Our next tool, which focuses on diagnosing the possibilities of switching to renewable energy sources, expands the answer to the question "How to do business responsibly?" even more. The transfer of a business to greener energy is a megatrend that will change the way economic systems and companies work. We have therefore created an automated tool, the output of which for companies is a personalized reference report providing direct feedback on the state of society on the issue of energy transformation. This tool, along with a wealth of advice and valuable information, is available on our BDO Global "Energy in Transition" website.
In the field of energy transformation, we see 3 key determinants to which companies will sooner or later be forced to respond:
1. Increasing ESG reporting requirements by investors and stakeholders, which will ultimately affect the behaviour of companies shortly.
2. The growing need to report on climate risks - as identified by the Climate Change Disclosure Working Group, which only promotes the "what can be measured, can be managed" ethos.
3. The last, but no less important, the determinant is the need to reduce emissions throughout the supply chain. The introduction of carbon taxes and tariffs worldwide is likely to disrupt the functioning of many industries and companies.