UL Solutions Launches New UL 360 Features and Content to Support Compliance with New EU Sustainability Reporting Requirements
UL Solutions has unveiled new features and content for its UL 360 software, aimed at aiding companies in adhering to the EU's Corporate Sustainability Reporting Directive (CSRD). These updates form part of the ULTRUS™ brand, designed to enhance global safety and sustainability initiatives. The new CSRD features and the ESG Disclosure module help businesses manage extensive and costly data analysis, saving time and money in preparation for mandatory verifications. CSRD, applicable to both EU and significant non-EU businesses, expands previous regulations to increase detailed sustainability reporting. By 2028, over 50,000 companies are expected to comply with CSRD requirements.
- UL Solutions' new UL 360 features aid in compliance with the EU's CSRD, potentially increasing demand for their software.
- CSRD requires comprehensive data analysis, meaning UL 360's tools could save companies substantial time and money.
- Inclusion of audit-ready features in UL 360 can enhance the attractiveness of the software to firms needing compliance support.
- CSRD's expansive scope, affecting over 50,000 companies by 2028, could significantly broaden UL Solutions' market reach.
- CSRD compliance involves extensive and costly data analysis, which might deter smaller companies from using UL 360.
- The need for continuous updates to keep up with regulatory changes could increase operational costs for UL Solutions.
- There's a risk that competitors might develop similar or more advanced compliance tools, affecting UL Solutions' market position.
UL Solutions releases powerful new features and content on its UL 360 software ESG Disclosure module, which help companies navigate the EU’s disclosure requirements and prepare for audits and verification.
UL Solutions announced new UL 360 software features and content that help companies comply with the European Union’s new sweeping sustainability reporting requirements, known as the Corporate Sustainability Reporting Directive (CSRD). (Photo: Business Wire)
These are the first new software features and content launched under the ULTRUS™ brand, UL Solutions’ software portfolio designed to help customers worldwide improve safety and sustainability.
CSRD reporting can be a significant undertaking, requiring extensive, complex and costly data analysis for companies and their supply chains. The new CSRD features and content in UL 360 and its ESG Disclosure module track companies’ environmental, social and governance (ESG) data points against the CSRD’s requirements in an audit-ready way, helping customers save time and money and preparing them for the CSRD’s mandatory verification requirements.
“Sustainability reporting is evolving, and many companies must now adapt to the shift from voluntary to regulated disclosure,” said John Genovesi, executive vice president and president of the Software and Advisory group at UL Solutions. “Our new CSRD disclosure features and content in UL 360 and its ESG Disclosure module are designed to help companies make this transition and successfully navigate new and emerging sustainability challenges, expectations and requirements.”
Companies around the world are increasingly facing new regulatory requirements, including CSRD, a mandatory and complex regulation for many companies that conduct business in the EU. The CSRD applies to many EU and non-EU companies that have significant business in the EU. It widens the scope of sustainability reporting, requiring detailed information about sustainability risks and opportunities and increasing the number of companies that must disclose.
The CSRD expands on previous sustainability regulations outlined in the EU’s Non-Financial Reporting Directive (NFRD). Approximately 11,700 large companies already within the scope of the EU NFRD will be required to file disclosures for the 2024 financial year. It is estimated that, by 2028, over 50,000 companies with significant business in the EU, regardless of the location of their headquarters, will be obligated to disclose under the CSRD.
Learn more about UL Solutions CSRD advisory, software and verification services.
About UL Solutions
A global leader in applied safety science, UL Solutions (NYSE: ULS) transforms safety, security and sustainability challenges into opportunities for customers in more than 100 countries. UL Solutions delivers testing, inspection and certification services, together with software products and advisory offerings, that support our customers’ product innovation and business growth. The UL Mark serves as a recognized symbol of trust in our customers’ products and reflects an unwavering commitment to advancing our safety mission. We help our customers innovate, launch new products and services, navigate global markets and complex supply chains, and grow sustainably and responsibly into the future. Our science is your advantage.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240604292247/en/
Tyler Khan
UL Solutions
ULNews@UL.com
T: +1 (847) 664.2139
Steven Brewster
UL Solutions
ULNews@UL.com
T: +1 (847) 664.8425
Source: UL Solutions
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