At the time of writing (October 2023) the European parliament has just rejected a motion to water down the Corporate Sustainability Reporting Directive, or CSRD. This is good news, but also means you should start preparing for the CSRD taking effect, as soon as possible.
To help you with that preparation, we’re quickly recapping on what CSRD monitoring and reporting is all about, before showing you which CSRD software tools you can use to support your compliance efforts.Â
The EU’s CSRD requires companies to report on their environmental, social and governance efforts. We wrote an extensive article about it already, which you can read here: The upcoming EU CSRD regulation explained. As a quick summary of that explanation:
The CSRD Directive is a new climate regulation adopted by the EU to expand sustainability reporting requirements for companies. This regulation requires companies to report on their non-financial sustainability information.
The CSRD falls under the recently officialized European Sustainability Reporting Standards (ESRS) - a set of 10 standards split up under the three pillars of ESG. ESRS E1 – Climate change – has been given special importance by the EU. It is also this standard that requires companies to measure their scope 1, 2 and 3 emissions.Â
The first set of these ESRS has been published, and companies can now start to report on their sustainability efforts.
Navigating the complexities of CSRD monitoring and reporting can be daunting, especially with the new requirements and standards set in place. The first step is understanding the specific metrics and KPIs that need to be reported on.Â
This involves a deep dive into your company's operations, identifying areas that have environmental, social, or governance impacts. Once these areas are identified, data collection becomes key.Â
It's essential to have systems in place that can accurately and consistently gather the required data. This data then needs to be analyzed, interpreted, and eventually reported in a manner compliant with the ESRS.Â
Regular audits of this data ensure its accuracy and reliability, making the role of digital tools and software even more crucial in this process.
Selecting the right CSRD software tool is essential for proper CSRD compliance and reporting. For instance, you should consider the tool's adaptability and scalability. As regulations evolve and your company grows, the software should be able to facilitate this growing complexity without major disruptions.
Hint: one way to figure out if software is somewhat future-proof is to make sure they regularly release new product features. This means it’ll stand the test of time as the CSRD landscape becomes more complex.
Integration capabilities are also vital; the tool should integrate with your existing systems, ensuring smooth data flow and reducing manual work. User-friendliness is another factor; a tool with a steep learning curve can slow down processes and lead to unwanted errors.Â
Also, you should look for software that offers good data security and privacy features. Given the sensitive nature of the data being handled, it's important the tool safeguards this information against potential breaches.
We went ahead and did some of the research for you. Below is a list of our top 7 CSRD software tools. We hope you find one that suits your business’s purposes. Let’s dive in:
Coolset's emission management software is designed to assist businesses in measuring, analyzing, reducing, and eliminating their emissions across Scope 1, 2, and 3.Â
In addition to providing measurement and analysis capabilities, Coolset equips businesses with the tools to delve deep into their data, identifying emission hotspots, and presenting sustainable alternatives at every level, spanning from overarching categories down to individual vendors.
Their specific CSRD module helps startups, SMEs and mid-market companies (around 20 - 2000 employees) fast track CSRD monitoring and compliance.Â
Website address: https://www.coolset.com/
Pricing: Essential and Committed pricing packages, both custom pricing on request
Target audience: Startups, SMEs and mid-market companies
Category: Carbon Accounting, Decarbonization strategies and CSRD ComplianceÂ
Tergo is a Polish-based platform that focuses on helping businesses manage their carbon footprint.
Recognizing the increasing importance of sustainability in today's business landscape, Tergo provides tools that allow companies to measure, reduce, and offset their carbon emissions.
The platform also emphasizes the importance of transparency, ensuring that businesses can effectively communicate their sustainability efforts to stakeholders.
Website address: https://tergo.io/
Pricing: Not explicitly mentioned, pricing available on request
Target audience: Companies aiming to manage and reduce their carbon footprint
Category: Carbon Management
Denxpert Solutions offers a comprehensive platform for businesses to manage their environmental, social, and governance (ESG) data. The platform provides tools for data collection, analysis, and reporting, ensuring that businesses can effectively track their ESG performance.
With a focus on transparency and accuracy, Denxpert Solutions helps businesses make informed decisions and communicate their sustainability efforts to stakeholders. According to Denxpert, prioritizing CSRD compliance in your organization is one of the most important decisions to ensure long-term business growth.Â
Website address: https://denxpertsolutions.com/en/
Pricing: Not explicitly mentioned, pricing available on request
Target audience: Companies looking to manage and report on their ESG data
Category: ESG Data Management
NAVEX ESG is a comprehensive solution designed to help businesses manage their environmental, social, and governance (ESG) initiatives. As such, it’s a great tool for CSRD monitoring and reporting.Â
Data collection, analysis, and reporting are streamlined with the tools provided by this platform, enabling businesses to effectively monitor and convey their ESG performance. NAVEX ESG emphasizes transparency and stakeholder engagement, fostering trust and promoting enduring value for businesses.
Website address: https://www.navex.com/en-gb/products/navex-esg-environmental-social-governance/
Pricing: Not explicitly mentioned, pricing available on request
Target audience: Businesses of all sizes looking to manage their ESG initiatives
Category: ESG Management
Quentic is an integrated software solution that unites environmental, health, safety, quality (EHSQ), and ESG management. The platform also lets you support your CSRD reporting, allowing you to manage your ESG data, carbon accounting, legal compliance and reporting with ease.
Quentic offers features like real-time performance assessment, stakeholder connection, and certification standards. It provides a unified system that handles occupational safety, sustainability, and environmental and quality management digitally.
Website address: https://www.quentic.com/
Pricing: Not explicitly mentioned, pricing available on request
Target audience: Companies aiming for enhanced compliance, safety, and sustainability
Category: EHSQ & ESG Management
Azeus Convene ESG is a digital platform designed to simplify the ESG reporting process. Recognizing the challenges of manual data collection and the increasing demands for auditability, the platform offers digitized solutions for efficient and accurate data collection.Â
Azeus Convene ESG ensures compliance, consistency, accuracy, and comparability of sustainability reporting, making the ESG journey smoother for businesses.
When it comes to (CSRD) compliance, this platform gives you best practice recommendations from experts and lets you define the scope of your report using flexible reporting templates to guarantee full compliance.
Website address: https://www.azeusconvene.com/esg
Pricing: Not explicitly mentioned, pricing available on request
Target audience: Sustainability report writers and board executives or directors
Category: ESG Reporting
Enablon ESG by Wolters Kluwer is a platform designed to automate the collection of ESG data and integrate ESG into strategic business decisions. The platform offers solutions that help businesses go beyond mere ESG reporting by weaving ESG into all aspects of their operations.Â
This approach helps in mitigating ESG risks, uncovering new opportunities, and improving overall ESG performance. The platform emphasizes data quality, accuracy, and auditability, ensuring that businesses can confidently communicate their ESG efforts.
Website address: https://www.wolterskluwer.com/en/solutions/enablon/esg
Pricing: Not explicitly mentioned, pricing available on request
Target audience: Businesses aiming to integrate ESG into their operations and strategy
Category: ESG Data Collection and Reporting
For some businesses, CSRD isn’t optional. These companies shouldn’t hesitate before getting started with CSRD monitoring and reporting. Companies meeting two of the following three criteria must start reporting in line with the CSRD by 2025:
For listed small-to-medium enterprises (SMEs), CSRD reporting will become mandatory from 2026 onwards. Â
While this timeline for companies may seem far away, there are multiple reasons to start your sustainability efforts today.
Mapping your carbon footprint will enable you to create actionable and effective sustainability strategies, and it will show the results of your actions. It allows you to integrate these practices at your own pace, making sure they are a part of your organisation instead of a one-off project.
Additionally, your company can position itself as an industry leader and substantiate sustainability claims with data.
Want to know more about the CSRD, how to become compliant or how companies like Coolset can help you with this? Request a demo today.
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