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The probability of meeting the 1.5-degree target this century is falling  - the Intergovernmental Panel on Climate Change (IPCC) recently warned of this in its Climate Change Report 2023. This makes it all the more important to take stronger action now  - to limit further global warming and mitigate the consequences for the Earth's ecosystems and people.

Corporate Sustainability Reporting Directive as an important ESG driver

An important step in this process is the transformation of the economy in line with the ESG approach (Environmental, Social, and Governance). A crucial ESG requirement came into force at the beginning of 2023: The EU's Corporate Sustainability Reporting Directive (CSRD). The aim of this directive is to implement ESG as an elementary component in annual corporate reporting. 

Due to the complexity of the industry, its highly regulated nature and the large number of stakeholders involved, there are numerous hurdles to overcome when implementing the CSRD. These include the task of collecting relevant, high-quality sustainability data from a variety of sources (including third parties), implementing a reporting process in line with the European Sustainability Reporting Standards, and developing and implementing a robust ESG risk management strategy.

Exciting insights from Bayer, Merck, and UCB

CSRD implementation presents a number of challenges and necessary adjustments for the Life Sciences industry. In "Navigating CSRD Reporting in Life Sciences", our experts explain the content of the CSRD and its implications for companies in the Life Sciences sector.

The relevant topics of the industry regarding the three ESG areas of environmental, social and governance are discussed with ESG representatives of Bayer, Merck, and UCB. 

In doing so, the paper demonstrates how CSRD acts as a catalyst for the transformation to purpose-driven companies that generate business value and create positive sustainability outcomes. Finally, six key recommendations for action are proposed.

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Additional contact

Michael Wagemans, Head of Sustainability, Advisory - KPMG Belgium

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