How CSRD Affects Event Professionals in 2024 and How to Prepare

The Corporate Sustainability Reporting Directive (CSRD) represents a pivotal shift in how businesses report their sustainability efforts. For event professionals, understanding and adapting to these new regulations is essential for preparing for what is to come. This blog explores what CSRD entails, the challenges it poses, and how event professionals can prepare and measure their compliance effectively.

What is CSRD?

The CSRD is an initiative by the European Union aimed at increasing transparency around the sustainability practices of large companies. Expanding on the Non-Financial Reporting Directive (NFRD), the CSRD mandates more extensive disclosures about how companies affect people and the planet. This means businesses must report on their environmental impact, social responsibility, and practices with much greater detail than before. Although currently, this only affects businesses operating in the EU, it’s pivotal to get ahead of what is to come for the UK and begin measuring our practices in sustainability, particularly in events. 

What is Changing/Required?

Emphasis on Detailed Reporting

Event professionals will need to report extensively on the sustainability aspects of their operations. This includes detailing how their events manage waste, energy consumption, and social impacts. This means not only gathering this data but also verifying it through external audits, ensuring accuracy and transparency. 

Enhanced Vendor Scrutiny

The CSRD will also require any external sustainability practices of vendors and partners in events. This means event planners must ensure that their suppliers, from venues and catering to tech providers, adhere to certain environmental and social standards. Selecting the right suppliers will now involve evaluating their compliance with sustainable practices and if they measure. 

Implications and Challenges

Complexity in Compliance

The complexity of complying with the CSRD lies in its demand for transparency and accountability across all levels of event planning. Professionals must understand various sustainability metrics and how to integrate them into their event planning and execution processes.

Client Expectations and Reputation

With the growing public and corporate emphasis on sustainability, clients increasingly expect events to adhere to high environmental and social standards. Event professionals must meet these expectations to maintain their reputational status. Failing to comply with CSRD could not only lead to legal repercussions but also damage a company’s reputation, potentially resulting in lost clients and reduced market competitiveness.

Event Impact and Reporting

Event professionals must also focus on the direct and indirect impacts of their events. This includes measuring and reporting on aspects such as carbon emissions, energy use, material sustainability, and community impact. Transparent and accurate reporting of these impacts is essential under CSRD, as it helps stakeholders understand the real-world effects of their sustainability efforts and contributes to a more accountable event industry.

Potential for Some Increased Costs

Implementing CSRD-compliant practices might lead to increased upfront costs. For instance, sourcing materials and services that meet the required sustainability standards can be more expensive. Additionally, the operational burden of compiling, verifying, and reporting detailed sustainability data can lead to higher operational costs and time. 

How to Prepare and Begin Measuring for CSRD

Education and Training

Event professionals should begin by educating themselves and their staff about CSRD requirements. Understanding the directive thoroughly is the first step in ensuring compliance. Training sessions and workshops can be invaluable in bringing teams up to speed on the best practices in sustainable event management.

Leveraging Technology

Technology can significantly ease the burden of CSRD compliance. Event management software that includes features for tracking sustainability metrics—like carbon footprint calculators or waste management logs—can simplify the data collection and reporting process.

Establishing Sustainability Metrics

To measure the success of their compliance efforts, event professionals need to establish clear sustainability metrics. These could include quantitative measures like the percentage reduction in carbon emissions or waste recycling rates at events. Regularly reviewing these metrics not only helps in reporting but also in identifying areas for improvement.

Partnering Strategically

Choosing the right partners—those who already align with CSRD principles—can make compliance smoother. By collaborating with vendors and venues that prioritise sustainability, event professionals can ensure that their events meet CSRD standards more easily.

The CSRD requires a significant shift in how event professionals plan and execute events. While it introduces new challenges, particularly in terms of costs and operational complexity, it also provides an opportunity to innovate and lead in sustainable event management. By effectively preparing for and measuring their compliance efforts, event professionals can not only adhere to these new regulations but also drive the industry towards a more sustainable future.

Author

Gemma Baker

Gemma loves all things social media and keeps busy by creating lots of Hire Space content. When she’s not creating content, you'll find her shopping, exploring or at the gym!

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