Envoria, the FinTech company fino and the technology and outsourcing service provider PPA Technologies GmbH (PPA) jointly founded openESG GmbH, Germany – an ESG data hub.
According to a recent statement by the founders of openESG GmbH, ESG regulations cause a lot of work for financial service providers and companies. The ESG regulation specialists from Envoria, the FinTech company fino and the technology and outsourcing service provider PPA Technologies GmbH (PPA) bundle their core competencies in the jointly founded openESG GmbH. The aim of the new company is to support financial service providers in implementing the ESG regulations as a result of the European Green Deal and to relieve large companies in the assessment of their supply chains.
Furthermore it seems that ESG is relevant for stock exchange listed companies, banks and insurances only. From 2023 the EU Supply Chain Directive enters into force: large companies with more than 3,000 employees must record ESG indicators for their entire supply chain from January 2023.
This means their suppliers have to provide transparency towards their ESG regulated customers about their own sustainability efforts according to ESG. In order not to lose their ESG regulated customers, suppliers of European companies have to adapt to ESG regulations as well to assure ESG Compliancy of their customers. Neither the size of the company nor the countries where they are operating matters.
Further down the road from 2024 the EU Supply Chain Directive will come into force for companies with more than 1,000 employees.
EU/EU zone import from Extra-EU/EU zone volume in 2021 had been € 2,3 trillion according to Statista.