Preparing Hempel for the new EU reporting requirements, Nordic Sustainability assessed their preparedness and supported them to start developing the necessary processes for ESG reporting.
This included an assessment of Hempel’s preparedness for the EU Sustainability Reporting Standards (ESRS) and conducting a double materiality assessment to provide recommendations for Hempel’s sustainability priorities.
Our approach
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Impacts, risks, and opportunities identified, assessed and summarised into key areas of strategic focus
The project started with a gap assessment that compared Hempel’s current actions, policies, and data availability compared to ESRS reporting requirements. To inform this process, Nordic Sustainability reviewed internal documents while also engaging key stakeholders to validate the assessment while informing them in discussions about the upcoming requirements.
Next, impacts, risks, and opportunities were identified as a foundation for the materiality assessment. To identify impacts and mitigating actions, Nordic Sustainability used the Future-Fit Business Benchmark to develop a holistic understanding of Hempel’s progress to inform the materiality assessment.
The ESRS-based double materiality assessment was developed with a workshop series. The workshops both served to engage key stakeholders and gathered their insights to inform future priorities.
Result
Hempel has an overview of priorities relating to ESRS topics and a roadmap of next steps to enable compliance.
Nordic Sustainability’s work showed a novel and well-structured way of working with this new set of standards that – to our knowledge – don’t exist anywhere else. They consistently demonstrated high quality work, professionalism and great stakeholder management capabilities. This project provided the support we needed to inform our organisation on the important legislative developments as well as help kick-start our preparations for upcoming reporting requirements.