| Editorial Board
At the Sustainability Forum, more than 200 experts exchanged views on the topic of climate change.
At the 8th Austrian Quality Sustainability Forum in collaboration with BMK and the Economic Senate, Axel Dieck (Business and Energy Development Environment, Corporate Social Responsibility, Quality Austria) and other experts explain why sustainability reports are needed, which will be mandatory from 2025, and how companies can prepare So in time.
Reporting – from optional to mandatory
Under the heading “Reporting – from optional to mandatory”, the experts highlighted the implications of the new reporting standards, which will gradually become mandatory from 2025. There was agreement on two things in particular. First, the green transition can only be managed with prescriptive regulations. Second: companies are advised to start preparing for new reports now.
“The requirements are ambitious, but you have a good foundation with an integrated management system,” said Axel Dieck, Business Development Environment and Energy, CSR, Austrian Quality. Companies such as Lenzing, Verbund or OMV have already begun to implement them.
Learn how: Knowledge is key to turning a corner
Stefan Sengelen, Deputy Head of Section 6/3 Green Finance and Sustainable Economy at the Ministry of Climate Protection, described three cornerstones: the EU Classification Regulation, the CSRD Directive (Corporate Sustainability Reporting Directive, the EU Sustainability Reporting Directive) and disclosure. Regulation. The rating regulation is an important step towards achieving the European Union’s climate goals and achieving climate neutrality by 2050. It addresses both the financial and the real economy by uniformly identifying economic activities considered environmentally sustainable across Europe.
The goal is to move capital there in a sustainable and transparent way. “Transparency is pivotal when it comes to channeling private capital into environmentally sustainable activities and closing the gap in necessary climate investments. Rating regulations and CSRD are important tools for this. Their purpose is to prevent greenwashing by providing companies with data on sustainability and disclosure of related sales and investments. Based on clear guidelines and criteria,” Sengelin emphasized.
In Austria too, there is a lot going on in the green finance sector. Activities are carried out as part of the green financing agenda on an ongoing basis. “This year, for example, the Green Finance Alliance began – an initiative that accompanies members step by step on their way to achieving the 1.5° climate target. Nine well-known financial companies have joined so far, and more progress is possible by the end of February 2023,” adds Singlen. .
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