Insights from the ESS Expo 2024

Data is a key issue; and a great opportunity 

Data, data, data. This was one topic that kept coming up throughout the ESS expo and across industries. The need for quality data collection and reporting is more important than ever as businesses draw up sustainability strategies, assess their impact, and prepare for incoming legislation. We’re seeing an increasing number of requests surrounding auditing and data quality assurance, as well as advice on metrics and reporting best practices.  

No matter what your sustainability goals look like, accurate data is essential to the implementation and success of your sustainability strategy. Getting it right is the key to unlocking real progress.

Looking to the future 

There are a number of factors impacting the industry and driving more businesses to get serious about their ESG commitments. One of the top priorities is risk management, both from an investment perspective and in terms of brand reputation. Level of risk is climbing up investors’ list of priorities and businesses should be prepared to have their activities scrutinised more closely.  

On the other hand, customers are steadfast in their demands to see more climate action from businesses across all sectors. They are also becoming more adept at naming greenwashing when they see it. Trusting your climate strategy and understanding your impact is more important than ever before to retain customer trust and loyalty.  

Above all, upcoming legislation is redefining the sustainability landscape and companies must be prepared for the wave of regulatory requirements. One key piece of legislation is the EU’s Corporate Sustainability Reporting Directive (CSRD). This will see companies required to report on topics like environment, social issues, governance and more. The adoption of this legislation is set to send waves through the industry as businesses grapple with large amounts of data and new reporting systems.  

Read more: Navigating The EU CSRD 

EPR is set to shake up the industry 

On the topic of legislation, one of the most anticipated panel discussions was the Extended Producer Responsibility (EPR) update. The way businesses produce materials is about to change drastically, with EPR directly impacting both the manufacturing and retail sectors, among others. 

What makes this legislation so complicated is the fact that it hasn’t yet been finalised. The legislation is still being worked on and adapted, yet it is already in the process of being implemented by many industries. Due to come into effect in Autumn 2024, revisions are already being discussed and the path to compliance remains unclear. 

One of the main EPR challenges facing businesses is the data collection aspect. Specifically, the switch in methods for data collection and reporting. There is extra work and extra costs involved in collecting and calculating data. Many businesses are changing their entire data reporting systems to comply with the legislation. Furthermore, collecting accurate data, especially from international suppliers, is proving to be a difficult task.