Key takeaways and insights: illuminem x Green Future Projects webinar

illuminem is proud to partner with Green Future Project (GFP) on a series of webinars to help businesses navigate the challenges of carbon footprint monitoring. 

The recent webinar hosted by Green Future Projects (GFP) in partnership with illuminem offered a comprehensive overview of the evolving landscape of corporate sustainability, focusing on new regulatory frameworks and innovative technological solutions. The session referred to the core discussions around ESG, highlighting the implications of the Corporate Sustainability Reporting Directive (CSRD), the role of accurate carbon footprint measurement, and the advanced tools developed by GFP to support companies in their decarbonization journey.

The speakers

• Sara Battistella, Sustainability Consultant at GFP, covered the new regulatory landscape on sustainability reporting and the importance of assessing and reporting carbon emissions. 

• Stefano Pozzato, Corporate Partnership Manager at GFP, explained how technology simplifies environmental reporting.

CSRD: A turning point in corporate sustainability

Sustainability Consultant Sara Battistella underscored the transformative impact of the CSRD on the European economy. The directive aims to strengthen reporting obligations, expanding its scope to approximately 49,000 companies. It mandates uniformity and consistency in sustainability information, aligning it with financial reporting standards. This integration promotes transparency and comparability, vital for stakeholders assessing corporate ESG impacts.

Major changes introduced by CSRD for businesses:

1. Broad boundary of companies involved: The CSRD extends its reach far beyond the previous Non-Financial Reporting Directive, involving many more companies.

2. Mandatory assurance: Sustainability reports must undergo limited assurance by third parties, enhancing their credibility.

3. Digitization of disclosures: Companies must digitize sustainability reports using formats like XHTML.

4. Integration with management reports: Sustainability disclosures are to be included within the main management report.

5. Adoption of ESRS: Companies must follow a single reporting standard, the European Sustainability Reporting Standards (ESRS), ensuring uniformity in disclosures.

Sara further highlighted that the CSRD not only affects large companies but also exerts pressure on unlisted SMEs and microenterprises through indirect obligations and market pressure. The directive encourages sustainable practices across the supply chain, enhancing transparency and potentially easing access to financing for SMEs.

The role of the Corporate Sustainability Due Diligence Directive (CSDD)

Complementing the CSRD, the CSDD introduces due diligence requirements, holding companies accountable for the environmental and human rights impacts within their supply chains. This directive forms part of the broader European Action Plan for Sustainable Business and Finance.

Activating a Virtuous CSDD:

1. Risk Assessment: Companies must assess environmental and social risks in their supply chains.

2. Collaboration with suppliers: Partnering with virtuous suppliers and enabling effective communication is crucial.

3. Ongoing Monitoring: Regular public reporting of progress is mandated to ensure transparency and continuous improvement.

Accurate carbon footprint measurement: A critical step

GFP’s Stefano Pozzato emphasized the importance of accurately measuring the carbon footprint, which represents the total greenhouse gases emitted directly or indirectly by an organization. GFP's methodology involves using the GHG Protocol and ISO standards to collect and analyze data, providing a clear snapshot of a company's environmental impact.

9 Steps to calculate your carbon footprint:

1. Define organizational boundaries

2. Identify emission sources

3. Collect data

4. Choose a calculation approach

5. Calculate GHG emissions

6. Aggregate data

7. Develop improvement plans

8. Implement reduction strategies

9. Report and verify emissions

Accurate carbon footprint assessment is essential not for showcasing the current state but for planning and implementing effective strategies towards carbon neutrality.

How technology can help you measure your carbon footprint accurately

1. GFP utilities optimization software: This tool monitors energy consumption in real-time, translating data into CO2e emissions according to the GHG protocol (Scopes 1 and 2). It helps companies proactively reduce consumption and emissions, enhancing efficiency and mitigating risks.

2. GFP carbon footprint software: This module calculates and monitors a company's carbon footprint across Scopes 1, 2, and 3. It provides reliable, transparent data, enabling companies to set and achieve Net Zero goals.

Conclusion: Embracing sustainability through innovation and compliance

The webinar by GFP and illuminem highlighted the critical changes brought by the CSRD and the CSDD, emphasizing the importance of transparency, accurate reporting, and sustainable practices. GFP's advanced technological solutions offer companies the tools necessary to navigate these regulatory frameworks and achieve meaningful decarbonization. By adopting these practices and leveraging innovative technologies, including those offered by GFP as end-to-end solutions, companies can not only comply with new regulations but also contribute to a sustainable and transparent economy.

For more information, visit Green Future Project (GFP) 

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