How Sustainability Reporting Can Help Businesses Grow

Sustainability reporting is becoming an important tool for businesses. Companies can use these reports to track their work and make better business choices. EY's Christian Orth spoke with Thomas Knobloch from Siemens AG and Caroline Pfaff from EY Germany about the future of sustainability reporting.

The discussion looked at new rules such as the Corporate Sustainability Reporting Directive (CSRD). These rules are changing how companies share information about their work and its impact. The speakers said sustainability reports should be more than extra paperwork. Companies can use the information to understand their business and find ways to improve.

Good data can help company leaders see what is working and what needs to change. It can also help them plan for future goals. However, collecting data is not always easy. Large companies often work in many countries. They may need to collect information from many teams and offices.

The speakers also discussed the need for better data without waiting for perfect data. They said companies can focus on making progress now instead of waiting for every number to be perfect. This approach can help businesses start using sustainability information in their daily work. It can also help leaders track progress over time.

The discussion shows that sustainability reporting can have a bigger role in business. Instead of being seen only as a rule to follow, it can help companies understand performance and make better plans. As new reporting rules take effect, businesses will need to improve how they collect and use sustainability data.