Corporate Sustainability Reporting Directive (CSRD): What’s it all about?

New legislation is about to bring greenhouse gas emissions and climate risk reporting under the microscope. Chief among them is the EU’s Corporate Sustainability Reporting Directive (CSRD), which entered into force in 2023 and requires companies to disclose non-financial information pertaining to the environmental impact of their activities.

According to BTN Europe’s 2024 sustainability survey, jJust 51% per cent of Europe-based travel managers  responding to BTN Europe’s 2024 sustainability survey said they would be ready to report on CSRD requirements by January 2025. A further 10%Ten per cent said they would not be, 28% per cent  did not know, and 11% per cent said it was not applicable to them.

Beyond the disclosure of CO2 emissions data, CSRD also requires companies to outline emissions reductions targets and their plans to meet such targets – prompting action beyond reporting – as well as ensuring all information is externally audited. This includes a double materiality assessment.

The scope of the directive, and the number of companies it will affect will expand over the next five years so that by 2029, even small- toand mid-sized businesses and non-EU companies that generate revenue of more than €150 million in the EU will be required to submit annual reportsing.

It is estimated that some 50,000 companies globally will eventually be subject to CSRD, with mandatory disclosure of non-financial data based on the European Sustainability Reporting Standards.

The Zeero Group (formally Trees4Travel) is a key part of Meon’s sustainable offering,  in helping our clients to navigate their way through this key reporting initiative. Watch this space.