Sustainability Reporting Summit 2024: Our Top 3 Takeaways

This year's summit was a great chance to discuss the critical considerations around sustainability reporting for companies and investors, including the integration of harmonised standards and encouraging conversation towards a more transparent and accountable reporting landscape.

The exceptional speaker list included:

Cristina Gil White - Chief Operational Officer at Global Reporting Initiative (GRI)
Pavan Sukhdev - Chief Executive Officer at GIST Impact
Mark Babington - Executive Director, Regulatory Standards at Financial Reporting Council
Tajinder Singh - Deputy Secretary General at IOSCO

Chris' feedback on the event was thus: "The 2024 Sustainability Reporting Summit provided a crucial platform for opinion formers and key stakeholders to come together and share insight into the role of markets, the financial services sector and their regulators in driving sustainability." He went on to say:

Chris

Jockel

Principal Sustainability Consultant

Bureau Veritas

As we navigate the complexities of sustainability reporting, action planning and taking action, these actionable insights are key. We can pave the way for a more resilient and sustainable global economy that drives meaningful action by encouraging a more common approach to reporting practices. Any common approach should include: the needs and interests of all stakeholders, verifiable evidence-based claims, a similar rigor to financial reporting, a tangible link back to the natural systems in crisis and/or the social/ economic systems that are in need of sustainable development.”

Top 3 Takeaways from the Sustainability Reporting Summit 2024

1. Compliance with csrd

One of the key highlights from the summit was the emphasis on the need for compliance with the Corporate Sustainability Reporting Directive (CSRD) across the EU and beyond. A wide range of EU organisations need to act in accordance with CSRD, including those already subject to NFRD, both larger and SME listed businesses and large private European entities.

Compliance also extends to non-EU businesses (including those from the UK) that have significant business or a presence in the EU. With the growing importance of transparent and standardised reporting practices, this will ensure accountability and promote sustainable business operations across borders.

Assurance of Sustainability Report session

2. moving beyond reporting

Beyond simply reporting sustainability metrics, companies are increasingly encouraged to work harder at understanding the implications of their findings.

It's not just about producing reports, it’s about using the insights gained to provoke meaningful action and drive forward positive change.

3. More Harmonised Regulations and Global Standards

A recurring theme throughout the summit was the need for harmonised regulations and the establishment of a global standard dataset for sustainability reporting. Contrary reporting frameworks and inconsistent metrics can often lead to confusion and uncertainty among stakeholders, particularly investors. Achieving some standardisation could enhance credibility and drive greater transparency in the global marketplace.

Within the summit, it was said that most investors have doubt about the strength and depth of evidence behind the claims in sustainability reports, with concerns around inflated claims and misleading statistics.

As we reflect on the key takeaways from the summit, it's clear that collective action is needed to address the pressing environmental and social challenges, and credible sustainability reporting will play a major role in this.

Here at Bureau Veritas, the sustainability team are on hand to help with verifying reports, allaying stakeholder concerns and what to do next.

Contact us to discuss your requirements