Sustainability regulations can be daunting but getting started is half the battle won. At a minimum, boards should consider the following initial steps:
Sustainability disclosures are evolving as regulatory and other sustainability disclosure requirements increase and entities’ business activities develop. The process described here is not a one-off project with a fixed completion date. Instead, it is a series of steps that will need to be revisited and refined over time. For example, an entity may currently have very limited information about how it identifies risks and opportunities related to climate change, as well as how it affects its strategy. This might initially result in relatively brief sustainability disclosures, with enhancements being implemented over successive future reporting periods. Entities will need to respond and develop plans to address their sustainability risks and opportunities, which are ultimately business risks and opportunities.
BDO can assist you on your sustainability reporting journey – contact us.