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GBTA Applauds New EU Corporate Sustainability Reporting Directive

The Global Business Travel Association (GBTA) welcomes the adoption of the EU Corporate Sustainability Reporting Directive (CSRD) to create new, detailed sustainability reporting requirements and significantly expand the number of European and non-European companies subject to the European sustainability reporting framework.

The CSRD will replace the existing Non-Financial Reporting Directive (NFRD) and apply to all large companies in the EU, both public and private, affecting approximately 50,000 companies compared to the 11.700 companies previously affected. Companies with operations outside the EU that have net sales of €150 million in the EU and at least one subsidiary or branch in the EU will also be required to submit a sustainability report.
New reporting requirements will include:

The new CSRD will be phased into use from 2024.

An independent auditor or certifier will be required to ensure that companies comply with reporting rules and certification standards.

“GBTA supports the CSRD and the efforts to increase both the scope of sustainability reporting and companies required to submit a report. The expanded level of reporting will enable investors and procurement professionals to benchmark new suppliers not only financial metrics, but also on a supplier’s purpose, ESG policy and sustainability credentials,” said Catherine Logan, Regional VP – EMEA,
GBTA.

“The outcome of the CountEmissionsEU proposal supported by GBTA, will be crucial in providing a harmonized methodology to calculate transport related emissions in the EU, for reporting on scope 3 emissions as required by the CSDR, paving the way for effective decarbonisation of the business travel sector,” added Delphine Millot, SVP Sustainability and MD GBTA Foundation, GBTA. To view the Global Business Travel Association’s full position paper on the CountEmissionsEU proposal, please click here.

Posted by on November 29, 2022.

Categories: Environmental

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