The European Union has shown in recent years an increased commitment to sustainability which started with the European Green Deal, a set of policy initiatives with the overarching aim of making the EU climate neutral by 2050. Two of these initiatives are the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD), working in tandem to mandate companies to conduct sustainability due diligence and become transparent about their process and outcome.
All EU regulations build on the United Nations Guiding Principles for Business and Human Rights (UNGPs) and the OECD Guidelines for Multinational Enterprises (OECD), warranting a global foundation and the possibility of an international level playing field – under the headline of ‘principled pragmatism’.
But how exactly do these Directives work and what is their focus? What do they mandate and how do they differ from each other? Which companies are in scope, and what solutions are out there for those working towards compliance? What about the companies that are not in scope? How does one even get started, and are there other benefits beyond simply becoming compliant with these new Directives?
Join us for a two-part podcast series with Sune Skadegaard Thorsen, CEO and Founder of GLOBAL CSR, and leading ESG/CSR/Sustainability consultant – advising corporations, investors, and governments, on all aspects of Sustainability Due Diligence. Sune has been advising on the implementation of UNGPs/OECD since the launch of these frameworks in 2011, and is an esteemed industry expert in this field.
What will be covered
Part 1 – CSDDD and CSRD: The Lowdown
- In a nutshell, what is the Corporate Sustainability Reporting Directive (CSRD) and what is the Corporate Sustainability Due Diligence Directive (CSDDD)?
- What are the differences between these two Directives?
- To which companies do these Directives apply and what are their key requirements?
- What happens in case of non-compliance with either?
- In summary, the CSDDD, concerned with Sustainability Due Diligence, is more of a blueprint to comply with, than the sustainability reporting framework required by the CSRD. Is this the right time for these Directives? And what are the pitfalls?
Part 2 – CSDDD and CSRD: The Solution
- How does one get started laying the groundwork for setting up a Sustainability Due Diligence process and reporting accurately? And when should one start in order to ensure timely compliance?
- What does the UNGPs/OECD offer in this respect? How can we streamline our efforts and reach compliance in a pragmatic and efficient manner by aligning with the core - the UNGPs/OECD?
- One of the solutions out there is, of course, IMPA ACT, which brings forward an entire ecosystem of guidance towards not only setting up the right processes internally, but also working with your suppliers towards fulfilling the same requirements. And at the heart of IMPA ACT is now the ‘SEE impacts’, a web-based platform assisting member companies conduct their Sustainability (human rights, environmental and economic) Due Diligence, and use their regular assessments as basis for reporting. Could you tell us more about the SEE impacts as the founder of this unique platform?
- Will completing the required due diligence work on the SEE impacts, setting up the right policies and remediation processes, and openly sharing regular impact assessments be enough to become compliant with these upcoming Directives? If not, what else is needed?
Send us your questions for Sune
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