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Ensuring Uniformity in Sustainability Disclosure: A Shared Goal of the UK SDS and EU ESRS Reporting Standards

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Ensuring Uniformity in Sustainability Disclosure: A Shared Goal of the UK SDS and EU ESRS Reporting Standards

In the changing world of sustainability reporting, the UK and EU Sustainability Regulation frameworks have just made a big step towards a consistent, clear and complete disclosure. The introduction of the UK Sustainability Disclosure Standards (SDS) and the EU –European Sustainability Reporting Standards (ESRS) marks a pivotal moment in the pursuit of transparency and accountability in the corporate world. These standards are poised to align with the ISSB – International Financial Reporting Standards (IFRS) Sustainability disclosure and the Global Reporting Initiatives Guidelines, creating a robust foundation for sustainable business practices. This article is aimed at ESG practitioners, organisations, professionals, or students seeking to gain a comprehensive understanding, further their knowledge, or stay updated on the latest developments in sustainability practices.

UK SDS: Defining the Future of Sustainability Reporting

While the UK SDS is still in the process of being finalized and officially implemented, its impending arrival in 2024 is generating considerable anticipation. This forthcoming standard is expected to establish itself as the definitive sustainability reporting framework in the UK. Notably, the UK SDS may introduce a UK Green Taxonomy, mirroring the EU’s sustainability legislation. This move aims to streamline reporting by unifying existing requirements, including Streamlined Energy and Carbon Reporting (SECR), Task Force on Climate-related Financial Disclosures (TCFD), and the Energy Saving Opportunity Scheme (ESOS) into a comprehensive annual sustainability reporting mandate.
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The UK SDS’s scope is set to cover a range of elements, including ISSB S1 and S2 reporting, which encompasses the TCFD recommendations and even extends to Scope 3 emissions. A key highlight is the inclusion of a detailed transition plan outlining the path towards achieving net-zero emissions. Additionally, the standard will incorporate non-climate sustainability and Environmental, Social, and Governance (ESG) reporting, further augmenting its comprehensive nature, ensuring alignment with GRI guidelines.

EU ESRS: Forging a Unified Approach to Sustainability Disclosure

In the European Union, EFRAG has taken a significant leap towards the ESRS’s enforcement with its adoption in July 2023, expected to be fully enforced by October 2023. Interoperability has been a guiding principle throughout the development of the ESRS, aiming to ensure cohesion with established standards. The final iteration of ESRS exhibits a robust alignment with ISSB S1 and S2 and GRI guidelines, while also incorporating financial materiality. Furthermore, it includes requirements for signposting disclosures related to downstream regulations like the Sustainable Finance Disclosure Regulation (SFDR).

​Importantly, the ESRS takes a comprehensive stance by extending its scope beyond climate change reporting. It delves into the Social and Governance dimensions of sustainability, encompassing areas such as the workers’ value chain, consumers, affected communities, and business conduct. This holistic approach underscores the importance of balancing economic, social, and environmental considerations for holistic sustainability.
On September 5th, the European Financial Reporting Advisory Group (EFRAG) and the Global Reporting Initiative (GRI) have jointly announced a significant achievement. They have successfully ensured strong compatibility between the European Sustainability Reporting Standards (ESRS) and the GRI Standards.

A Converging Framework: Bridging Sustainability and Financial Disclosures

SDS, ESRS and ISSB Standards all converge around a shared framework that draws inspiration from the pillars of the Task Force on Climate-related Financial Disclosures (TCFD). This framework revolves around Governance, Strategy, Risk Management, Metrics & Targets, underpinning a systematic and comprehensive approach to disclosure. These standards establish a universal foundation for disclosures related to sustainability, ensuring that businesses across the globe adhere to uniform guidelines when reporting climate-related data. This approach guarantees a coherent framework for the consistent communication of climate-related information.

Reducing the Burden and the Risk of Double Reporting

The uniformity or ‘high degree of interoperability‘, as indicated by the European Commission, among these standards will significantly ease the burden of sustainability disclosure for many companies. This achievement notably reduces the risk of “double reporting,” where companies would have to disclose sustainability information based on different sets of standards.

At EnableGreen ESG and Sustainable Recruitment, we recognise the significance of these developments. The UK and the EU are trailblazing with some of the world’s most advanced sustainability laws and reporting requirements. Governments are enacting policies to support Net Zero 2050 targets, enhance consistency and transparency in reporting, all while ensuring corporations can progressively adapt to the evolving landscape. The path to consistent sustainability disclosure is being paved through collaboration, standardisation, and a globally shared vision for a more sustainable future.

EnableGreen stands at the crossroads of this transformative journey, committed to connecting organisations with professionals who can adeptly navigate the sustainability standards and assume a crucial role in championing the sustainability narrative for the years ahead. If you are an organisation looking to expand your team or a professional seeking a career change in the ESG and Sustainability field, feel free to get in touch at contact@enable.green

Author: Hayatte Loukili

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Who we are and What we do

We are an exclusive Sustainability and ESG Executive Search and Recruitment Agency, offering both permanent and temporary contracts recruitment solutions, across all sectors. We assist employers find their next great hire in ESG and Sustainability Integration/ Green Energy & CleanTech/ Responsible Investment, Sustainable Finance & Impact Investing.

The Paris Agreement at COP21 identified capacity building as a core challenge our governments, institutions, organisations and civil society need to overcome to build a sustainable world.
Companies need to build business strategies and develop activities to keep growing and create value for their shareholders without exhausting resources or harming future generations. Therefore, engaging in building a decarbonised and equitable economy is at the core of their mission and success in the long term. Their ability to build resilience of human and ecological systems will enable them to navigate this ever-evolving world.
As a recruitment agency, we truly believe, we have a substantial part to play in equipping those thriving businesses with the best candidates to conquer those challenges.
Our purpose is to support businesses in their sustainability journey by connecting them with the best talents in the ESG and Sustainability job market.
We focus to provide tailored solutions to our clients’ needs and enhance candidates’s experience in finding their ideal jobs.

Qualifications and Education: Building Expertise in the Field

In terms of qualifications, academic programs and certifications in sustainability and ESG management have gained prominence. Universities and professional organisations offer courses and certifications that equip individuals with the necessary knowledge and skills to excel in the field. Additionally, relevant degrees in environmental science, sustainability, business administration, and finance are highly valued by employers.
The ESG and sustainability job market is experiencing significant growth and offers diverse opportunities for professionals. Dedicated roles, as well as the integration of ESG knowledge into traditional job functions, highlight the increasing importance of sustainability in business strategies. Specialized skills, regulatory expertise, and industry knowledge are highly sought after.
​As companies strive to embed ESG practices into their operations, professionals with ESG expertise will continue to play a crucial role in driving positive change and shaping a sustainable future.

Diverse Opportunities: ESG and Sustainability Across Industries

The ESG and sustainability job market is not limited to specific industries. While sectors such as renewable energy, cleantech, and sustainable finance have a well-established presence, organisations across diverse industries are recognizing the need to prioritize ESG and sustainability practices. From manufacturing and retail to technology and healthcare, professionals with ESG expertise are sought after to drive sustainability initiatives and help companies future-proof their operations.

Navigating the Regulatory Landscape: Compliance and Governance Expertise

The increasing regulatory focus on ESG factors has led to a rise in demand for professionals who can navigate the evolving compliance landscape. Knowledge of relevant regulations and frameworks, such as the Task Force on Climate-related Financial Disclosures (TCFD) and the United Nations Sustainable Development Goals (SDGs), is highly valued. This includes expertise in managing ESG risks, conducting audits and assessments, and implementing sustainable governance structures.

Specialised Skills and Knowledge: Key Areas in High Demand

The ESG and sustainability job market also offers opportunities for specialised skills and knowledge. Professionals with expertise in renewable energy, circular economy, sustainable supply chain management, impact investing, and environmental conservation are in high demand. Additionally, individuals with experience in sustainability reporting frameworks, such as the Global Reporting Initiative (GRI) or Sustainability Accounting Standards Board (SASB), are sought after to ensure transparent and standardized reporting.

ESG Expertise in Traditional Job Roles: The Integration of Sustainability Principles

Another emerging trend is the growing importance of ESG expertise in traditional job roles. Professionals in finance, legal, marketing, operations, and human resources are increasingly expected to have a solid understanding of ESG principles and their implications for their respective fields. For example, financial analysts need to assess the financial risks and opportunities associated with ESG factors, while marketing professionals must effectively communicate a company’s sustainability initiatives to consumers.

Dedicated ESG and Sustainability Roles: A Shift Towards Holistic Approaches

One significant trend in the job market is the rise in dedicated ESG and sustainability roles. Previously, these responsibilities were often dispersed across different departments, such as corporate social responsibility, environmental management, or investor relations. However, as companies recognize the need for a holistic approach, they are creating specialised positions such as ESG managers, ESG analysts, and corporate sustainability officers. These roles focus on integrating ESG considerations into business strategies, measuring and reporting on sustainability performance, and engaging with stakeholders.

ESG and Sustainability Job Market Trends

The ESG (Environmental, Social, and Governance) and sustainability integration job market has experienced significant growth and transformation in recent years. As companies worldwide recognize the importance of incorporating ESG principles into their operations, the demand for professionals with expertise in this field has surged. This article will explore the evolving landscape of the ESG and sustainability job market, highlighting key trends and opportunities.
The integration of ESG and sustainability practices into business strategies has become a top priority for organisations across industries. This shift is driven by various factors, including the increasing awareness of climate change, social justice issues, and corporate governance standards. As a result, companies are actively seeking professionals who can navigate the complexities of ESG and sustainability and drive positive change within their organizations.
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