Upright, an impact data company, has launched a database designed to enhance the sustainability practices of over 50,000 companies globally.
Known for its robust data-driven solutions, Upright stands as a leader in facilitating impactful environmental and social governance (ESG), according to ESG Today.
The introduction of this database aims to address the significant challenges that businesses and investors face in implementing and utilising double materiality assessments. These assessments are crucial under the European Union’s Corporate Sustainability Reporting Directive (CSRD), which mandates comprehensive reporting on both the impact of sustainability issues on companies and their impacts on the environment and society.
Upright is renowned for its analytical prowess, harnessing a proprietary data engine that amalgamates information from a variety of sources including over 300 million scientific articles and public databases, alongside data directly provided by firms. This approach underpins the company’s capabilities in delivering precise and actionable sustainability insights.
The newly unveiled product offers businesses the tools needed to perform robust, data-driven double materiality assessments. With this database, companies can now benchmark their environmental and social impacts, risks, and opportunities against their peers, which is invaluable for strategic decision-making. Additionally, investors can leverage the database to pinpoint sustainability-related risks and opportunities within their portfolios.
In addition to enhancing the utility of CSRD compliance, the database also responds to the latest regulatory updates such as the EU’s Omnibus proposal. This proposal aims to reduce the reporting load on companies and restrict the scope of entities obligated under the CSRD regulations, signalling a significant shift in sustainability reporting landscape.
Upright Founder & CEO Annu Nieminen emphasized the database’s potential impact, stating, “The EU scaling back sustainability ambitions because traditional, manual approaches to reporting were burdensome misses the point entirely. CSRD’s vision for comparable, decision-useful double materiality data wasn’t flawed – the execution was. With this launch of data-driven double materiality assessments for 50,000+ companies, Upright wants to show that third-party data providers can decrease the manual burden while maintaining, or even increasing, reporting quality.”
In a further comment, Nieminen highlighted the community’s response to the new tool: “CSRD is a huge amount of work that leaves a lot of room for interpretation for companies. There’s a genuine hunger for structured, comparable data – we’ve seen sustainability directors and ESG researchers enthusiastically sharing Excel spreadsheets comparing less than 20 published ESRS reports they’ve managed to find online. That’s why we believe our database of 50,000 data-driven double materiality assessments will be transformative.”
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