More and more companies in Romania are voluntarily complying with ESG criteria in order to obtain better financing and to have access to value chains, said Corina Blănaru, partner, PKF Finconta, during the ESG:RO event, organized by Business Mark.
“At the moment we have two categories of clients: multinationals, which have already implemented sustainable reporting for several years and which have clear principles, coming from the headquarters and are going to implement them in Romania, and they do not have specialized staff at the level of the offices in Romania and they need support. And we have the companies from Romania, which will fall under the Directive and then prepare for reporting, but we also have a new category, namely the companies that want to comply voluntarily. And they want to comply out of necessity, in order to have better financial conditions or to have access to value chains,” said Corina Blănaru.
She gave the example of retail chain stores, which have already been doing sustainability reporting for several years. “The directive that is about to enter into force has put Scope 3 on the back burner and they are already preparing a first evaluation this year. 2023 is a time of neutrality, but everyone wants to see where they stand, so that in 2024 they know where they will have to go. Already the retailers, in the evaluation they are doing this year for the negotiations for the end of the year, are requesting from the suppliers: if they make reports, if and what data they are willing to share, what are the investment programs… So are the banks”, Corina Blănaru also said.
Scope 3 covers emissions that are not produced by the company itself and are not the result of activities from assets owned or controlled by it, but by companies for which it is indirectly responsible, in the value chain. An example of this is when products are bought, used and discarded from suppliers.
Scope 3 encompasses emissions that are not produced by the company itself, and not the result of activities from assets owned or controlled by them, but by those that it’s indirectly responsible for, up and down its value chain. An example of this is when we buy, use and dispose of products from suppliers.
CSRD, the Sustainable Corporate Reporting Directive, will come into force from 2024 and will affect, in turn, large companies and subsequently the medium and small listed company sectors.
The European Commission adopted the CSRD in late 2022. The rules will start applying between 2024 and 2028: from 1 January 2024 for large public-interest companies (with over 500 employees) already subject to the non-financial reporting directive, with reports due in 2025; from 1 January 2025 for large companies that are not presently subject to the non-financial reporting directive (with more than 250 employees and/or €40 million in turnover and/or €20 million in total assets), with reports due in 2026;
from 1 January 2026 for listed SMEs and other undertakings, with reports due in 2027. SMEs can opt-out until 2028.
