Knowit publish Finnish market research about new sustainability reporting - implementation varies widely

Around a fifth of companies subject to sustainability reporting obligations do not yet produce sustainability reporting, despite a comprehensive understanding of the requirements, according to market research published by Knowit on 9 November. The requirements of the EU Sustainability Reporting Directive will enter effect in phases between 2024 and 2026.

Most of the companies surveyed will have to change their sustainability reporting due to the new Corporate Sustainability Reporting Directive (CSRD). The requirements of the Directive are well known, but only 74 % of respondents produce some level of sustainability reporting and 26 % do not report sustainability figures at all.

The results are extracted from a market survey just published by Knowit, which provided an overall picture of the maturity level of companies operating in the Finnish market in relation to sustainability and its reporting.

- The EU Sustainability Reporting Directive affects many Finnish companies, either directly or through customer requirements. Many companies will certainly be in a hurry, so planning and preparation should start now. Now is the perfect time to turn the requirements into a competitive advantage, sums up Markku Haukijärvi, Senior Sales Executive, Knowit Solutions Oy.

The market research

The Finnish study "Vastuullisuusraportoinnin markkinakartoitus 2023" surveyed the awareness and implementation maturity of Finnish companies regarding the CSRD and the impact of reporting expectations on the sustainability performance of these companies. The survey was conducted in October 2023 and targeted companies in the manufacturing and services sectors with a turnover of more than €40 million and which are required to report on sustainability under the new CSRD Directive. For comparison, a few companies with a turnover of €30-40 million were also included. The survey is based on 100 responses. The survey was conducted, and the results analysed by Innolink. The survey will be published on the Knowit.fi website on 9 November.