Austrian Companies Embrace Sustainability, Tackling Standards Complexity
Austrian companies are increasingly embracing sustainability, with many planning to integrate Environmental, Social, and Governance (ESG) criteria into their business processes and decision-making structures. However, the high complexity of standards presents a significant challenge.
By 2025, Austrian companies are expected to strategically integrate ESG criteria and publish comprehensive sustainability reports. According to a study by EY denkstatt, over half of larger companies already adhere to European Sustainability Reporting Standards (ESRS) or GRI guidelines. Despite this progress, 60 percent of companies still find the high complexity of these standards a significant hurdle.
Currently, only 8 percent of larger Austrian companies have taken minimal sustainability activities. Meanwhile, 67 percent struggle with a lack of relevant data for sustainability reporting. To address this, 74 percent of companies see the greatest potential in implementing efficient data systems for sustainability reporting. Furthermore, 61 percent want to expand internal and external ESG communication. Over half of the companies are already reporting according to the ESRS, indicating that sustainability reporting has become established in corporate practice in Austria. To support this trend, 45 percent of companies focus on further training and coaching for employees regarding sustainability.
Austrian companies are making strides in sustainability, with most planning to integrate ESG criteria and publish reports. However, challenges remain, particularly regarding the complexity of standards and data availability. Companies are addressing these issues by investing in data systems, improving communication, and training employees, indicating a commitment to sustainable practices.
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