What is CSRD, and how does it affect your travel?
The Corporate Sustainability Reporting Directive (CSRD) arrived 5th January 2023, and begins being phased in this month (January 2024). It will affect over 50,000 companies and demand stricter reporting of companies’ sustainability. Read on to find out more information about CSRD, and what it means for you and your company.
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CSRD at a glance
The Corporate Sustainability Reporting Directive (CSRD):
- Aims to provide stakeholders with more transparency surrounding their sustainability and encourage them to improve;
- Replaces the previous Non-Financial Reporting Directive (NFRD), eventually effective over 50,000 companies (versus circa 12,000 with the NFRD);
- Affects companies that have: more than 250 employees, and/or; €50m in turnover, and/or; €25m in total assets*.
- Requires companies to report on their environmental, social and governance (ESG) performance, set emissions targets and report on their progress; and
- Makes sustainability a mandatory element of managed travel programmes.
* Note: this criteria is expected to widen further.
How will CSRD affect you?
Given it has become a requirement within EU law, you will have a great opportunity to consult and educate the business on how they are travelling sustainably. Equally, caution needs to be met to ensure you are fulfilling the requirements. You will need to:
- Collect a wider range of data that fits within sustainability metrics, considering how different booking tools may create differences in reporting;
- Develop new travel policies and be accountable for ensuring that ESG targets are being met within these;
- Engage with stakeholders to discuss how their travel management aligns with sustainability across the company; and
- Review your own travel suppliers’ sustainability credentials.
To find out further details about CSRD, click the button below to complete our short quiz below and one of our friendly Travel Experts will be in touch within 24 hours. Plus, visit our dedicated sustainable travel page that highlights how we can get you started by offsetting your carbon footprint today.
Additionally, you can visit the official CSRD website, whilst further information can be found via the travel industry trade magazine BTN Europe.
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