Environmental, social, and governance (ESG) reporting is a term that gained significant traction in recent years. ESG reporting attempts to capture in a structured manner the potential impacts that environmental and social factors may have on the financial sustainability of an organization. It also quantifies the impacts that an organization itself may have on people, the planet, and the economy, and how these affect the long-term sustainability of both the organization and the environment in which it operates.
There were some significant developments in the last year. Most regulators finalized ESG reporting standards and are setting out implementation timescales, although there is a distinct geographic split emerging. Starting in 2025, the European Union will require large and listed companies to implement ESG reporting under their Corporate Sustainability Reporting Directive (CSRD) using European Sustainability Reporting Standards. Also, the International Sustainability Standards Board adopted its first two ESG standards in January 2024 (IFRS S1 and IFRS S2), and these are being considered for adoption in many countries. For example, the Canadian Sustainability Standards Board based its proposed Canadian Sustainability Disclosure Standards on ISSB Standards with a recommendation that these be implemented from January 2025.
Given this complex regulatory environment, this ESG market study report identifies attitudes to ESG reporting across the globe, assesses the level of preparedness for ESG reporting among organizations, identifies which standards organizations are adopting, and how organizations approach the deployment of ESG reporting.
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