{"id":6496,"date":"2024-08-08T19:00:47","date_gmt":"2024-08-08T17:00:47","guid":{"rendered":"https:\/\/www.usyncro.com\/sostenibilidad-logistica-y-cumplimiento-de-la-directiva-csrd\/"},"modified":"2024-08-12T16:31:21","modified_gmt":"2024-08-12T14:31:21","slug":"sustainability-logistics-and-compliance-directive-csrd","status":"publish","type":"post","link":"https:\/\/usyncro.com\/?p=6496","title":{"rendered":"Logistics Sustainability: compliance with CSRD Directive and CBAM certificate"},"content":{"rendered":"

Since January 2024, the sustainability of organizations has become a key issue in the management of organizations. Compliance with the CSRD (Corporate Sustainability Reporting Directive) is mandatory for listed companies in the European market and will be extended to SMEs in 2028. In addition, the CO2 Border Carbon Adjustment Mechanism (CBAM) certificate captures emissions linked to a number of products imported as part of European emissions trading.<\/p>\n

Along these lines, Usyncro’s management as a company focuses on a series of principles that fit in with this directive and that describe the platform itself: multimodality, neutrality, interoperability, flexibility and collaboration. Based on these initial characteristics, Usyncro is also developing an operation based on ESG (Environmental, Social and Governmental) criteria, which constitute a step towards the implementation of Directive (EU) 2022\/2464 of the European Parliament and of the Council of 14 December 2022 regarding the presentation of sustainability information by companies (CSRD).<\/p>\n

The CSRD directive represents a further step forward (compared to what has been contemplated until now) in the value of sustainability, considering the impact of the activity of organizations in financial terms, i.e. monetizable. The good news? Sustainability objectives are closely linked to operational efficiency. And digitization is precisely one of the keys to achieving this efficiency. In this regard, at Usyncro, we are closely following the evolution of the CSRD directive to continue implementing KPI measurement and analysis tools that indicate \u00abmonetized\u00bb results in improving management through the use of digital solutions that have an impact on the agility, efficiency and sustainability of logistics and transportation activities. To this end, we have developed a summary of the \u00abstate of the art\u00bb of the CSRD directive and the next steps in its implementation. <\/p>\n

This directive(Corporate Sustainability Reporting<\/a> ), is a consequence of the #GreenDeal or European Green Pact<\/a> led by the European Commission<\/a> to adapt EU policies on climate, energy, transport and taxation to the objective of reducing net greenhouse gas emissions by at least 55% by 2030<\/strong>, compared to 1990 levels.<\/p>\n

To this end, the EU has earmarked a third of the #NextGeneration funds and expanded with the Sustainable Finance Action Plan,<\/a> including the taxonomy<\/a> of sustainable economic activities of the European Union (EU), created with the aim of becoming a cross-cutting regulation for all current and future European sustainable finance regulations.<\/p>\n

Non-Financial Disclosures and Diversity<\/h3>\n

As a previous reference to the CSRD Directive, we have to go back to Law 11\/2018<\/a>, of December 28, coming from Royal Decree-Law 18\/2017, of November 24, which came to transpose to our legal system Directive 2014\/95\/EU of the European Parliament and of the Council, of October 22, 2014, amending Directive 2013\/34\/EU as regards the disclosure of non-financial information and information on diversity by certain large companies and certain groups.<\/p>\n

The Norma ley 11\/2018, aimed to promote transparency, sustainability and long-term development of companies and increase the confidence of investors, consumers and society in general, through the disclosure of non-financial information.<\/p>\n

This law established the voluntary nature of the framework and the incorporation of verifiers. The new directive<\/a> introduces the necessary consistency and accountability in its application.<\/p>\n

Corporate Sustainability Directive<\/h3>\n

This is the first time that sustainability information has been recognized as having the same value as financial information<\/strong>. The directive favors measurable and comparable standards. This increases the trustworthiness that financial firms, investors and individuals can have in companies and combats so-called \u00abgreen washing\u00bb.<\/p>\n

The procedure requires companies to transparently present their environmental, social and governance impacts. In addition, it promotes future European regulations that will be developed by the <\/strong>European Financial Reporting Advisory Group<\/strong><\/a> (EFRAG) <\/strong>with technical advice from various European agencies.<\/p>\n

Background<\/h3>\n

In 2018, the European Parliament called for a review of the regulations on non-financial reporting as they were considered insufficient and unreliable. Following the analysis, it presented its recommendations on sustainable corporate governance in 2020. On Tuesday, April 21, 2022, the European Union reached a provisional agreement on the Corporate Sustainability Reporting Directive<\/strong> (CSRD), which was approved on November 28.<\/p>\n

This amendment will affect Directive 2013\/34\/EU, Directive 2004\/109\/EC, Directive 2006\/43\/EC and Regulation (EU) No. 537\/2014, with regard to corporate sustainability reporting, and Law 11\/2018 on Non-Financial Reporting and Diversity in Spain.<\/p>\n

The European Commission presented the proposal for a Directive on sustainability reporting by companies on April 21, 2021 in the framework of the European Green Deal<\/a> and the Sustainable Finance Program.<\/p>\n

The Directive will fill the gaps in existing sustainability reporting legislation. To direct private capital towards financing the ecological and social transition, financial markets need access to reliable, relevant and comparable environmental, social and governance information. As explained in the Green Pact, sustainability disclosure could attract additional investment and financing to facilitate the transition to a sustainable economy.<\/p>\n

On February 24, 2022, EU Member States unanimously agreed on the Council’s position on the proposal for a Directive on sustainability reporting by companies.<\/p>\n

On June 21, 2022, the Council and the European Parliament reached a provisional agreement on this Directive, which was endorsed by the representatives of the EU Member States on June 30, 2022.<\/p>\n

The new CSRD<\/a> introduces substantial sustainability-related reporting requirements, with minor variations for the different types of companies that fall within its scope. Relevant disclosures will now extend to the company’s entire value chain, including products and services, business relationships (suppliers) and the supply chain.<\/p>\n

Who will be affected by the CSRD regulation and when?<\/h3>\n

50,000 companies (11,600 under the previous Directive) will be required to report on sustainability, including the largest companies, as well as listed SMEs, although this will be implemented on a staggered schedule:<\/p>\n

    \n
  1. Companies already subject to the NFRD.<\/strong> That is, essentially, large EU \u00abpublic interest entities\u00bb with securities listed on the regulated market, credit institutions and insurance companies with more than 500 employees. These are more than 200 companies and will be affected as of January 2024<\/strong>. Likewise, to parent companies of a large group<\/strong>, those formed by parent companies and subsidiaries included in a consolidation, which meet two of the following criteria: i) assets in excess of \u20ac20,000,000, ii) a net turnover in excess of 40,000,000 euros, and iii) an average of more than 250 employees during the year (on a consolidated basis).<\/li>\n
  2. All \u00ablarge\u00bb EU companies<\/strong> that meet two of the following criteria: i) assets in excess of \u20ac20,000,000, ii) a net turnover in excess of 40,000,000 euros, and iii) an average of more than 250 employees during the fiscal year. As of January 2025<\/strong>, affecting around 6,000 companies.<\/li>\n
  3. Small and medium-sized publicly traded companies<\/strong>, with lighter disclosure requirements and the ability to opt out of reporting until 2028<\/strong>.<\/li>\n
  4. Other EU and non-EU companies<\/strong> (except microenterprises) with securities listed on regulated markets in the EU. These include debt securities with denominations of less than EUR 100,000 or its equivalent that are listed on a regulated market in the EU. It should be noted that the Directive does not apply to securities listed on EU multilateral trading facilities.<\/li>\n
  5. Non-EU companies, <\/strong>non-EU companies operating in the EU can also fall within the scope of the CSRD, regardless of whether they are listed or not, based on two scenarios.<\/li>\n<\/ol>\n

    Sustainability Advisory Committee<\/h3>\n

    The Sustainability Advisory Committee<\/a> is the advisory body to the Corporate Reporting Council on corporate sustainability reporting.<\/p>\n

    It is made up of experts of recognized prestige in relation to corporate information on sustainability, representing both public administrations and the different sectors involved in the preparation, use, dissemination and verification of such information. The Ministries of Justice; of Economic Affairs and Digital Transformation, through the Institute of Accounting and Auditing of Accounts; of Finance and Public Function; of Ecological Transition and Demographic Challenge are represented; the Ministries of Labor and Social Economy, of Social Rights and Agenda 2030 and of Equality must jointly appoint two representatives; the National Securities Market Commission; the Bank of Spain; the Directorate General of Insurance and Pension Funds and the General Council of Economists of Spain must be represented.<\/p>\n

    Any project or proposal for regulations or interpretations regarding corporate information on sustainability is submitted to the Sustainability Advisory Committee for deliberation.<\/p>\n

    In this sense, Europe is leading the way and Spain is leading the implementation by providing the elements that give credibility based on:<\/p>\n