LKW auf einer Landstraße als Symbolbild für die Lieferkette

28.03.2024

Why is climate protection relevant in the supply chain?

In this blog post, we take a look at why climate protection is also a high priority in the supply chain from two perspectives. You will also find specific tips for decarbonizing your supply chain.

LkSG and CSDDD – when you hear these terms, the first thing that comes to mind is human rights due diligence in the supply chain, such as fair working conditions and protection against slavery.
Climate protection?
Perhaps only a second thought.
However, it should definitely not be neglected in the sustainable transformation of supply chains.
After all, this is where the majority of a company’s emissions are generated.
And that has consequences.
In this blog post, we take a look at why climate protection in the supply chain is also a high priority from two perspectives.
You will also find specific tips for decarbonizing your supply chain.

Climate protection in the supply chain – because it is required by law

The first reason is quite banal: Climate protection must be taken into account because it is quite simply imposed on certain companies by law.
The basis for current sustainability legislation is the Paris Climate Agreement.
With this agreement, almost 200 countries have committed themselves to the global 1.5° target and the reduction of emissions, among other things.
The Paris Climate Agreement is the basis for the European Green Deal a strategy with which the EU aims to become climate-neutral by 2050.
A whole range of strategies have been planned for its implementation.
The most important of these for purchasing are the German Climate Protection Act (GHG neutrality by 2045), the EUDR (deforestation-free supply chains), the CSDDD (EU supply chain law) and the CSRD (sustainability reporting).
Added to this is the “Fit for 55”-package, which aims to reduce net greenhouse gas emissions in the EU by 55% by 2030. This results, among other things, in the CBAM (CO2 tax) and a reform of EU emissions trading. In addition, Germany has introduced the LkSG which was developed on the basis of the National Action Plan for Business and Human Rights.

Darstellung: Auf dem Pariser Klimaabkommen bauen die meisten der aktuellen Nachhaltigkeitsgesetze und -regularien auf

All of these guidelines directly and indirectly oblige companies to prioritize climate protection in their supply chains.
For example, the CSDDD draft paper – in relation to the CSRD climate obligations – explicitly requires “that the company’s business model and strategy are compatible with the transition to a sustainable economy and with limiting global warming to 1.5 °C in accordance with the Paris Agreement and the goal of climate neutrality in accordance with [dem EU-Klimagesetz], including [der Ziele] for climate neutrality […].”(CSDDD draft of 15.3.2024 , Art. 15) So much for the dry legal perspective.
However, as we already wrote in the ESG Briefing, we at VERSO are convinced that anyone who does not take a holistic approach to the topic of sustainability strategy will only end up with bureaucratic red tape without any added value as a result of the requirements. So let’s take a look at why climate protection in the supply chain is incredibly important, even beyond legal obligations!

Climate protection in the supply chain – because it makes companies future-proof

Climate change poses risks for supply chains

The supply chain is the backbone of every company.
But it is also one of the biggest sources of greenhouse gas emissions.
Depending on the industry, up to 80% of a company’s total emissions are generated here alone.
By now, everyone should be aware that greenhouse gas emissions – especially CO2 – fuel climate change.
And this has consequences for the supply chain.
Because with global warming, storms, heavy rain, floods, but also heatwaves with droughts and fires are becoming more frequent worldwide.
These extreme weather events can damage, block or completely destroy production facilities and transport routes.
This results in delivery delays and production and harvest failures with considerable financial losses and frustration among customers.
On the other hand, there is the growing global demand for raw materials of all kinds. This is not just about rare earths or important metals, but also about very basic things such as drinking water and food.
And where resources become scarce, conflicts, tensions or even wars are not long in coming.
It is clear as daylight that this is a real problem for the local people on the one hand, but also for your supply chain on the other.
It is therefore in the interests of procurement to help curb climate change with climate protection measures along the supply chain.

Customers and consumers demand sustainability

Sustainability – and therefore also climate protection – is becoming increasingly important for investors, customers and consumers when making purchasing decisions: 79% of consumers surveyed in a Capgemini study stated that they are changing their purchasing behavior in the interests of sustainability.
66% even responded that they specifically look for environmental friendliness when selecting products and services.
Sustainable, climate-friendly products are therefore a) becoming a competitive advantage.
But be careful: If it says climate protection on the label, it must really contain climate protection!
With the Green Claims Directive, false or vague environmental claims (greenwashing) lead to expensive fines.
Not to mention the loss of reputation for your company.
And even if the CSDDD no longer directly affects SMEs and companies can no longer simply pass on their due diligence obligations to their suppliers: The Business Development Bank of Canada found that 92% of large companies will demand clear ESG information from their suppliers.
ESG commitment is therefore also b) becoming a decision criterion when awarding contracts.

Measures for climate protection in the supply chain

In summary, we can therefore state the following: On the one hand, climate protection in the supply chain is a must because it is simply required by law in various forms.
At the same time, however, it also presents opportunities!
If you start decarbonizing your supply chain now, you will make it more resilient to climate change risks and their effects.
At the same time, you will meet the growing sustainability demands of customers and consumers.
And you protect yourself against rising costs, such as those associated with the carbon pricing that the CBAM places on imports.
The challenges associated with the sustainable transformation of the supply chain are therefore more than worth it.
Don’t you agree?
Last but not least, only one question remains: What does climate protection in the supply chain mean in practice?
You can find specific tips on reducing emissions in the supply chain in our article “Decarbonizing the supply chain: How companies can achieve their climate targets along the supply chain”.
Read on now!

* This information is summarized editorial content and should not be construed as legal advice. VERSO accepts no liability.

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Meeresschildkröte, die durch Plastikmüll schwimmt: Mit der neuen EU-Richtlinie gegen Greenwashing sollen solche Bilder seltener werden

26.03.2024

Green Claims Directive: EU takes action against greenwashing

While many companies are making efforts to become more sustainable by changing their business practices, there are unfortunately also some black sheep: companies that present themselves as sustainable in order to gain the associated benefits (e.g. customer trust or investor interest), but in reality do not keep their promises. To curb this, the EU Parliament has approved the Green Claims Directive.

Environmental information is often misleading

In January 2023, DIE ZEIT and The Guardian published an explosive story about the leading provider of CO2 certificates Verra.
According to the story, some of the carbon credits used by companies to offset their greenhouse gas emissions were not actually reducing carbon emissions.
Another study by the European Commission found that more than half of the environmental claims made by companies in the EU were vague or misleading, with a whopping 40% of claims being completely unsubstantiated.
And green labels are also misleading consumers: half of all green labels offer weak or non-existent verification.

The EU’s response: the Green Claims Directive

To combat these practices, the EU Commission published a draft of the Green Claims Directive on March 22, 2023.
Almost exactly one year later, on March 13, 2024, the European Parliament voted in favor of the Green Claims Directive with 467 votes in favor, 65 against and 74 abstentions.
The dossier will be pursued by the new Parliament after the European elections in June.
The directive is part of the Circular Economy Action Plan, which also includes, for example, the recently adopted right to repair.
The objectives of the new regulation:

Green statements throughout the EU should be reliable, comparable and verifiable;
Consumers should be protected from greenwashing;
The directive is intended to contribute to a circular and green EU economy by enabling consumers to make informed purchasing decisions;
The aim is to create a level playing field with regard to the environmental performance of products.

Which environmental claims are affected by the Green Claims Directive?

The Green Claims Directive deals with statements in the context of
communication that indicate that a product or a company is

has a positive or no impact on the environment,
is less harmful to the environment than other products or companies or
that its effect has improved over time.

Experience has shown that environmental claims such as “green“, “climate-neutral” or “100% CO2-compensated” are often misleading and can easily mislead consumers.
The EU wants to create more transparency with explicit regulations for climate-related claims, especially when it comes to CO2 offsetting projects and methods.

Will “green claims” be banned?

Companies are still encouraged to communicate about their sustainability activities or the sustainability of their products.
Nevertheless, there are restrictions on how and what can be communicated.
For example, it is important for sustainability labels to be based on a certification system, and general environmental claims are prohibited if there is no evidence of performance.
Environmental claims may also not be made for an entire product if they only relate to one aspect.
You can find out which environmental claims companies need to pay particular attention to in the white paper on the Green Claims Directive.

What are the consequences of the Anti-Greenwashing Directive for companies?

The directive now requires companies to provide evidence of their environmental claims, have them independently audited and then communicate them transparently.
Those who do not comply with the directive can expect hefty fines and exclusion from public tenders.
We have explained the specifics of the verification process, the differences to other laws and the possible consequences of non-compliance in detail in our white paper.

What does the directive achieve against greenwashing?

With the introduction of the new set of rules against greenwashing, consumers will once again be able to rely more on information in sustainability reports, on websites and on product packaging.
The growing number of private eco-labels will be restricted if the label is awarded on the basis of unsubstantiated claims.
This way, consumers will no longer have to wade through a jungle of eco-labels.
Restricting greenwashing also means that competition will be fairer.
Companies that really want to make a difference will get more attention and an advantage on the market.
And, of course, our planet will benefit if companies actually drive forward the sustainable transformation.

We support you with your sustainability communication

VERSO supports the EU project to curb greenwashing.
In this context, we also advise you and your company on sustainability communication.
Our sustainability consultants will help you to publish meaningful information while remaining truthful – whether as part of a sustainability report or other internal and external forms of communication.

Please write to us. We can help you.

* This information is summarized editorial content and should not be construed as legal advice. VERSO accepts no liability.

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04.03.2024

Decarbonizing the supply chain: How companies achieve their climate targets along the supply chain

Around 80% of total emissions are generated along the supply chain – the path to Net Zero therefore also requires clear climate targets for the supply chain. But targets alone are not everything. Read here to find out how to implement them.

In recent years, numerous companies have clearly felt that their supply chains are susceptible to crises.
As a result, more and more companies have committed themselves to a sustainable transformation of their business model.
The push for sustainable business practices also soon came “from the very top”: with the European Green Deal, the EU has set the ambitious target of climate neutrality by 2050.

Transparency beyond one’s own nose

One of the pillars of the Green Deal is the CSRD, which obliges companies to report on sustainability.
This means that companies must disclose detailed data on the status quo, their goals and their sustainability measures.
With the ESRS, a set of rules has been introduced specifically to request this data.
However, seamless sustainability reports require one thing above all: 100% transparency.
And far beyond the boundaries of the company itself.
The LkSG, EUDR and CBAM alone demand supply chain transparency from companies.
In addition, the ESRS E1 standard (“Climate Protection and Climate Change”) in particular requires clear targets and strategic planning for all emissions associated with your company – right through to Scope 3.

Überblick zu den einzelnen Scopes: Scope 1 umfasst direkte Emissionen eines Unternehmens, Scope 2 umfasst indirekte Emissionen eines Unternehmens und Scope 3 umfasst alle Emissionen, die in der Wertschöpfungskette eines Unternehmens entstehen.

With an average of 80% of total emissions, the majority of a company’s emissions are generated along the supply chain.
Scope 3 emissions have the greatest impact on the carbon footprint.

Your company therefore needs clear answers on the status of emissions along the supply chain – and how you can decarbonize your supply chain in a targeted manner. Do your suppliers keep an eye on their emissions, or do they not care? Can they provide you with data on this? And if not, do they at least intend to provide the necessary data in the future? Can you persuade them to work with your company to drive sustainability forward? Questions upon questions. Let’s take a look at how you can get answers.

4 steps to decarbonize your supply chain

Step 1: Estimate Scope 3 emissions

Get an overview of your suppliers and compile a list of expenditure and product groups. You can use this to estimate supplier emissions. If you lack precise data, you can initially fall back on average data for the sector. Make the distribution more precise as soon as you have primary data from the suppliers.

Step 2: Identify Scope 3 hotspots and assess suppliers’ climate maturity

Then categorize your suppliers according to their level of climate maturity. Supply chain tools such as the VERSO Supply Chain Hub make this possible via direct inquiries.

No maturity level available: Decarbonization strategy or measures are completely lacking.
Low level of maturity: Initial steps have been taken to reduce CO2, but no systematic approach yet.
Advanced maturity level: Concrete reduction measures are being implemented, but are not yet anchored in the business processes.
High degree of maturity: The supplier systematically implements decarbonization, reduction measures are firmly integrated into the corporate strategy.
Very high level of maturity: Sustainability has long been on the agenda.
With innovative approaches and high standards, the supplier is leading the way as a prime example.

Indicators for this are, for example, the origin of raw materials, energy and resource efficiency, the use of renewable energies in production and transportation or verified (!) CO2 compensation projects. Another plus point would be, for example, the voluntary provision of a sustainability report. You now know how high the emissions load per supplier/product is and how seriously your suppliers are already taking the issue of sustainability. This gives you an overview of which suppliers need special attention and support when you later implement the strategy to achieve your decarbonization goals.

Step 3: Set climate targets, onboard suppliers

Set clear, science-based climate targets for your supply chain that are in line with the results of climate research and support the Paris Climate Agreement (limiting global warming to 1.5 °C). You can find industry-specific assistance from the Science Based Targets Initiative (SBTi), for example. The next step is the actual decarbonization of the supply chain. The SBTi recommends the following approach:

Communication
Cooperation
Support
Monitoring
Reinforcement

Inform your suppliers about your climate targets for the supply chain and motivate them to cooperate. Our tip: Increase the chance of good cooperation by involving your suppliers in the target setting from the outset.

Net Zero is teamwork!

Step 4: Implement climate strategy

In the long term, you will only achieve your climate targets in the supply chain if you remain in close contact and support your suppliers in implementing the targets. This could look like this, for example:

Enforce specific measures – Walmart has supported its suppliers in switching to renewable energy, for example, which helped the Group achieve its supply chain emissions targets 6 years ahead of schedule.
Support with knowledge or resources – for example, you can increase
Increase your suppliers’ sustainability expertise and therefore their level of climate maturity through training.
Stimulate competition among suppliers – by 2024, 92% of companies will require ESG data from their suppliers, according to a BDC study; over the next 5 years, they will also increase the number of criteria on which suppliers must report.

Also help your suppliers to optimize processes or even break completely new ground. Continuously monitor progress and make climate targets a fixed item on the agenda of your supplier meetings. After all, genuine sustainability requires transparency and honesty. But it also needs consistency. So make sure your suppliers understand this: Those who don’t participate will be kicked out sooner or later. Suppliers with a low level of maturity in particular will not be able to make the switch overnight. Nevertheless, they should show a long-term willingness to make production and transportation sustainable. After all, this will not only help the climate – but also the company’s own resilience.

How can I achieve the climate targets for my supply chain as easily as possible?

The more complex your supply chain is, the more difficult it is to collect all the necessary data, determine the status quo and monitor progress.
In discussions with our supply chain consultants, it becomes clear time and again that a lack of resources and incomplete data floating around make life difficult for procurement.
So how do you achieve your climate targets in the supply chain as simply and automatically as possible?

With the right tools! The combination of VERSO Climate Hub and VERSO Supply Chain Hub helps you to strategically manage your climate targets according to SBTi or ESRS:

The VERSO Climate Hub simplifies the calculation of your carbon footprint, taking into account the individual scopes.
With the VERSO Supply Chain Hub, you can automatically query the climate protection maturity level of your suppliers and obtain specific carbon footprints. These in turn help you to refine your climate strategy in the Climate Hub and make savings transparent.
You can then use the reporting function to create qualified reports in accordance with GRI/CSRD for the CDP or SBTi in no time at all.

Übersicht: So gelingt die Lieferketten-Dekarbonisierung mit den Tools von VERSO. VERSO deckt die Scope-3-Priorisierung, die Klimadatenerfassung, die Maßnahmen und das Klimareporting für die Lieferkette ab.

* This information is summarized editorial content and should not be construed as legal advice. VERSO accepts no liability.

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29.01.2024

CSR, ESG, sustainability – what’s the difference?

CSR, ESG, sustainability: what sounds like one and the same thing at first glance is actually different. Let’s clarify the difference between the terms “ESG”, “CSR” and “sustainability” in this article!

In this article, we compare apples with pears, which at first glance all look like apples – because we are talking about the very similar terms “CSR”, “ESG” and “sustainability”.
Read on to find out what lies behind these words and how they differ.

What does CSR mean?

You can think of “CSR” as a kind of moral, ethical basis for a company’s sustainability strategy. CSR stands for “Corporate Social Responsibility”. And although the word “social” is included here, it does not only refer to the social aspect of sustainability. CSR also refers to the environment and corporate management. You may have come across the abbreviation “CR” before – it stands for “Corporate Responsibility” and deliberately excludes “Social” to avoid confusion. CSR or CR is the precursor to ESG, so to speak. Or, to use an English expression: CSR walked so that ESG could run. The EU Commission defined CSR as follows back in 2011:

“[A] concept that serves as a basis for companies to integrate social and environmental concerns into their business activities and their interactions with stakeholders on a voluntary basis.”

To be precise, CSR primarily refers to a company’s awareness of the impact it has – actively or passively – on society and the environment. Companies meet their responsibility in terms of CSR by taking qualitative measures that go beyond the legal minimum (e.g. CSRD, LkSG).

What does ESG mean?

“ESG” is the abbreviation for “Environmental, Social, Governance”. In contrast to CSR, ESG is more of a pragmatic, detail-oriented approach to sustainability efforts. The term encompasses the impact of corporate strategy and practices on these three areas:

Environmental: Environmental criteria such as energy consumption, climate strategy or resource management
Social: Criteria relating to stakeholders (beyond investors) such as working conditions along the value chain, diversity or gender pay gap
Governance: Criteria for ethical corporate governance, such as corruption prevention, whistleblower protection or supplier selection

ESG is quantitatively oriented. For example, the ESRS, the framework for sustainability reports in accordance with the CSRD, predominantly requires clear key figures.

ESG is based on the so-called “triple bottom line”. You may be familiar with this as the “3-pillar model of sustainability” – an approach according to which sustainable development is only possible if environmental, social and economic sustainability goals are pursued on an equal footing.

So what is sustainability?

This brings us to the last point in our differentiation between ESG, CSR and sustainability.
Sustainability is an umbrella term, so to speak, for ESG and CSR.
Sustainability cannot exist without CSR and ESG.
Let’s take a little trip back to the ore mountains of the early
18th century.
In the mining region, wood was such an important resource as a fuel and building material as well as for smelting ore that it was slowly becoming scarce.
Hans Carl von Carlowitz, who was head of the Freiberg Mining Authority at the time and was responsible for the supply of wood, was the first to formulate the definition of sustainability, namely that only as many trees could be taken from the forest as would grow back.
Already in the
In the 19th century, this definition also became established in other areas.
If we look at the bigger picture, sustainability means that systems – regardless of their type – may only be stressed to the extent that they can withstand without damage.
Resources may only be used to this extent.
Today, in 2024, we are all more than aware that most of our systems have already reached their limits or are already being used far beyond their limits.
Be it overfishing or deforestation, the mining of rare earths or oil production, air pollution or the exploitation of people: We need to promote the idea of sustainability more strongly again and act now in order to create a future worth living for future generations.
When it comes to sustainability, companies have a key role to play as the implementers of consumer needs and the enablers of familiar conveniences and standards of living.
By becoming aware of their responsibility (CSR) and changing their business strategies and supply chains (ESG), they have the sustainable transformation in their hands.

Conclusion: Is ESG or CSR more important?

And finally, to answer the frequently asked question of whether ESG or CSR is more important: the two go hand in hand. However, ESG has now established itself as a common term for a comprehensive sustainability strategy. CSR represents the basic idea that is needed for the sustainable transformation of the economy: The awareness that companies bear responsibility and must act accordingly. ESG, in turn, provides opportunities for targeted action. This turns a sense of responsibility into measurable, effective actions.

* This information is summarized editorial content and should not be construed as legal advice. VERSO accepts no liability.

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18.12.2023

How to communicate your sustainability on the website

Your company is sustainable – but do potential customers know that? In this article, you will find 6 tips for communicating your sustainability measures credibly on your website.

More and more consumers are specifically choosing companies based on sustainability aspects – and more and more companies have to pay close attention to ensuring that everything is above board in their supply chain since the LkSG came into force.

Sustainability is increasingly becoming an important criterion when making purchasing and partnership decisions. And what better way than your own website to inform potential customers and partners about your sustainability efforts? So it’s high time to put your company’s sustainability efforts in the spotlight.

But what’s the best way to do this?

6 tips for communicating sustainability credibly on the website

Tip 1: Transparency and measurable data

Facts, facts, facts: Solid figures are still the most credible. That’s why our first tip is to provide a detailed sustainability report on your website – e.g. as a separate page or as a downloadable PDF document. The report shows existing measures, but also describes what your company will implement in the future. In addition, show prominently and separately to the report what goals you have set yourself and what measures you intend to take to achieve them. Also state openly where there is still a need for action. From 2024, the CSRD will require around 15,000 companies to publish a sustainability report anyway. However, a voluntary report is also a good thing for all companies that want to clearly show: “We take sustainability seriously!”

Tip 2: Awards from independent bodies

Has your company been certified for sustainability measures? Then be sure to place the relevant seals and certificates on your website! External confirmation of your sustainability efforts increases credibility enormously. Important here:

Don’t hide your awards in a small section on a subpage that isn’t even linked in the menu.
Whether as a banner on the homepage or as a separate menu item: If you do good, it’s okay to show it!
Look for awards from recognized, independent bodies.
Certificates and seals that any company can simply buy with enough money harbor the risk of greenwashing.

Speaking of greenwashing: you can find out how to avoid the most common stumbling blocks in the article “The five biggest greenwashing traps and how to avoid them”.

Tip 3: Present cooperations

Where do you source your raw materials or goods? Which companies do you work with – and how sustainable are they? Do you cooperate with environmental, animal welfare or human rights organizations with which your company creates impact beyond its own backyard? What projects is your company involved in? These are all interesting points that you should definitely not sweep under the carpet! Show how you are getting involved and actively shaping the change towards sustainability through your responsibility. But be careful not to fall into any greenwashing traps here either.

Tip 4: Show commitment

Was the fact that you planted a flowering meadow next to the company headquarters in 2020 the latest news in terms of sustainability? Hopefully not! If you really want to communicate your company’s sustainability credibly, you should plan for the long term – ideally on the basis of a holistic sustainability strategy. In any case, describe what your company has already achieved. List how sustainability is currently practiced. For example, through a healthy working environment for your employees or fair pay in your own supply chain. After all, sustainability is not just about the environment. But also show what you are planning for the future. Present long-term sustainability goals with clear milestones on your website. Make sustainability an integral part of your company’s purpose statement. Share progress reports. Continuity and commitment are still the best way to show that sustainability was more than just a short-term marketing measure for you.

Tip 5: Be honest

Honesty lasts the longest. This also applies to sustainability communication. No company is 100% sustainable – so don’t try to pull sustainability measures out of the air. Present your previous measures and successes, but also admit openly and honestly where there may still be a problem. This will not make you look bad – on the contrary! It shows that your company is seriously thinking about sustainability.

Tip 6: Demonstrate sustainability with a sustainable website

Last but not least, a point that is easy to forget at first glance: if you want to emphasize the sustainability of your company, you should definitely take a close look at your website! Tools such as the Website Carbon Calculator will calculate the CO2 footprint of your website in no time at all.

Is your website more of a global average? Then look out for specialists in green web design to exploit the full sustainability potential of your site.

Until then, some simple tips like these will help you to make your website more sustainable without any design or coding knowledge:

Reduce file sizes (images and videos).
Check whether your site is powered by coal – you can do this very quickly using the Green Web Foundation tool, for example. If not, switch to a web hosting provider with transparently traceable green electricity.
Design your website to be barrier-free in order to also do justice to social sustainability – a first step here would be descriptive texts for images, for example.
Take the plunge and declutter so that outdated content and superfluous tools don’t continue to waste energy for no reason.

We wish you every success – and are happy to help if you need support with your sustainability communication!

Holistic sustainability consulting

* This information is summarized editorial content and should not be construed as legal advice. VERSO accepts no liability.

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ESG in financing: This data decides on loans

“Your loan application has been rejected.” Some companies may hear this or similar sentences more often in the future. The reason: they were unable to provide the ESG data requested by the bank or meet the requirements. After all, sustainability is also becoming increasingly important in the financial sector. Read this article to find out how ESG data affects financing and what data companies need to provide now to ensure their loan applications continue to be approved.

How to take a closer look at financing applications

Sufficient equity, high cash flow, a secure market position and a solid corporate strategy – if a company could demonstrate this when applying for financing, the loan was as good as secure.
This is now a thing of the past.
This is because ESG criteria are now also included in the credit decision.
But how does this come about?
Let’s take a quick deep dive to answer this question.
If you are not so familiar with financial topics: Don’t worry – even though we’ll be taking a close look at all the important points, we’ll stay in the non-swimmer’s area.
If you only have time for the hard facts, you can skip this section and read on under “This ESG data banks want to see now”.

Green Deal, Climate Protection Act, SFDR, MaRisk: many requirements – one goal

The background to this new development is a large number of requirements as part of the EU’s sustainability strategy.
Let’s work our way from the outside in.
With the European Green Deal, the member states of the EU have committed themselves to the sustainable transformation of society, the economy and industry.
The EU wants to become climate-neutral by 2050.
At the same time, Germany has set itself the target of becoming greenhouse gas neutral by 2045 with its new Climate Protection Act .
Europe is playing a pioneering role internationally with this plan.
The task now is to put the Green Deal into practice and find ways to get the sustainable transformation moving.
And probably the most powerful lever for tangible change in the economy is – precisely – money.
If you want to drive sustainability forward, you have to redirect financial flows.

Sustainable Finance Disclosure Regulation

With the Sustainable Finance Disclosure Regulation(SFDR), the EU introduced a measure in 2019 that obliges financial market participants such as banks and credit institutions to be more sustainable.
The SFDR’s approach: banks must make the sustainability and ESG aspects of their financial products transparent.
How do ESG criteria affect the products?
And conversely, how does financial trading affect the environment and society?
The 7th MaRisk amendment obliges banks, among other things, to take ESG aspects and risks into account when making and monitoring lending decisions.
Similar to what insurance providers have been doing for years, banks and credit institutions will therefore check, for example, which industry a company belongs to, how high its emissions are or what the situation is regarding equal rights.
According to the study “Consideration of ESG criteria in the credit process for corporate customers” (2023), only 38% of the banks surveyed take ESG risks into account.
However, the consequences of this development are already being felt.
For example, banks and funds already rejected STEAG’s application in 2021 – partly because the electricity producer operates several coal-fired power plants and is pursuing an uncertain coal phase-out strategy.

No financing without an ESG check: banks want to see this data now

In addition to the general CSR reporting obligation, there are therefore further obligations – at least for companies that require financing.
But what specific sustainability information is now required?
The Association of German Banks has put together an initial list of questions that compiles sustainability KPIs.
The basic ESG KPI catalog is based on the CSRD, the EU taxonomy and various reporting standards such as GRI.
In addition to general information on the company, you will find questions on the following ESG aspects in this overview:

Environmental and transitory risks – e.g: What proportion of your company’s business activities have a negative impact on biodiversity or the ecosystem?
Physical risks – e.g: What measures has your company taken or planned to reduce physical risks?
Social – e.g.: Does your company have an anti-discrimination policy?
Governance – e.g.: Is the remuneration of the management level in your company (also) linked to the fulfillment of sustainability targets?

The banking association admits that this catalog is not complete and is not binding for banks.
For companies, this means: collect your ESG data in a structured way and keep an overview.
This will make it easier for you to quickly provide your bank with all the ESG data it needs when applying for financing.
VERSO supports you in this – with software, services and training.

ESG data management with VERSO

* This information is summarized editorial content and should not be construed as legal advice. VERSO accepts no liability.

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EU-Flaggen: Die EU hat zur Umsetzung des Green Deal drei wichtige Richtlinien in Kraft gesetzt

21.08.2023

The EU ESG guidelines and how they relate to each other

The European Union’s Green Deal

With its Green Deal, the European Union wants to make the EU climate-neutral by 2050 and channel financial flows into sustainable projects and companies.
The extensive program also includes three important ESG guidelines and regulations for sustainability reporting:

EU taxonomy,
Corporate Sustainability Reporting Directive (CSRD) and
Sustainable Finance Disclosure Regulation (SFDR).

But how are they connected and why are all three important for companies?

EU taxonomy, CSRD and SFDR briefly explained

Before we take a closer look at the relationship between the EU taxonomy, CSRD and SFDR, we will first look at the three EU requirements individually.
The European Union adopted the EU Green Deal back in 2019.
The program provides for extensive measures that penetrate deep into the economy and industry.
This also includes the three directives.

EU taxonomy

The EU taxonomy came into force on January 1, 2022 and defines which economic activities can be classified as sustainable.
The regulation sets out criteria for climate and environmentally friendly activities and products.
Accordingly, an economic activity must

make a substantial contribution to at least one of the six environmental goals,
do not compromise one or more of the other environmental objectives, and
in compliance with the minimum protection (OECD Guidelines).

Further information can be found in our factsheet on the EU taxonomy.

Factsheet: EU taxonomy

CSRD

While the EU taxonomy focuses on activities and products, the Corporate Sustainability Reporting Directive focuses on the company level.
The CSRD will be introduced in stages from 2024 and regulates sustainability reporting by companies.
Ultimately, around 15,000 companies in Germany and around 50,000 in the EU will be affected by the directive.
The CSRD creates a uniform framework for the disclosure of ESG (environmental, social and governance) data.
In this context, there is a binding reporting standard in the European Union for the first time: the European Sustainability Reporting Standards (ESRS).
Further information can be found in our factsheet on the CSRD.

Factsheet: CSRD

SFDR

The Sustainable Finance Disclosure Regulation came into force on March 10, 2021.
It obliges financial market participants such as private equity, venture capital and fund companies as well as financial advisors to disclose sustainability information on their products and portfolios.
The increased transparency is intended to ensure that environmental and social factors are given greater consideration when making investment and financing decisions.
A commitment to “sustainable finance”, so to speak.
Further information can be found in our factsheet on the SFDR.

Factsheet: SFDR

The relationship between the EU taxonomy, CSRD and SFDR

Transparency is crucial to channeling more money into sustainable projects and companies.
Customers, employees, investors and many other individuals and groups demand detailed information on environmental, social and governance (ESG) issues.
The interaction between the EU Taxonomy, CSRD and SFDR sets the framework for the disclosure of sustainability aspects.
The mutual relationships between the EU Taxonomy, CSRD and SFDR can be clearly seen in our illustration.
As you can see, the three sets of rules are closely interrelated and even overlap in terms of content.
First of all, the EU Taxonomy provides a classification system for sustainable economic activities, which is applied within the framework of the CSRD and SFRD.

Zusammenhang von CSRD, SFDR und EU-Taxonomie

The CSRD obliges companies to report on various ESG aspects.
Affected companies must also provide information on three key indicators of the EU taxonomy – namely the proportion of taxonomy-eligible economic activities

of total sales
in capital expenditure (CapEx) and
operating expenses (OpEx).

The EU taxonomy and CSRD also play a role in the SFDR.
Financial market participants and financial advisors must report on key figures from the EU taxonomy for their ESG financial products that promote environmental or social characteristics or have a completely sustainable investment objective.
This requires information on the proportion of a financial product that invests in taxonomy-compliant activities.
For example, information is requested on greenhouse gas emissions, consumption and production of non-renewable energy, wage differences and gender diversity.
The financial service providers in turn obtain this sustainability-related information from the CSRD reports of the companies in which they invest.
However, there is currently a certain amount of tension.
The CSRD, i.e. the obligation to prepare a sustainability report, does not yet apply to many companies.
It will be introduced in stages from 2024.
The group of companies subject to reporting requirements will only gradually expand from 2025.
However, due to the SFDR, many companies already have to report sustainability information to financial market participants if they require a loan or investment.
It is therefore clear that it is worthwhile for companies to start reporting and collecting data at an early stage.

Why is sustainability important for companies?

There are numerous reasons to make a company more sustainable.
Firstly, there is growing pressure from outside – from regulatory requirements, for example, but also from customers, business partners and competitors.
But current and potential employees are also paying more attention to how their (future) employer acts and whether this is compatible with their views.

Sustainability can therefore provide a competitive advantage, strengthen the brand, increase employee motivation, retain customers and create new jobs, among other things.
As we have seen above, it also helps in the search for investors.
And, of course, a company makes a contribution to protecting our planet.
You can find numerous studies that prove this in the blog post“Why is sustainability important for companies?”.

We support you with the ESG report

You should therefore start collecting the relevant sustainability information in your company at an early stage.
You can save yourself a lot of time and effort by using specialized sustainability software such as the VERSO ESG Hub.
Our sustainability experts will also support you throughout the entire reporting process – from the materiality analysis, strategy and carbon footprint to the final reporting.
You can also acquire the knowledge you need for reporting at the VERSO Academy

Please write to us. We can help you.

* This information is summarized editorial content and should not be construed as legal advice. VERSO accepts no liability.

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Mann sitzt nachdenklich am Laptop – die Risikoanalyse für das LkSG ist mit vielen Fragen verbunden

11.01.2023

Kickstart LkSG – This is what matters

The LkSG came into force on January 1, 2023. We have summarized the current information on the law for you.

The much-discussed Supply Chain Due Diligence Act (LkSG) came into force for companies on January 1, 2023.
In addition to clarifying some basic questions in order to prepare for the Supply Chain Due Diligence Act, it is important to stay informed about important innovations.
We have summarized the latest information on the law.

Important deadlines for compliance with the law

By when must the due diligence obligations be fulfilled?

Companies that have been subject to the Supply Chain Act since January 1, 2023 do not yet have to have fully complied with all due diligence obligations.
Only the responsibility for monitoring risk management must already be defined and the complaints mechanism established.
All other obligations only need to be implemented in the course of the first audit year.
If your company has fewer than 3,000 and more than 1,000 employees at German locations, it will not be subject to the law until January 1, 2024.

When does the reporting obligation apply?

The following applies to all reports that are to be submitted to the Federal Office of Economics and Export Control (BAFA) and published on the company’s website between January 1, 2023 and June 1, 2024: BAFA will not verify the submission of the reports to BAFA and their publication until the deadline of January 1, 2025.
Further information and detailed answers can be obtained from the BMAS.

How should the term “appropriateness” be interpreted?

In addition, the BAFA has explained the principle of appropriateness stipulated by the Supply Chain Act in more detail in a new guidance document.
According to this, companies are generally obliged to observe due diligence obligations within their supply chains in a manner that is appropriate (for them) in order to prevent, minimize or eliminate human rights or environmental risks.
The aim of this is to give each company the necessary discretion and room for maneuver with regard to the implementation of due diligence obligations.
According to the LkSG, companies do not have to guarantee that their entire supply chain is completely free of human rights violations or environmental damage.
Rather, they must ensure that they take appropriate measures according to their individual business activities to identify and address potential risks.
The due diligence obligations of the LkSG therefore establish a duty of care for companies.
However, should a breach occur in the domestic business area, remedial action must be taken immediately.
The duty of care alone is not sufficient here.

What is the assessment of appropriateness based on?

According to LkSG § 3 para.
2, the appropriateness of an action that complies with the duty of care is based on the following criteria:

Nature and scope of the company’s business activities
The company’s ability to influence the direct perpetrator of a human rights or environmental risk or the violation of a human rights or environmental obligation
Typical expected severity of the violation, the reversibility of the violation and the likelihood of a violation of a human rights-related or environmental obligation
Nature of the company’s causal contribution to the human rights or environmental risk or to the violation of a human rights or environmental obligation

There is no fixed order for these appropriateness criteria.
Instead, companies must decide on an ongoing basis how and in what order to address them, based on their individual risks and violations.
The principle of appropriateness is closely linked to that of effectiveness.
Accordingly, companies may only make an appropriate selection from effective measures.

How is the vulnerability risk assessed?

In principle, the more susceptible a company’s business activities or supply chain structure is to human rights or environmental risks, the greater the efforts that can be expected of this company to prevent, stop or minimize these violations.
The factors listed below serve as examples for assessing the respective vulnerability risk:

Activities in or procurement from risky countries
Activity in or affiliation to a risky sector
Contact with conflict minerals
Use of hazardous machinery and/or chemicals
High proportion of low-skilled, manual work

What needs to be considered in the risk analysis?

In addition, companies are obliged to carry out an appropriate risk analysis.
In this case, the criteria of appropriateness control the varying intensity of the investigative efforts.
Here, too, it can be generally said that a correspondingly more intensive risk assessment must be carried out for high-risk suppliers.
It is, of course, inadmissible to limit the risk analysis only to players over whom there is direct influence.
You can find out more about risk analysis in our practical guide LkSG Compliance.
Would you like to find out more? Get in touch with us.

* This information is summarized editorial content and should not be construed as legal advice. VERSO accepts no liability.

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05.01.2023

The importance and future of sustainable supply chains: Interview with Klaus Wiesen

In this interview, Klaus Wiesen, Head of Sustainable Supply Chain at VERSO, answers relevant questions on the challenges and solutions for more sustainability in supply chains and the role of the supply chain in the future viability of companies.

Companies currently have to deal with several requirements. In addition to the German Supply Chain Act, the CSRD, which has been in force since 2024, is on the table, while CBAM and EUDR also pose new challenges. The CSDDD is on the horizon. In this interview, Klaus Wiesen, Head of Sustainable Supply Chain at VERSO, answers relevant questions on the challenges and solutions for more sustainability in supply chains, the role of the supply chain in the future viability of companies and how the VERSO Supply Chain Hub supports the implementation of sustainability requirements and legal requirements such as the LkSG or the CSRD now and in the future.

7 questions for Klaus Wiesen on challenges and opportunities in the supply chain

1. Why is the supply chain so important for protecting the climate and human rights?

On average, more than 80 per cent of CO2 emissions in the value chain come from the supply chain. The supply chain also plays a key role when it comes to respecting human rights and protecting biodiversity. Sustainable companies and sustainable products are only possible with a sustainable supply chain – which makes the supply chain a decisive factor for the future viability of companies.

2. What obligations do companies face with regard to their supply chains now and in the future?

The obligations are extensive. A lot has happened in terms of regulation. For example, the CSRD (Corporate Sustainability Reporting Directive) requires companies to report extensively on their commitment to sustainability, with the supply chain forming an important part of the reporting. In addition, the member states have agreed on the EU Supply Chain Act (European Directive on Corporate Sustainability Due Diligence) and the EU law to stop deforestation has been passed. Last but not least, the German Supply Chain Act, the “Lieferkettensorgfaltspflichtengesetz” (LkSG), came into force on January 1, 2023. All of this ensures that companies are required to procure in a way that takes climate neutrality, environmental protection and respect for human rights fully into account. The biggest challenge for companies in fulfilling the upcoming obligations is that a supply chain cannot be made sustainable in the blink of an eye. The transition to a sustainable supply chain takes time. Accordingly, sustainable procurement cannot be achieved in a one-off project, but the path to it requires new structures within the company and continuously ties up resources. It is important that companies start early enough. Due to the current crises, however, the opposite is often the case: the issue of sustainability is put off for as long as possible. This will backfire on companies later on.

3. What are the most important steps in achieving sustainable procurement and which departments should be involved?

In purely organisational terms, purchasing should always be involved with a central function, especially as purchasing typically maintains the most intensive contact with suppliers. It is therefore important to build up sustainability expertise in purchasing – in addition to close coordination with the CSR department, if this already exists in the company. For procurement, this is an opportunity to reposition itself strategically within the company.
Transparency is also required in the supply chain: where are the suppliers’ production sites located and who is the right contact person for sustainability at suppliers? Which sustainability standards do the suppliers fulfil? And do their own suppliers in turn purchase from sustainable sources? In most cases, companies do not have the answers today.

4. How can such transparency be achieved across the supply chain?

One key to transparency is co-operation with suppliers. It is no longer just information on price or quality that needs to be obtained from suppliers. Sustainability information is also required. And not just one-off information on how risky suppliers are. A continuous assessment and development of suppliers in terms of sustainability is required. Many companies shy away from the effort involved in collecting data – for fear of high costs and negative reactions from suppliers. At VERSO, however, we see every day that the effort involved in collecting data via our cloud platform is minimal – both for our customers and for suppliers – and the feedback from suppliers is positive.

5. How does VERSO support data collection along the supply chain?

VERSO provides support at various levels: In view of the many regulatory requirements, it is very challenging for companies to define the scope of the required information. In addition, the requirements are dynamic and new laws and standards are constantly being added. Sustainability standards are currently still in their infancy. The scope of the data query must therefore be continuously supplemented or adapted. The VERSO Supply Chain Hub receives standardized self-disclosures on all relevant sustainability requirements. The questionnaires are sent automatically, data is collected and evaluated. In addition to information on which sustainability requirements a company fulfills, VERSO also helps to create transparency in the upstream supply chain. This is where the risks are sometimes greatest. If the company procures high-risk raw materials, it is essential to create transparency for the supply chains of the raw materials.

6. What opportunities does sustainable supply chain management offer, even if your own company is not affected by the LkSG?

First of all, companies that are not covered by the LkSG will most likely have to fulfil reporting obligations in accordance with the CSRD, which also applies to capital market-oriented SMEs. And the European Supply Chain Act also applies to more companies than the LkSG. But regardless of whether companies are affected by regulation or not, there are many reasons for sustainable supply chain management: I currently see the greatest opportunity in differentiating ourselves from the competition – precisely because corporate customers and consumers are paying more attention to this. In addition, the crisis has shown that companies with sustainable procurement are more resilient, meaning they have had fewer supply disruptions. And with rising CO2 prices and the planned ‘Carbon Border Tax’ (CBAM), companies that are already implementing climate targets for the supply chain will be affected by significantly lower cost increases.

7. To what extent can companies position themselves for the future with VERSO when it comes to sustainability requirements in the supply chain?

Our promise to our customers is that all sustainability requirements for the supply chain can be covered with VERSO now and in the future. The VERSO Supply Chain Hub already covers the topic of due diligence as required by the LkSG as well as climate protection and the recording of CO2 footprints, biodiversity or simply the question of where certain raw materials come from. The platform therefore offers the ideal starting point for meeting the reporting requirements of the CSRD, the EU Supply Chain Act or the EU law to stop deforestation. And, of course, to go beyond regulatory requirements and differentiate yourself from the competition.

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Risikoanalyse nach LkSG: Das sagt das BAFA – Symbolbild von Frachtcontainern

11.10.2022

LkSG-Risikoanalyse: Was sagt die Handreichung des BAFA?

„Risiken ermitteln, gewichten und priorisieren – Handreichung zur Umsetzung einer Risikoanalyse nach den Vorgaben des Lieferkettensorgfaltspflichtengesetzes“, so lautet der Titel der sehnlichst erwarteten Handreichung des Bundesamtes für Wirtschaft und Ausfuhrkontrolle (BAFA). Im Fokus der Handreichung steht die Risikoanalyse der menschenrechtlichen und umweltbezogen Risiken im eigenen Geschäftsbereich und in der Lieferkette.

Abstrakte, konkrete und anlassbezogene Risikoanalyse

Nach dem LkSG müssen Unternehmen nach § 4 LkSG ein angemessenes und wirksames Risikomanagement einrichten, um menschenrechtliche oder umweltbezogene Risiken oder Verletzungen zu erkennen. Diese Risikoanalyse ist jährlich bzw. anlassbezogen durchzuführen (§ 5 LkSG Abs. 4).

In Bezug auf die regelmäßige Risikoanalyse führt das BAFA eine wichtige Unterscheidung ein:

Die abstrakte Risikoanalyse

Hier wird aufgrund vorhandener Stammdaten, Einkaufsvolumen und ggf. unter Einbezug von Risikodaten eine erste Priorisierung vorgenommen. Diese Risikoanalyse reicht allerdings alleine nicht aus, sondern ist durch die konkrete Risikoanalyse zu plausibilisieren.

Die konkrete Risikoanalyse

Hier werden die Ergebnisse der abstrakten Risikoanalyse plausibilisiert. Hierbei spielt der spezifische Kontext, das heißt auch individuelle Primärinformationen über die Lieferanten, eine wichtige Rolle. Risiken sollen gewichtet und priorisiert werden und so das Gefahrenpotenzial eingeschätzt werden. Hierbei spielen Eintrittswahrscheinlichkeit und Schwere der Verletzung eine wichtige Rolle.

Die anlassbezogene Risikoanalyse

Des Weiteren ist anlassbezogen eine Risikoanalyse durchzuführen. Dies gilt entweder bei Veränderung der Geschäftstätigkeit oder bei substituierter Kenntnis von Verletzungen einer menschenrechtlichen oder umweltbezogenen Pflicht bei einem oder mehreren mittelbaren Zulieferern.

Darüber hinaus enthält die Handreichung hilfreiche Informationen zu den Daten, die zur Beschaffungsstruktur erfasst werden sollten sowie im Anhang II einen Überblick über Umsetzungshilfen (Berichte und Leitfäden) für die Ermittlung von menschenrechtlichen und umweltbezogenen Risiken.

Wie unterstützt VERSO die verschiedenen Risikoanalysen?

Sowohl für die abstrakte als auch für die konkrete Risikoanalyse sind eine Vielzahl von Daten effizient einzuholen und auszuwerten. Unsere Cloud Plattform unterstützt hier optimal.

Abstrakte Risikoanalyse: Wesentliche länderbasierte Risikoindizes sind in der VERSO Supply Chain Plattform integriert und können mittels einer Heat Map übersichtlich ausgewertet werden. So können Sie ihre Lieferantendaten zielgerichtet ergänzen.

Konkrete Risikoanalyse: Hier unterstützten wir im Kern, indem Sie Lieferanten mit abstrakten Risiken ganz einfach in die Überprüfung geben können, und mittels Selbstauskünften und Nachweisen eine Aussage zu den getroffenen Maßnahmen zur Risikominimierung erhalten. Die kritischen Lieferanten lassen sich dann anhand der geographischen Lage der Betriebsstätten und den verbundenen Länderrisiken und der Beschäftigtenzahl noch weiter priorisieren.

Anlassbezogene Risikoanalyse: Unser Lieferketten-Mapping ermöglicht die schnelle Überprüfung von Risiken bei substantiierter Kenntnis von Verstößen bei mittelbaren Zulieferern. Ergänzen Sie ihre Risikoanalyse zudem jederzeit für neue Geschäftsbereiche, in dem Sie neuen Lieferanten auf die Plattform einladen.

* Bei diesen Informationen handelt es sich um redaktionell zusammengefassten Content, der nicht als Rechtsberatung zu verstehen ist. VERSO übernimmt keine Haftung.

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Aktuellen ESG-Themen und Gesetzesänderungen
Best Practices aus den Bereichen ESG und nachhaltige Lieferketten
News zu VERSO
Sustainability Events uvm.

Why is climate protection relevant in the supply chain?

Climate protection in the supply chain – because it is required by law

Climate protection in the supply chain – because it makes companies future-proof

Climate change poses risks for supply chains

Supply chain resilience with VERSO

Customers and consumers demand sustainability

Measures for climate protection in the supply chain

* This information is summarized editorial content and should not be construed as legal advice. VERSO accepts no liability.

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5 reasons why a sustainability strategy is important for companies

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Green Claims Directive: EU takes action against greenwashing

Environmental information is often misleading

CSRD: New requirements for sustainability reports

The EU’s response: the Green Claims Directive

Which environmental claims are affected by the Green Claims Directive?

Will “green claims” be banned?

What are the consequences of the Anti-Greenwashing Directive for companies?

What does the directive achieve against greenwashing?

Your overview of the new Green Claims Directive

We support you with your sustainability communication

* This information is summarized editorial content and should not be construed as legal advice. VERSO accepts no liability.

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Decarbonizing the supply chain: How companies achieve their climate targets along the supply chain

Transparency beyond one’s own nose

The ESRS at a glance

4 steps to decarbonize your supply chain

Step 1: Estimate Scope 3 emissions

Step 2: Identify Scope 3 hotspots and assess suppliers’ climate maturity

Step 3: Set climate targets, onboard suppliers

Step 4: Implement climate strategy

How can I achieve the climate targets for my supply chain as easily as possible?

Please write to us. Together we will find a solution to help your company achieve its Net Zero goals!

* This information is summarized editorial content and should not be construed as legal advice. VERSO accepts no liability.

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CSR, ESG, sustainability – what’s the difference?

What does CSR mean?

Whitepaper: The ESRS at a glance

What does ESG mean?

Practical guide to CSRD

So what is sustainability?

Overwhelmed by the CSRD?

Conclusion: Is ESG or CSR more important?

* This information is summarized editorial content and should not be construed as legal advice. VERSO accepts no liability.

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Why is sustainability important for companies?

Communicating sustainability on the website

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How to communicate your sustainability on the website

6 tips for communicating sustainability credibly on the website

Tip 1: Transparency and measurable data

CSRD: New requirements for sustainability reports

Tip 2: Awards from independent bodies

Tip 3: Present cooperations

Communicating sustainability successfully and confidently

Tip 4: Show commitment

Tip 5: Be honest

Tip 6: Demonstrate sustainability with a sustainable website

* This information is summarized editorial content and should not be construed as legal advice. VERSO accepts no liability.

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ESG in financing: This data decides on loans

How to take a closer look at financing applications

Green Deal, Climate Protection Act, SFDR, MaRisk: many requirements – one goal

No gap in the loan application

Sustainable Finance Disclosure Regulation

No financing without an ESG check: banks want to see this data now

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Risikomanagement für Nachhaltigkeit in der Lieferkette