Sustainability Data Market Overview: July 2023

We’re delighted to share our most recent market update. Here are the headlines from our recent update that stand out:

1. Regulations are here to stay.

Over 98,000 businesses must begin reporting in 2025, on 2024 data. And then they must continue reporting year after year.

2. Penalties for non-compliance are harsh,

with fines up to 5% of revenue. The EU means business.

3. Assurance reports are required.

New sustainability data processes must be built out and they must have the same rigor and compliance as financial data.

4. Regulatory filings will be made public.

The EU plans to use a digital format that enables clear comparisons over time and across companies

5. Standards are clear,

with global harmonization across regulators and other standard setters

The bottom line: Sustainability is a new type of “non-financial data in financial reporting,” with all the rigor, method and reliability of financial data.

Read our updated market overview for key trends. 2025 promises to be a big reporting year, and larger companies will have to get started soon – in 2023 or early 2024 to complete all the tasks the new standards entail.