The impacts, risks, and opportunities we’ve identified are presented without considering the positive or mitigating effects of actions that GrECo has already implemented.
This year we continued our efforts in preparing ourselves for the forthcoming obligatory sustainability reporting. We focused on our value chain and conducted a materiality analysis.
Business Model and Value Chain Insights
Understanding the key elements of our business model and value chain is essential so we’re able to grasp our exposure to impacts, risks, and opportunities, and able to identify their origins. The main characteristics of our upstream and downstream value chain include a variety of economic activities that are integral to our operations. Our primary economic cohorts encompass suppliers, clients, and other key business partners, each of which has a significant relationship with our company and helps to drive our business forward. The value chain, as outlined in the project, is a complex network of these relationships.
Double Materiality: A Dual Perspective
We meticulously carried out the materiality analysis in accordance with the new CSRD ESG reporting standards. Our methodical approach pinpointed significant ESG topics and viewed them through the prism of “double materiality,” with the aim of identifying both their sustainability and financial impacts, as well as their relevance to our stakeholders. We’ve come to understand the dual importance of sustainability-related factors on our economic performance and the effects our business activities have on both the environment and society. The analysis explored actual and potential impacts, both positive and negative, on people and the planet, while taking into account our entire value chain, which includes our products, services, and business relationships.
In terms of financial impact, we evaluated the materiality of sustainability aspects, which are not just confined to factors within the company’s control but also include significant risks and opportunities that stem from external business relationships. Our strategic integration efforts have been focused on weaving these substantial impacts, risks, and opportunities into our strategy and business model. Our goal is to provide a clear picture of these elements and the strategic way they are addressed.
Methodology and Collaboration
The methodology behind our materiality analysis was implemented for the first time following ESRS 1 requirements. We rated impacts on a scale of 1 to 6, considering their extent, scope, and reversibility. To ensure effective identification and management of these aspects, we engaged in close collaboration with both internal and external sustainability experts.
Looking Ahead: Transparency and Strategy
The impacts, risks, and opportunities we’ve identified are presented without considering the positive or mitigating effects of actions that GrECo has already implemented. This initial double materiality analysis signifies a pivotal move in our pledge to transparency and the strategic handling of sustainability issues. It establishes a solid foundation for informed decision-making and sets the stage for future reporting under the CSRD guidelines.
Petra Steininger
Head of Group Communications
T +43 664 548 55 58
Annual Report
The annual report gives you a review on GrECo`s facts & figures of the last business year and our most important developments. In addition you can find testimonials on the services the GrECo Group provides to its clients. The case studies are from different industries and GrECo regions.
