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What is Double Materiality and Why is it so Important?

March 20, 2024

“Materiality” and “double materiality” are topics coming up a lot in #CSRD discussions. But what’s the buzz all about?

In January of 2023, the EU Corporate Sustainability Reporting Directive (CSRD) entered into force, strengthening the rules about the social and environmental information that large companies must report. The reporting requirements were to be applied for the first time in the 2024 financial year, with the first reports required by January 1st, 2025.

This new legislation, which covers nearly 50,000 companies, has introduced the concept of double materiality, whereby a company must assess and disclose how its economic performance is influenced by environmental and societal factors and in turn, how it impacts such factors.

An understanding of double materiality is critical to developing a holistic view of a company’s sustainability performance by considering both internal impacts and external risks and opportunities. Click here to learn more! #doublemateriality #sustainability #sustainablereporting

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