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ESG stands for the operational standards environmental, social and corporate governance. Nowadays, stakeholders, potential customers and the public pay close attention to the aspects of transparency and sustainability. This makes ESG considerations an important factor for boosting competitiveness, resilience and growth opportunities.
Companies are expected to assume responsibility by identifying the ecological and social repercussions of their business model and adapting it to requirements for sustainable development. Sustainability reporting is to become standard in the EU – in part through the Corporate Sustainability Reporting Directive (CSRD).
The Sustainable Development Goals (SDGs) as defined by the United Nations help organisations give substance to sustainability. When a company focuses on specific SDGs, it can make the greatest impact and contribute to solving global issues in the areas of health, inequality, climate change, poverty, peace and justice. Linking SDGs with the business strategy is an approach to reduce risks, lower costs, increase trust in the company and potentially achieve more growth.
How can we assist you?
The EU standards for CSRD and ESRS (European Sustainabilty Reporting Standards) is mandatory for approximately 2,000 companies in Austria starting in 2024. Under these rules, transparency in the areas of environment, social responsibility and corporate governance should become the norm. Capital market oriented companies must regularly prepare a sustainability report.
In future, companies’ responsibility will no longer end at their own door, but will include the entire supply chain. With the Corporate Sustainability Due Diligence Directive (CSDD), the EU is holding large companies accountable. However, the directive also affects small and medium-sized companies.
The Austrian economy needs to catch up: Many companies have not yet sufficiently looked into the specifications.
Climate change has been at the very top of the agenda for many years. However, the alarming present state of nature has seldom been the topic of discussions or measures. This needs to change, because the unprecedentedly rapid decline of biodiversity presents an even greater threat to humanity than global warming does.
Companies are called upon to prepare for fundamental changes. We call these aspects “the three dimensions of the ESG revolution”: Strategic ESG management, comprehensive sustainability reporting and large-scale company transformation.
In order to make credible progress towards more sustainability and to create trust both internally and externally, a strategy needs one thing above all: data. Net Zero Cloud supports you on your path towards climate neutrality and achievement of your goals.
For most companies, a credible sustainability performance will become their “licence to operate”. We will guide you on your way to sustainable and transparent business, from strategy to implementation to reporting.
With an ESG Maturity Assessment, we measure the maturity of your company quickly and pragmatically. Different companies are in different phases on their way to a sustainable business model. Together we will create a sustainability strategy – tailored to your company and your industry – and define each step of your ESG journey.
At PwC, we want to build trust in society and solve important problems. We achieve this goal primarily by developing services that meet the needs of a broad group of stakeholders. This is in line with the sustainable development goals that we have integrated into our strategy. We are delivering on our commitment to the environment and society through various partnerships and measures.
We are determined to do our part to reduce the impacts of the climate crisis. That’s why we are committed to a global science-based target of net zero greenhouse gas emissions by 2030.
Agatha Kalandra
Partner, Head of Management Consulting and ESG, PwC Austria
Tel: +43 664 1830873