There is no accountability if there is no transparency: this is the key to understanding the Corporate Sustainability Reporting Directive (CSRD)Directive adopted by the European Parliament with 525 votes in favour, 60 against and 28 abstentions. In 2021, the European Commission published a proposal for CSRD, which became final on 10 November 2022, and, as of today, sustainability reporting is an integral part of companies' annual financial statements.
With the obligation to regularly disclose information on social and environmental impact, the CSRD Directive, which replaces the old directive on non-financial corporate reporting, aims to make companies more responsible in terms of public communication on sustainability. Providing for companies to adopt European standards in much the same way as they do for financial reporting, the Corporate sustainability reporting directive sees a significantly broadened scope of the companies involved and a more precise definition of the content of the information to be provided. In concrete terms, companies tell their impact by explaining how their business model affects external sustainability factors; in particular, the information companies are required to disclose is prospective, retrospective, qualitative and quantitative.
According to the CSRD, the necessary communications about environmental factors concern:
- climate change mitigation, including greenhouse gas emissions
- adaptation to climate change;
- water and marine resources;
- resource use and the circular economy;
- biodiversity and ecosystems;
With regard to social and human rights factors, they concern:
- equal treatment and equal opportunities for all, including gender equality and equal pay for work of equal value, training and skills development, employment and inclusion of persons with disabilities, measures against violence and harassment in the workplace, and diversity;
- working conditionsincluding secure employment, working hours, adequate wages, social dialogue, freedom of association, the existence of works councils, collective bargaining, including the percentage of workers covered by collective agreements, information, consultation and participation rights of workers, work-life balance, health and safety;
- respect for human rightsthe fundamental freedoms, norms and democratic principles laid down in the International Bill of Human Rights and other fundamental United Nations human rights conventions.
Recipients of the CSRD, are undoubtedly large companies, but similarly all the micro, small and medium-sized enterprises listed (with a waiver until 2026 for compulsory listing), excluding micro-enterprises with fewer than 10 employees or less than EUR 20 million in turnover, even if listed.
Renoon, the new frontier for green shopping
With the entry into force of the broader Sustainability Reporting Directive (CSRD), even major clothing brands are required to disclose information on their environmental impacts by shedding light on the origins of the raw materials used, ensuring that they have been obtained under fair and ethical conditions. Renoon is the new platform of sustainable shopping through which consumers have the opportunity to see fashion brands' commitment to sustainability.
A perfect union that unites fashion lovers and supporters of the Planet, Renoon is ready to take us by the hand and guide us into an innovative Universe; the platform presents itself as an informative and educational search engine that also offers tools such as the sustainability glossary to raise awareness and share ethical values with the community. Once the visitor's items of interest have been identified, Renoon sends the user directly to the online shop where the purchase can be finalised.
A great strength of this digital system is the high degree of customisation of the search experiencethanks to algorithms that allow the user to choose the category of greatest interest, Renoon turns out to be a unique opportunity.