Today, the traditional growth- and profit-driven corporate model is evolving to adopt a more holistic approach. Corporate sustainability now encompasses a mix of environmental, social responsibility, and governance aspects to create sustainable and long-term value.
Early 2023 witnessed the introduction of the Corporate Sustainability Reporting Directive (CSRD); later, its integration into national law started. This directive aims to provide comprehensive and transparent information on sustainability, including environmental, social, and governance factors. The European sustainability reporting standards (ESRS) complement the CSR Directive. The ESRS offers a framework for standardizing the preparation of sustainability reports, specifying the indicators and submission requirements for companies to comply with the CSRD. Sustainability reports will be subject to independent, third-party audits.
The obligations for sustainability reporting commence in 2024 and will gradually reach full implementation by 2028. As PASSER SIDC GROUP meets the criteria of a large company, it will be mandatory for us to start reporting in 2026 for the 2025 financial year. Overall, the PASSER SIDC GROUP sustainability report will involve disclosure of a company’s environmental, social, and governance goals.
At PASSER SIDC GROUP, we collaborate with Sustain Advisory, a company assisting us in putting sustainable concepts and principles into reality in line with globally recognized practices and standards. They offer us expert guidance on sustainability and assist in developing an ESG strategy, namely:
- double materiality assessment;
- establishing sustainability topics and priorities;
- assessing the current situation;
- determining sustainability indicators;
- setting sustainability goals;
- creating an action plan to implement the sustainability strategy.
We have now reached phase three, which involves current situational assessments. Sustain Advisory consultants gather information, examine a plethora of data, and provide relevant recommendations during our weekly meetings. Goal-setting and the indication of sustainability indicators will come next.
There are three main directions that our sustainability-related activities and aims are heading:
The entire PASSER SIDC GROUP sustainability strategy and action plan are expected to be ready by the end of this year. We will present its contents at that point.
To give you a preview, this strategy includes calculations of greenhouse gas (GHG) emissions. PASSER SIDC GROUP supports and contributes to the European Green Deal and Paris Agreement implementation, which aim to make Europe climate-neutral by 2050. Reducing carbon emissions is one of our priority sustainability topics. We have signed a contract to use the GHG management platform in Sustainalyse. Sustain Advisory consultants provide additional advice on GHG Protocol methodology, identification of emission sources, plans to reduce carbon footprints, and more.
The head of administration, health and safety specialists, and the personnel department of PASSER SIDC GROUP are working on the sustainability strategy. However, the successful execution of the strategy within the company will rely on the participation of all employees. Their involvement will be evaluated as part of the development of the action plan for implementing the sustainability strategy. After setting sustainability goals, inter-departmental communication will be essential to assessing the achievement of those goals.
