CSRD (Corporate Sustainability Reporting Directive) is the EU's new directive for sustainability reporting, requiring large publicly listed companies to standardize their sustainability reporting by 2024. While Devold is not currently mandated to report, the company recognizes the importance of standardized sustainability reporting and staying ahead of the requirements.
Utilizing the software solution Celsia, Devold is now implementing CSRD reporting across its entire business.
"Devold is acting now to remain competitive in its role as supplier to larger companies that already meet this requirement. Cumulative reporting upward means that the entire value chain counts in the final result. We strive to be a strategic partner and contribute to our end customers achieving their goals," says Trude Ertresvåg, Chief Sustainability Officer at Devold of Norway.
The regulation is part of the EU's action plan for transitioning to a more sustainable economy. The new rules are intended to redirect more capital to companies and activities that solve social and environmental problems, away from those exacerbating the issues. To achieve this, investors, customers, and other stakeholders need accessible, comparable, and reliable information. CSRD is built on the principle of double materiality, considering both how a company impacts society and the environment, and how external factors, such as climate change, affect the company.
Devold and Celsia have entered into an agreement where Devold will play a significant role in the development of functionality aimed at small and medium-sized enterprises.