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“It’s necessary to focus on the quantitative aspect for accurate reporting. Using Coolset provides us with better insights and allow us to reduce our carbon emissions more effectively.”
The Corporate Sustainability Reporting Directive is a new climate regulation adopted by the European Union to expand the scope of companies required to disclose sustainability-related information in their financial reports. Starting in 2024, the most prominent companies will have to comply with this regulation and report on environmental, social, and governance dimensions. Read more
The CSRD applies to a large group of companies, even outside the EU. Companies meeting one of the following criteria written down below will have to comply.
Companies that meet two of the three following criteria: a net turnover exceeding €50 million, total assets of €25 million or more than 250 employees
Companies with a revenue of €150 million and a subsidiary company within the EU
All listed small and medium-sized enterprises (SMEs)
Companies already subject to NFRD
The scope of the CSRD has been categorized into four different groups of organizations that have to report at different times. These groups and deadlines for implementation are as followed:
Organizations already subject to the NFRD:
1 January 2024, reporting in 2025 on 2024 data
All large organizations not currently subject to the NFRD:
1 January 2025, reporting 2026 on 2025 data
Listed small to medium sized companies:
1 January 2026, reporting 2027 on 2026 data
Similar to the NFRD, companies will be required to report from a "double materiality" perspective, explaining how sustainability issues affect their operations and impact people and the environment. Reports must disclose information along these three dimensions: environmental, social, and governance.
The CSRD's "double materiality" reporting requirements will be guided by the ESRS, providing the concrete metrics and disclosures for environmental, social, and governance aspects, ensuring standardized and comparable ESG reporting across the EU.
Coolset, as an integrated sustainability platform, can streamline your CSRD compliance by automating measurements, data collection, providing accurate reporting tools, and ensuring that your sustainability reporting meets the ESRS requirements for environmental, social, and governance disclosures, all in one place.