A year in transition
Changes in ESG strategy
In June 2022, EcoOnline underwent a transformative change when it became part of Apax, a leading global private equity advisory firm. This shift in ownership not only brought about new opportunities for our company but also injected it with fresh perspectives and resources. Later in the same year, we further fortified our capabilities and market position through strategic acquisitions. These included Biome, a specialist in environmental data monitoring and analysis, and the software division of Alcumus' Chemical management, Environmental, Health, and Safety software business. These acquisitions not only enriched us with additional resources and expertise but also broadened our portfolio of services and expanded our geographical reach. Consequently, we are now better poised to offer sustainable software solutions to a wider audience, bolstering our capacity to drive positive change.
While these strategic moves have positioned us for long-term success, they have also brought about operational changes that impacted our ESG goals.
Impact on emissions
Our emissions have witnessed a significant shift, primarily attributed to the integration of new operations, adjustments in energy sources and consumption patterns, and the expansion of our business activities. It's important to note that comparing our emissions between 2021 and 2022 is not straightforward, given the substantial changes in our operations. As such, we've chosen to establish 2022 as our new baseline year for emissions, and all future comparisons will be made against this benchmark.
As a direct consequence of the significant increase in emission factors, we have extended our Sustainability Plan to 2030 and adjusted our baseline year to 2022. This adjustment allows us to address the challenges presented by the increased emissions and sets the stage for setting ambitious, yet realistic, goals for emission reduction and sustainable practices moving forward.
Challenges and commitment
Enhancing data availability and transparency
The complexity of integrating new companies and aligning diverse processes and systems has posed challenges that have impacted our ability to achieve certain targets within the intended timeframe. Nevertheless, our commitment to driving positive change and continuously improving our sustainability performance remains unwavering.
On the contrary, they have motivated a reassessment and realignment of our strategies, ensuring that efforts are meaningful, effective, and aligned with our values. In 2023, active measures will be implemented to mitigate the environmental impact of operations, optimize resource efficiency, and strengthen social and governance practices.
When comparing emissions data year over year and among peers, we recognize the influence of Covid-19 and the difficulties stemming from voluntary GHG reporting and varying measurement methodologies. A key focus for us will be enhancing data availability and transparency to enable more accurate comparisons and benchmarking.
Ensuring our alignment with mandatory reporting
At EcoOnline, we recognize the importance of staying ahead of the evolving regulatory landscape in ESG reporting. We are committed to investing in preparing for and aligning with key frameworks such as the Sustainable Finance Disclosure Regulation (SFDR), the Corporate Sustainability Reporting Directive (CSRD), and the Task Force on Climate-related Financial Disclosure (TCFD).
These frameworks provide valuable guidelines and requirements that will enhance our ability to comply with mandatory reporting obligations and ensure our alignment with industry best practices.
Moving forward, leveraging the expertise gained from acquisitions and the collective knowledge within the organization, we are confident in our ability to overcome these challenges and emerge as a stronger and more sustainable company. Our adaptive approach, collaboration with stakeholders, and commitment to continuous improvement will play a key role in our journey.