Navigating sustainability reporting: insights from BASF
In a recent interview with BASF, a leading chemical company in Europe, CDP explores the intricacies of preparing for the upcoming European Sustainability Reporting Standards (ESRS) and the associated challenges and opportunities for entities and stakeholders.
So, how did BASF handle the new requirements? The interview explains how, with ESRS implementation looming large on the horizon, BASF embarked on a comprehensive preparation journey, conducting gap analyses and engaging specialist units to ensure alignment with the new standards. Monthly pulse check meetings and collaboration with auditors further facilitated readiness for ESRS disclosures.
Tanja Castor, BASF’s Head of Sustainability Reporting & Controlling Committee, emphasised the significance of standardised sustainability reporting in providing decision-relevant information to stakeholders. Despite challenges – such as the volume of requirements and complex double materiality considerations – BASF remains committed to comprehensive reporting.
The interview underscores the importance of ESRS as a tool not only for providing crucial environmental information to stakeholders, but also for guiding environmental action, prompting organisations like BASF to reassess their data management systems and embrace emerging topics like biodiversity.
Looking ahead, BASF anticipates a surge in ESRS reports on the market, with a hope for meaningful reporting beyond compliance.
For more insights on sustainability reporting and BASF’s journey, read the full interview on CDP’s website.
