Covid-19 has accelerated digital transformations by years, according to McKinsey. Sustainability is an area crying out for the benefits of digitization, and now rapidly whipping up winds of change towards companies. “La Bise” is gathering momentum as Europe takes a leadership role in establishing a framework for reporting on sustainability.
It is doing so on a co-constructed basis, meaning that Europe will actively engage and contribute towards the global movement to develop a robust framework of sustainability (ESG) standards to measure, record and most importantly digitally report an entity’s story.
It helps to recall that supranational union decisions can be incredibly beneficial for countries. Consider that the EC decisions will simultaneously and positively impact 27 countries, including France. This will aid in accelerating sustainability locally, in addition to Europe being a positive global force for good!
To achieve ambition global outcomes, we need to challenge ourselves to reimagine integration using digitization as the enabler for a greater common public good.
Leading the Way
It began when the European Commission (EC) sought elaboration of EU non-financial standards, resulting in the February 2021 report: Proposals for a relevant and dynamic EU sustainability reporting setting-standard (NFRD report). Within this ground-breaking report we championed our ideas, originally laid out in a Digital Transformation Brief: Business Reporting in the Fourth Industrial Revolution, and now embedded within the digitization workstream (A6 – Current non-financial reporting formats and practices).
The original NFRD report has since been extended via the Corporate Sustainability Reporting Directive (CSRD) proposal. The CSRD proposal will not only expand the sco...