Thursday, July 18, 2024

New EU Sustainability Reporting Rules Are a Challenge, Says Puma

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Meeting new European Union requirements for corporate reporting on sustainability is a challenge, sportswear brand Puma’s head of sustainability said on Wednesday, ahead of what he called an “avalanche” of regulation in the bloc.

“We are nowhere near being able to fulfil the requirements of CSRD,” Stefan Seidel said on a panel at the Reuters Impact conference in London, referring to the EU’s Corporate Sustainability Reporting Directive.

Seidel said this was despite Puma reporting on sustainability for 20 years. “So I think it’s maybe a bit over the top,” he said.

Companies will have to comply with the directive — which requires them to analyse environmental risks, set targets, and get sustainability reports externally audited — in the 2024 financial year for reports published in 2025.

Seidel said Puma collects data from its tier one and two suppliers on emissions, energy, water consumption and waste creation, as well as social data like staff turnover and wages.

He said the company had cut its emissions by 9 percent from 2017 to 2022 while doubling its business.

By Helen Reid; Editors: Louise Heavens and Jan Harvey

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