Corporate Sustainability Reporting Directive (CSRD)

Perform a double materiality assessment

A key requirement under the CSRD, double materiality assessments ensure that companies assess sustainability issues from two perspectives: financial materiality and impact materiality.

How Sphera can help:

Sphera sustainability consultants work with your team to perform a double materiality assessment and identify the key areas and scope of your organization’s sustainability reporting. The results of your assessment can then be imported directly into SpheraCloud Corporate Sustainability and configured into a dashboard to easily communicate with stakeholders across your organization.

Execute a gap assessment and guidance

With your double materiality results in hand, it’s time for a gap assessment – a way of identifying the areas where your sustainability measures fall short of the requirements set forth by the CSRD.

How Sphera can help:

Sphera consultants provide guidance on the EU taxonomy and can help you evaluate your current sustainability performance against CSRD requirements, providing a clear understanding of areas where you meet standards and where gaps remain.

Gather your data

Now that you know your areas of focus, it’s time to identify your data sources.

How Sphera can help:

Data for reporting on Scopes 1 and 2 can be imported directly into SpheraCloud Corporate Sustainability. Scope 3 data can be collected with questionnaires sent out to your suppliers via SpheraCloud Supply Chain Sustainability, the results of which then flow through to SpheraCloud Corporate Sustainability. Where primary data isn’t available, we’ll help you fill the gaps with our DEKRA-verified MLC database. This keeps all of your data in one central repository.

For organizations that need a more bespoke approach to Scope 3, Sphera sustainability consultants can support the development of your Scope 3 methodology.

Complete a climate risk scenario analysis

Sometimes referred to as climate stress testing, this analysis helps identify potential future risks to your business as it relates to climate change.

How Sphera can help:

Sphera consultants work with your team to perform a risk analysis. These results can then be configured in SpheraCloud Corporate Sustainability dashboards for communication with stakeholders across your organization.

Develop your transition plan

A transition plan outlines how your organization’s business model and strategy align with its decarbonization commitments and establishes the steps, timelines and resources needed to achieve those goals.

How Sphera can help:

Sector-specific Sphera consultants work with your team to prepare your transition plans and provide full documentation of your transition roadmap. SpheraCloud Corporate Sustainability can be used to document the actions you will take and monitor your progress against your goals.

Topical standards enhancement

For each material topical standard—such as E2 Pollution, E5 Circularity, or S1 Own Workforce—content, data, policies, actions and targets must be developed and integrated into your organization’s overall sustainability strategy.

How Sphera can help:

Sphera Consulting supports your team in enhancing strategies and developing actionable measures with clear targets, which can be tracked in SpheraCloud Corporate Sustainability, to mitigate negative impacts, reduce risks and leverage opportunities.

Finalizing and submitting your disclosure

Once you have completed your assessment, collected your data, conducted your risk analysis, defined your transition plan, and developed strategies for your topical standards, it is time to finalize your report. This is the step where you formally report on your non-financial impacts, risks and opportunities according to the disclosure requirements of the European Sustainability Reporting Standards (ESRS).

How Sphera can help:

Using the CSRD Disclosure template in SpheraCloud Corporate Sustainability, you can easily collect your inputs, ensure proper formatting and rest assured that updates will be automatically available. Additionally, in-line XBRL tagging is available and automatically set for users, ensuring that your data is standardized and globally compatible.

Sphera consultants can provide reporting governance, reporting support and critical review to help prepare your organization for assurance requirements*.

*please note, while Sphera can help you prepare for assurance requirements, we do not provide audit or assurance services.