To continue to drive action towards a sustainable economy CDP is making some changes to produce high-quality, comparable data that is globally accessible.
Introducing new changes and continually striving to drive action, CDP wants to ensure that the disclosed data is of high quality and globally accessible, enabling better decision-making. By implementing a unified questionnaire and aligning with relevant frameworks and standards, CDP enhances comparability and ensures that one input through their system leads to many uses.
We talk to LRQA’s technical cluster manager in ESG, Olga Rivas on the latest plans shared by CDP for this year, including streamlining their questionnaires and aligning with relevant frameworks and standards.
CDP full corporate questionnaire:
CDP annually evolves their questionnaires in their quest to protect the climate. In 2024, CDP will introduce their new integrated questionnaire, combining all three of their existing questionnaire formats (climate, forests and water security) into one.
CDP SME corporate questionnaire:
Also in 2024, CDP will be introducing a new SME corporate questionnaire, aligned to the CDP full corporate questionnaire but with a simplified format to reduce the reporting burden. The new questionnaire will replace the minimum version corporate questionnaire and the pilot private markets SME questionnaire.
According to CDP, 90% of global business is accounted for by SMEs and therefore they must have the guidance and tools to commit to climate action.
Alignment with relevant frameworks and standards:
CDP will also collaborate and aim to align with reporting frameworks and standards bodies to further reduce the reporting burden on organisations. These collaborations include:
- International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures
- Task Force on Nature-Related Financial Disclosures (TNFD) recommendations
- European Sustainability Reporting Standards (ESRS)
- Securities and Exchange Commission (SEC) climate disclosure rule
- Task Force on Climate-related Financial Disclosures (TCFD)
Further information and the alignment status can be found on the CDP website.
CDP portal:
Due to increased demand for environmental disclosure, changes will also be made to the CDP disclosure portal. The new portal will enable colleague collaboration and self-service functionality to make it easier to disclose, track progress and access data.
A new era of risk management
The era of Assurance 4.0 is here. Businesses face a rapidly changing world with a growing focus on the environmental, social and governance (ESG) challenges encountered by businesses, and society as a whole.
"This update from CDP is part of a wider strategy to drive action towards a sustainable economy. By improving your ESG credentials and adopting best practices, you not only showcase your commitment to transparency but can benefit from successful reputation management, regulatory compliance, investment and improved consumer satisfaction." said Olga.
With over 800 ESG experts globally, we work alongside you to create solutions that address the unique challenges faced by your business. Some of the world's most recognizable brands rely on LRQA to partner with them on a range of complex projects. From verifying carbon emissions and navigating the energy transition to ensuring that supply chains are free from forced labour, our experts are committed to shaping a better future, together.
