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January 23, 2024

ESG reporting regulation (CSRD) is being enforced

ESG reporting regulations, Corporate Sustainability Reporting Directive¬†(CSRD), are gaining traction globally. This is particularly evidenced by recent developments in France and Australia, highlighting a growing need for SMEs to adopt a solution like Omnevue’s financial-grade, auditable ESG & CO2e data reporting platform to ensure data disclosure compliance.

There is an enforcement trend extending beyond France and Australia, with governments worldwide actively exploring measures to ensure businesses prioritise sustainability and adhere to reporting regulations. Omnevue’s ESG & CO2e data reporting platform empowers SMEs to seamlessly collate, organise, and report non-financial data, meeting regulatory requirements whilst uncovering growth opportunities for enhanced profitability.

France

France’s recent groundbreaking move toward ESG compliance, introducing potential jail time for non-compliance with sustainability disclosure regulations, emphasises the government’s commitment to transparency and accountability. For SMEs navigating this landscape, adopting a financial-grade, auditable ESG data reporting platform like Omnevue is imperative.

Australia 

Australia is proactively proposing legislation mandating climate reporting, aligning with its commitment to address climate change challenges. Efficiently managing reporting requirements is crucial for SMEs, making the adoption of a quality reporting platform like Omnevue’s good business practice.

UK

The IFRS Foundation’s release of the new S1 and S2 standards in June 2023 signals a shift in financial reporting globally, requiring businesses to identify and report material sustainability-related risks and opportunities. The UK Government’s commitment to adopting these standards by July 2024 underscores the global shift towards standardised sustainability reporting.

Considering the global momentum in enforcing ESG reporting regulations, SMEs in the UK should anticipate enforcement measures. As governments take bold steps to penalise non-compliance and mandate reporting, businesses, especially SMEs, must align their operations with sustainability goals. The adoption of advanced reporting platforms such as Omnevue, is crucial for SMEs, ensuring compliance with evolving standards while at the same time using their data to spot new opportunities to grow their business.

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