstrates the importance sustainability is now playing in so many business’ operations. Leaders are increasingly seeing the direct link between an effective sustainability strategy and increased investment, garnering financial success and prosperity.
Whilst it’s evident the trend of reporting is increasing, still only 12 of the 18,000+ companies that disclosed their sustainability data last year made it onto the ‘A’ List across Climate Change, Water Security and Forests – the three disclosure categories of the CDP – so there is still certainly scope for more businesses to lead the way in this area.
The deadline for the next round of CDP submissions is just six months away, so we urge businesses to act now to ensure their submissions are completed in advance of this deadline. With a total of 279 questions to answer across climate change, forests and water security, it is certainly no mean feat, but the reward of doing it thoroughly and accurately is immeasurable.
In charge of the world’s most prominent environmental disclosure system, CDP helps to provide information and improves transparency, to customers, stakeholders, and investors. Navigating the CDP disclosure process also facilitates the identification and proactive management of potential risks and opportunities on climate change, forests and water security. As part of this process, which over the last 20 years has encouraged unrivalled engagement on environmental issues, CDP scores the responses of each organisation and publishes the scoring results annually.
David continues: “The responsibility on ESG managers, sustainability directors and procurement teams to keep abreast of not only the CDP but other regulatory frameworks and standards in sustainability, may feel overwhelming. The good news is the CDP questionnaire is now aligned with TCFD recommendations and positioned to the mainstream widespread adoption of other emerging frameworks and standards.
“Due to the complexity of the CDP disclosure questionnaire, many firms will require support in order to get the best possible scores and showcase their progress on climate change, water and forest issues.
“At Bureau Veritas, we have experience advising and consulting with organisations that are looking to improve their CDP score or need support with their disclosure and in 2020 we were the CDP’s Scoring Partner. This may be of particular use to those who are reporting for the first time, or companies that have seen their score decrease – perhaps as a result of diverting focus since the COVID-19 pandemic and the ongoing economic uncertainty in the UK.
“Alternatively, we are able to independently verify the data disclosed to CDP which will increase scores as it helps meet additional criteria and provides a more robust data set on which to base prioritisation and targeting, giving more confidence to stakeholders and investors about the company’s commitment to sustainability.”
Bureau Veritas has experience and technical expertise in helping some of the world’s largest organisations improve their sustainability performance in a number of sectors including food, pharmaceutical, finance and manufacturing. With a proven track record in verification of environmental, health and safety, corporate social responsibility and social sustainability data, including conducting audits using the frameworks of ISAE1000 and ISO 14064 Part 3. Bureau Veritas is also a GRI Community Member, an AA1000AS Licensed Provider and a UKAS accredited ISO 14064-1 Verification Body and wide consultancy experience in the same domains.
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To find out more about Bureau Veritas’ sustainability services, or to discuss CDP consultancy or verification with a member of the team, call 0345 600 1828 or contact us here.