During the #TimeForESG conference organized by ADN Akademia, one of the key topics discussed was the fact that 2024 is the first reporting period subject to the European Sustainability Reporting Standards (ESRS). Companies already covered by the reporting requirements are now intensively preparing for compliance, while others are gradually beginning to implement the changes introduced under the Corporate Sustainability Reporting Directive (CSRD).
As dr Monika Płońska noted during the panel discussion "Navigating ESG Successfully – How to Implement Sustainable Development Effectively (and Almost Without Mistakes)":
"Today, sustainability reporting is no longer limited to presenting ESG indicators for the previous financial year. The new approach introduced by the CSRD also requires companies to disclose their ESG objectives over the short, medium, and long term. This shift in the reporting philosophy can become both the foundation and the roadmap for transforming strategic thinking about sustainability and corporate business strategy."
"The regulatory tsunami is far from over. A large number of new legislative proposals and legal acts are expected to be adopted in the near future, bringing additional obligations. At the same time, growing public protests and an increasingly unstable geopolitical environment will influence both the pace and the scope of ESG implementation."
"The number of companies that are still unprepared for ESG reporting and ESG management remains significant. Regulatory obligations and potential penalties for company directors continue to be the strongest drivers of responsible business practices. To seize the opportunities created by these new regulations before they become a threat, companies need to stay one step ahead of the regulatory agenda and begin their preparations well in advance," added dr Monika Płońska, President of the Green Industry Foundation.
The panel was moderated by Alina Skorb-Gała and also featured Monika Porębska, Marta Wrembel, and Anna Bazan-Korona.