Thomson Environmental Consultants (Thomson EC) has announced the launch of an innovative new service to assist businesses with environmental disclosures under the EU Taxonomy.
Ahead of upcoming changes in EU legislation, Thomson EC is working to support businesses required to make climate and environmental disclosures in meeting their legal reporting requirements.
The environmental consultancy has developed a highly focused, map-based methodology to assess sites and activities across the globe and evaluate their impact on ecologically sensitive areas. Its team of expert ecological consultants can also help businesses develop plans to actively improve biodiversity on and around sites and in relation to specific activities.
Around 50,000 businesses will be impacted when the Corporate Sustainability Reporting Directive (CSRD) comes into force in 2024. Over time, more businesses will be required to report under the regulation, with SMEs required to make disclosures from 2026.
Although the regulations apply to businesses in the EU, they also impact non-EU businesses with EU subsidiaries that meet turnover thresholds. From 2028, businesses outside the EU with an EU-generated turnover of more than £150 million will also be required to report.
Part of CSRD requirements will be compliance with the EU Taxonomy. This is a system to demonstrate that economic activities are environmentally sustainable, meaning that the economic activity will significantly contribute to at least one of the EU climate and environmental objectives. In addition, the activity must demonstrate ‘no significant harm’ to the remaining objective areas.
The six climate and environmental objectives are:
- Climate change mitigation
- Climate change adaptation
- Sustainable use and protection of water and marine resources
- Transition to a circular economy
- Pollution prevention and control
- Protection and restoration of biodiversity and ecosystems
Companies that are required to report under the CSRD must show how their activities are covered by the EU Taxonomy and how they comply with its requirements. Other businesses may decide to report against the EU Taxonomy voluntarily. Reporting requirements will require detailed analysis of complex environmental data in order to robustly demonstrate ‘significant contribution’ or ‘no significant harm’ to biodiversity and ecosystems.
Thomson EC has already begun working with one of the world’s largest manufacturers of insulation materials, Rockwool Group, with the EU Taxonomy.
Rockwool’s Group Sustainability Partner said: “Working with Thomson Environmental Consultants helped us understand what the taxonomy directive meant for us as they produced a very detailed but easy-to-understand report, maps and recommendations.“
Thomson EC’s Director of Digital Innovation, Steve Wagstaff, said: “It was a great opportunity for us to work with global manufacturer, Rockwool Group, from the beginning of the EU Taxonomy road. I think our partnership approach, as well as our technology, has resulted in something that will genuinely make a difference for their business going forward.“
To learn more about the new service and information on EU Taxonomy, please visit: https://www.thomsonec.com/services/climate-change-and-sustainability/eu-taxonomy-biodiversity-assessments/