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EU CSRD Readiness Report

Businesses committed to going beyond compliance to integrate sustainability into operations, increase budgets, and drive performance improvementTORONTO, CANADA – November 12, 2024 – EcoOnline, a leading SaaS provider of safety and sustainability solutions, today launches its 2024 EU CSRD Readiness Report. The report explores how EU Corporate Sustainability Reporting Directive (CSRD) regulations are perceived by mid-market and enterprise businesses, the challenges faced in implementation, and the processes and technologies used to achieve goals.Mid-market companies at risk of being underpreparedAlthough 100% of survey respondents have begun preparing for EU CSRD compliance, enterprise organizations (those with over €1B in annual revenue) are further along in their readiness than their mid-market peers. While 60% of enterprise organizations are ‘almost ready’ and have the right tools and solutions in place, only 37% of mid-market businesses said the same and risk being ‘left behind’ as a result.Though mid-market businesses have slightly longer to prepare, these organizations need more support with scaling EU CSRD efforts. Top areas cited by mid-market respondents for further support were 1) data collection, 2) greenhouse gas (GHG) accounting, and 3) drafting EU CSRD report outputs, indicating a lack of confidence in tools and processes.On the road to readinessOver half of those surveyed are focusing on double materiality assessments as a vital compliance step to identify areas for resource investment. However, EcoOnline’s SVP ESG & Sustainability, David Picton, comments: “As organizations navigate sustainability’s dynamic landscape, it’s encouraging to see them focusing on double materiality, but these assessments alone are just the first step in fulfilling complex compliance needs. To meet the EU CSRD deadlines, companies need to act quickly to optimize data collection and report drafting.”

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