Sweep, a France-based CO2 and ESG management platform, on May 24 announced the launch of Sweep for Compliance, the first solution to offer reliable, transparent, and audit-ready reporting that complies with the EU’s newly introduced Corporate Sustainability Reporting Directive (CSRD).
By mid-decade, an estimated 50,000 European Union companies and at least 10,000 EU-based foreign businesses will be falling under the scope of the new EU directive. This will require them to communicate their 2024 corporate social and environmental financial information.
Sustainability disclosure regulations are becoming stricter across the globe, demanding companies to track and publicly disclose new data sets.
Failure to act on behalf of companies can bring various compliance risks, including potential financial sanctions, legal penalties, and damaging accusations of greenwashing.
Relevant: European Parliament Adopts New Environmental Reporting Rules For Multinational Companies
The process of measuring ESG and CO2 data, however, is complex and time-consuming. According to research, 65% of business leaders in France say their company is not sufficiently prepared to meet ESG goals and regulatory requirements. The Sweep for Compliance solution aims to support businesses in their effort to comply with CO2, ESG and regulatory disclosure requirements through the use of data analytics and reporting requirements directly into the platform.
“In 2023, data collection can’t be a bottleneck for companies to track and improve their positive impact,” said Rachel Delacour, CEO and co-founder at Sweep. “Monitoring extra financial data is now a crucial business issue as European sustainability regulations become more stringent.”
Sweep for Compliance offers data gathering and quality checks, traceability, and monitoring, and generates insights and reports. According to the company, the platform saves as much as 50% of the time needed for the auditing process and provides consistent, verified, and compliant ESG and CO2 data reporting. Earlier this year, Sweep introduced Sweep for Supply Chain to allow companies to track their supply chain emissions.
Read more: Sweep Launches New CO2 Management Solution For Scope 3 Emissions
