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Navigating the Landscape: Challenges in ESG Data Collection and Reporting

In today’s business world, Environmental, Social, and Governance (ESG) considerations have become integral to a company’s reputation, investor relations, and long-term sustainability. ESG reporting not only demonstrates a company’s commitment to responsible practices but also satisfies the growing demand for transparency from stakeholders. However, amid the drive for more comprehensive ESG reporting, challenges abound in collecting and reporting accurate data.

Challenges in ESG Data Collection

1. Data Quality and Consistency:
Gathering consistent, reliable, and high-quality data across diverse operations and subsidiaries can be complex. Inconsistent reporting standards and varying data formats further complicate this challenge.

2. Data Availability and Accessibility:
Accessing relevant ESG data can be arduous, especially when information is dispersed across different departments or when external data sources are involved. Lack of standardized frameworks exacerbates this issue.

3. Metrics and Materiality:
Determining which metrics matter most (materiality) to a company’s specific ESG performance can be subjective and challenging to assess. Choosing the right indicators is crucial for meaningful reporting.

4. Data Privacy and Security:
With the sensitivity of ESG data, ensuring data privacy and security while adhering to regulations is a significant concern. Balancing transparency with data protection poses a delicate challenge.

How Planmark can help with data collection and reporting?

1. Built for ESRS and CSDR
Planmark is built to comply with for ESRS (European Sustainability Reporting Standards) and CSDR (Corporate Sustainability Reporting Directive). The smart Plamark reporting platform guides through the data collection and ensures that required data points have been completed.

2. Technology and Automation
Planmark uses advanced technologies to streamline data collection, verification, and reporting processes. Automation reduces errors and enhances efficiency.

3. Collaboration and Engagement
Planmark advocates collaboration among departments and stakeholders improves data sharing and ensures a holistic approach to ESG reporting. Engaging suppliers and partners fosters a more comprehensive view of the company’s impact.

4. Transparency and Communication
Prioritizing transparent communication about data collection methodologies, limitations, and progress instills trust among stakeholders. Openness about challenges demonstrates a commitment to improvement – all handled in a single platform.

Get started with Planmark

ESG data collection and reporting are critical elements in showcasing a company’s commitment to sustainability and responsible business practices. However, navigating the challenges inherent in this process requires a multifaceted approach. Planmark reporting platform streamlines your organisations reporting and promotes continuity in sustainability efforts. Get in touch today to get started with Planmark.

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