Streamline Climate Disclosure: EFRAG and CDP Launch Innovative Mapping Tool
The recent collaboration between EFRAG and CDP has resulted in an innovative tool designed to enhance climate disclosure compliance. This new resource is pivotal for companies aiming to align with the European Sustainability Reporting Standards (ESRS) E1 and the CDP’s extensive question bank.
Streamlined Climate Disclosure with ESRS E1 and CDP Alignment
Unveiled at COP29, this mapping tool simplifies the complex landscape of climate reporting, ultimately easing the reporting burden for businesses. The tool highlights significant interoperability between the ESRS E1 and the CDP framework, particularly focusing on:
- Transition plans for climate change mitigation
- Climate change mitigation targets
- Reporting of gross Scopes 1, 2, and 3 emissions
- Internal carbon pricing
Benefits for Businesses
This correspondence mapping provides clear guidance on how CDP questions align with ESRS E1 disclosure requirements. The primary benefits include:
- Improved Compliance: Helps companies meet regulatory standards efficiently.
- Enhanced Data Utilization: Encourages businesses to utilize their data more effectively.
- Increased Reporting Efficiency: Streamlines the reporting process, reducing complexity.
Insights from Industry Leaders
Sherry Madera, CEO of CDP, emphasized the practical implications of this initiative, stating, “We’re proud to unveil this mapping; because it shows we’re about more than ticking reporting boxes. By bridging ESRS E1 and the CDP question bank, companies can cut reporting complexity, tap into richer climate data, and unlock real business value.”
Patrick de Cambourg, Chair of the EFRAG Sustainability Reporting Board, also recognized the tool’s significance, noting that it serves as a valuable resource for companies navigating the complexities of climate disclosures under the ESRS E1. This alignment promotes reporting efficiency by fostering commonality and avoiding the need for multiple reports.
Future of Sustainability Reporting
The launch of this tool marks a significant step in the ongoing collaboration between EFRAG and CDP, aimed at improving sustainability reporting on a global scale. With CDP covering approximately two-thirds of the global stock market, its environmental disclosure system is crucial for companies seeking to access ESRS-aligned data.
For more insights on sustainability reporting, visit CDP and explore EFRAG’s initiatives at EFRAG.
