Hello reader 👋🏼

This edition read time: 9-11 minutes

Today we cover:

• Sustainability roles: growing salaries, budgets and headcount 

• CFOs push for reliable ESG data amidst greenwashing fears

• Major updates on EU CBAM and UK CBAM rollout plans

• New LME CBAM reporting requirements for aluminium

• Expert guide to nailing your EcoVadis submission

• RMI’s new AMRT template for minerals reporting, and other news

KEY UPDATES

State of the sustainability profession 2024: Maturity meets momentum 

The latest report on the State of the Sustainability Profession 2024 highlights a turning point as the field gains both recognition and support. Key trends include a growing number of sustainability leaders reporting directly to CEOs, increased salaries worldwide, and expanding budgets and teams within sustainability functions. There’s a strong upward trend in female leadership in the field as well.

Interestingly, sustainability expertise is increasingly being brought in-house, underscoring the value of long-term impact (see the graph 👇🏽).

Yet, sustainability roles are more demanding than ever. With rising regulations, the report questions whether sustainability roles will remain compliance-focused or evolve into strategic drivers of positive impact. The use of AI is noted as a defining factor, potentially separating leaders from laggards as teams balance automation with hands-on expertise.

CFO’s major concern: non-financial data

The latest EY Global Corporate Reporting Survey reveals tension in the C-suite: 96% of CFOs lack confidence in their non-financial data and over half worry about perceptions of greenwashing in sustainability reporting. There’s a clear call for AI tools to support CFOs in verifying claims, identifying data inconsistencies, and managing vast information flows.

We anticipated this need with Sirius and saw its growing importance for our clients. Our algorithm links information directly to sources across ESG questionnaires, reports, and forms and flags conflicting information, giving C-suite leaders the clarity and confidence they need.

The report also underscores the need for CFOs to balance long-term growth with immediate performance by investing in AI, sustainability, and other growth drivers. Sharing the report with your CFO may encourage conversations on how finance leaders can position themselves as strategic partners to CEOs and boards in navigating today’s challenges.

GRAPH OF THE MONTH

Sustainability maturity curve

Recent months have shown some backpedalling in sustainability goals: deadlines are being pushed, and some targets are even dropped. Yet, we believe that this reassessment signals a maturing field rather than a retreat. The big baseless promises and headlines are gone, in their place is a quiet, value-driven progress that truly benefits business. Instead, what remains is quiet, value-driven progress that genuinely benefits businesses. Below, see our featured graph of the month, picked up by leading experts and media as a signal of this shift.

CBAM ESSENTIAL UPDATES

New CBAM Q&A released

The European Commission’s latest CBAM Q&A updated on October 24, 2024, addresses several open questions:

• Direct operator registration: From January 1, 2025, operators can register directly in the EU CBAM Registry and submit either full data or just the summary required for CBAM declarations, covering all importers in one registration.

• Using default values: Updated guidance addresses data collection challenges when using default emissions values.

• Indirect emissions reporting: Country-specific electricity grid emission factors are now available in the CBAM transitional registry for optional reporting of indirect emissions.

• Authorised CBAM declarant status: From January 2025, importers can apply for "authorised CBAM declarant" status, which will become mandatory by January 2026.

• CBAM benchmarks: New insights on the benchmarks that will be used to define CBAM standards.

See the link to the updated FAQ below in the Important links for CBAM reporting.

LME: Compulsory CBAM reporting for aluminium

Beginning June 15, 2025, the London Metal Exchange (LME) will require LME-listed aluminium brands to complete and upload an annual emissions reporting form to LMEpassport, linked to each brand’s Certificate of Analysis (CoA). No verification will be needed for 2025, but verification becomes mandatory in 2026, with a submission deadline of April 15 each year. You can fill out the form and prepare a submission directly with Sirius - check here.

UK CBAM: Confirmed rollout in 2027

The UK government responded to the consultation, confirming the key details of UK CBAM implementation. What is important to note for exporters from outside of the EU and UK: CBAM requirements won't be the same. Once more details on calculation mechanics become available, companies will need to harmonise data collection and reporting processes across the two regimes.

• Implementation date: January 1, 2027

• Covered sectors: Aluminium, cement, fertiliser, steel, hydrogen, and iron (excludes glass and ceramics)

• Threshold: Only applies to imports of £50,000+ of CBAM goods in a 12-month period

Important links for CBAM reporting:

• Updated EU CBAM FAQ

• New features for the EU CBAM Declarant Portal

• UK CBAM Overview by EY

• UK Government’s CBAM Consultation Response

REGULATORY UPDATES

EcoVadis Guide for smooth submissions

With many companies preparing year-end EcoVadis submissions, we've developed a detailed guide tested by industry experts. This step-by-step approach ensures you showcase your sustainability performance effectively and in line with the evaluation methodology.

New AMRT template from RMI

The Responsible Minerals Initiative (RMI) has released version 1.2 of the Additional Minerals Reporting Template (AMRT), formerly the Pilot Reporting Template (PRT). Officially launched on October 4, 2024, this free, standardised tool gathers due diligence information on minerals not covered by the Conflict Minerals Reporting Template (CMRT) or Extended Minerals Reporting Template (EMRT). Transitioning beyond the "pilot" phase, the AMRT aims to increase supplier participation and strengthen engagement for the 2024 reporting year.

ESMA's 2025 focus: Materiality and value chain transparency

The European Securities and Markets Authority (ESMA) has released its enforcement priorities for corporate reporting in 2025, signalling where they’ll be keeping a close eye:

• Connecting sustainability and financial data: Ensure your sustainability reports are seamlessly integrated with financial statements.

• Covering the entire value chain: Reporting must encompass the impacts, risks, and opportunities throughout the supply chain.

• Clarity in materiality: Transparency in materiality assessments and stakeholder input is crucial.

• Taxonomy alignment: Use the EU Taxonomy templates to meet environmental objectives.

• Data collection & controls: Strong data systems are essential to meet the CSRD standards.

Extended timeline for EUDR

To address international concerns, the EU Commission has proposed pushing back the EU Deforestation Regulation (EUDR) deadline. The new dates are December 30, 2025, for large companies and June 30, 2026, for smaller enterprises, with additional guidance now available. This extension is intended to help companies meet compliance effectively.

500+ companies commit to nature-related reporting

At CBD COP16, the Taskforce on Nature-related Financial Disclosures (TNFD) reported a leap in participation, with over 500 companies and financial institutions now on board to report on nature-related risks and strategies. Up from 320, this surge reflects a growing commitment to transparency in biodiversity impacts. Companies are expected to publish aligned disclosures in their 2024 or 2025 annual reports, keeping nature at the forefront of their sustainability agendas.

SIRIUS NEWS

COP29: Sirius finalist in Green Innovation Challenge

As COP29 approaches, spotlighting essential climate solutions, we’re excited to announce that Sirius has been named a finalist in the Green Innovation Challenge. This recognition highlights our technology’s impact in driving sustainability for some of the world’s most critical industries.

I’ll be on stage on Nov 16th - if you’re at COP29, let’s connect!

Upcoming Events

We’re excited to be part of these key industry events:

COP29
📅 November 14-16 (Baku, Azerbaijan)

SLUSH
📅 November 19-21 (Helsinki, Finland)

Capgemini Innovation Days
📅 November 20-21 (Utrecht, The Netherlands)

Resourcing Tomorrow
📅 December 3-5 (London, UK)

This is it for now! Don’t forget to answer the poll question 👇