Sustainability Reporting Tool

Latvia hosted its first roundtable on sustainability reporting requirements

02 January 2024
Technical details

On 7 December, the Ministry of Environmental Protection and Regional Development of the Republic of Latvia (VARAM) organised the first inter-institutional working group meeting of the SusTool project.

The aim of the project is to create a digital tool for companies to facilitate the initiation of sustainability report preparation, as well as to raise awareness of the green transition and sustainability reporting obligations.

Participants of the VARAM, Ministry of Finance, the Latvian Employers Confederation, the Latvia State Radio and Television centre, the Ministry of Economics, the Latvian Information and communications technology association (LIKTA), the Ministry of Climate and Energy, the Latvian Open Technology association and Finance Latvia Association took part in the meeting.

Goals of the first working group meeting were to: 

  • introduce participants with the scope of the project; 
  • promote cross-sectoral cooperation; 
  • promote mutual understanding of the sustainable development of companies and the green transition; 
  • identify the main challenges for the represented sectors in relation to sustainability reporting; 
  • encourage participation in project piloting activities; 
  • share examples of good practices.

VARAM presented the project “Sustainability Reporting Tool”, the Ministry of Finance informed about the requirements of the Corporate Sustainability Reporting Directive (CSRD), and LIKTA about the Information and Communication Technology (ICT) sector news.

The participants in the meeting positively assessed the aim of this project and the expected results. 

Within the framework of the project, it is essential to raise awareness of the basic principles of sustainability reporting and European sustainability reporting standards (ESRS) for the target group – small and medium-sized companies of the ICT sector. The project will provide the opportunity for companies to fill a double materiality assessment free of charge, which is necessary to start preparing a sustainability report.

Latest information about the project:

SusTool project (2023-2025) is financed by Interreg Baltic Sea Region programme 2021-2027, 1 Priority Innovative societies, 1.2 Objective Responsive Public services and it contributes to EUSBSR PA Innovation Action.