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Overview of Sustainability Reporting

Across Baltic Companies Listed on Nasdaq -- Nov-Dec 2023

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In recent years, the Baltic nations have made notable progress in the realm of sustainability reporting. With businesses worldwide acknowledging the pivotal role of sustainability in their operational success, reputation, and alignment with global goals, an understanding of the sustainability landscape in the Baltics becomes crucial.

This report aims to offer insights into the approaches adopted by Baltic companies listed on Nasdaq in sustainability reporting, shedding light on current practices and identifying areas for further improvement.

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About this study

This study, conducted in November-December 2023, exclusively examines Baltic companies listed on Nasdaq. The objective was to thoroughly explore the sustainability reporting practices of these enterprises.

We sought to understand various dimensions of their sustainability practices, including:

  • The presence or absence of sustainability reporting.
  • The specific subjects and areas addressed in their reports.
  • The disclosures and standards followed in their reporting.
  • The presence of tangible reduction plans aimed at sustainability goals. The organizational structure supporting sustainability, with a specific focus on the presence of a dedicated sustainability manager.

Key insights

  • 81% are engaged in sustainability reporting.
  • 90 % of Estonian companies have a sustainability report, followed by Lithuania (88%), and Latvia (40%).
  • 35% do not report CO2 data at all
  • Only 30% of Baltic firms establish clear sustainability targets for 2023-2030
  • Only 2% of publicly listed companies revealed that they are preparing to report under the CSRD starting from 2025
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