Esg reports now mandatory drive the consulting business

Among the strongest development levers for consultancy is the ESG revolution, based on the three cardinal principles of sustainability: environmental, social and governance, which are increasingly integrated into corporate strategy. In fact, the implementation of the Corporate sustainability reporting directive (CSRD), which extends the obligation to report on a company's intangible assets to a broader range of companies, has come into force.

If the larger ones, along with banks and insurance companies, had to comply from this year, from 1 January 2025 it will be the turn of companies with more than 250 employees and more than 40 million in revenues (with reporting in 2026 with reference to the 2025 financial statements). Finally, from 1 January 2026 it will be the turn of listed SMEs. For them, reporting, with leaner standards, will have to take place in 2027 with reference to the 2026 financial statements. All companies subject to compliance will then request data from the companies in their supply chain, which will then indirectly be obliged by customers and distributors to collect and provide it, preferably certified. Not only that. In recent years, ESG ratings have become a fundamental parameter in risk assessment and the determination of financing costs by banks. And green certifications are also booming with a view to Pnrr and public procurement.

2025 will therefore be the breakthrough year for ESG consultants, because few companies are able to draw up a sustainability report with internal resources. It is no coincidence that, according to a recent study by the Sustainability makers association, already 85% of the reports of a sample of 350 members employ external consultants to collect, process and certify the data. According to Laura Corazza, professor of Sustainability Accounting and Accountability at the University of Turin, "skills on the subject of ESG are specific and transversal, so it is very complex to find an already trained sustainability manager or impact manager on the labour market". This is where consultancy companies come into play.

According to Laura Martiniello, lecturer at the Universitas Mercatorum and coordinator of the Sole 24 Ore Formazione ESG courses, consultants will have to accompany companies, even the smallest ones, to face various challenges and economic impacts 'primarily related to investments for the implementation of new reporting processes and procedures, data collection, processing and certification, and the search for human resources with expertise in sustainability and compliance'.

Improved reputation, greater attractiveness to investors and customers and long-term savings - as well as access to credit and financing at lower rates for green projects are the benefits that companies achieve with the help of consultants, according to Martiniello. And that is no small thing. With the rainfall of European sustainability regulations over the past two years, a real 'wake-up call' has been triggered for companies, as Corazza (who actively collaborates with the Global Reporting Initiative) puts it: 'It is a period of transition, but those who deal with sustainability, and before that with corporate social responsibility, have known for a long time what managing complexity is. This is quite a challenge, especially if we consider the number of companies that will have to adapt to the new rules: there are more than seven thousand entities in Italy, plus all those in their supply chain that will have to provide data to client and distribution companies. This can give rise to better collaborations along the entire value chain, with positive impacts: 'We can already see,' comments Martiniello, 'the need for widespread reorganisation of the supply chains, with costs repaid by positive impacts for the community such as greater responsibility of larger companies in the supply chain and a strong orientation towards circularity and more sustainable production. The lecturer nurtures a hope, namely 'that the larger companies will support, with adequate training, the smaller ones in their supply chains in adapting to the ESG regulations rather than excluding them because they are not compliant with the required standards'.