BeCause expands solution so hotels can meet CSRD reporting obligations

BeCause expands solution so hotels can meet CSRD reporting obligations

Firm will introduce a digitized ESRS framework and double materiality feature 

Sustainability data management platform BeCause has announced it's gearing up to offer a new digital tool to help global hotel chains meet its reporting and compliance obligations under the European Union's Corporate Sustainability Reporting Directive (CSRD).

Starting in the second half of 2024, hotels utilising BeCause's enterprise solution will gain access to a digitised version of the European Sustainability Reporting Standards (ESRS) - the first-ever mandatory and standardised sustainability framework for companies in Europe. 

With this solution, hotels can efficiently collect and create audit-ready reports on their sustainability data.

Current BeCause users will also be able to apply any existing data collected previously through the BeCause platform and automatically map it to ESRS. 

Any data collected for ESRS can then be reused for other purposes such as voluntary eco-certifications, eliminating costly, time-intensive, and redundant processes and multiple input of the same data, allowing hotels to re-direct their resources elsewhere.

"Instead of starting from scratch, hotels will be able to leverage the sustainability data they already have at hand and upcycle it to the ESRS framework for CSRD compliance purposes," said Frederik Steensgaard, co-founder and CEO of BeCause. 

"This ability to reuse data is a hallmark of BeCause for a reason – not only does it significantly reduce workload and conserve resources, but it encourages transparency and eliminates double-accounting errors."

"By adding the ESRS framework to our platform, we are helping hotels minimize the risk of non-compliance penalties as well as reputational damage," he adds.

Following the release of the ESRS framework on its platform, BeCause will also launch a new feature to help hotels address the complex issue of double materiality. 

This issue asks organisations to report on climate's direct and indirect effects on their business and how their activities affect the environment. 

The feature will consist of a digitised framework based on the guidelines released by the European Corporate Reporting Lab (EFRAG), enabling hotels to efficiently determine the material matters and information to be reported on.

Once BeCause implements double materiality into its platform, hotels will be able to see which of the data points are pertinent to their business and independently determine the material information on sustainability impacts, risks, and opportunities in just a few days.

Any updates to frameworks are made automatically so hotels can be instantly alerted when status is threatened due to missing data.