Double Materiality Assessment
In preparation for the upcoming Corporate Sustainability Reporting Directive (CSRD) legislation, Nobian asked Ecomatters to guide them through the process of performing a double materiality assessment (DMA). This assessment is required under the new legislation and instructs companies to identify the relevant Environmental, Social & Governance (ESG) topics to include within its sustainability strategy, actions and annual reporting.
In Europe, Nobian is a market leader in the production of salt and essential chemicals. Alongside its industrial success, Nobian has ambitious sustainability goals. These include reaching carbon neutrality by 2040 and publishing their sustainability efforts in an annual sustainability report.
Our Approach
The identification of relevant sustainability matters is based on the double materiality principle, with the legislation giving a thorough description of the requirements that the assessment needs to adhere to. Our work began by translating these requirements into a practical approach, thereby guiding Nobian through the phases of a double materiality assessment.
The steps include:
- Context and Stakeholder Analysis – Based on information provided by Nobian, different sustainability frameworks and resources from third parties, a general understanding is developed on which topics and stakeholders to involve in the process.
- Analysis of material Impacts, Risks & Opportunities – By involving both internal and external stakeholders, the impacts (influence of Nobian on the outside world) and the risks and opportunities (influence of the outside world on Nobian) are identified.
- Consolidation of results – Based on the analysis, the different sustainability matters are assessed and scored. An agreed-upon cut-off determines which of the matters are relevant and which are not.
- Documentation – During all steps, a thorough and auditable methodology report is written and maintained.
The approach was tailored towards the existing internal processes and provided the basis for a smooth internal alignment, and integration, into existing reporting by Nobian.
At each step in the process, we provided Nobian with guidance, tools and documents. Additionally, we were available to support Nobian with the analysis and consolidation of outcomes. Furthermore, we provided a thorough description and documentation of the process in an auditable methodology report.
Outcome
Following the successful implementation of the double materiality assessment, several relevant topics were identified for Nobian. These include both topics Nobian already reports on, as well as new insights and topics that Nobian will include in their annual reporting going forward.
Below is a testimonial quote by Nobian regarding our collaboration:
“Ecomatters provided an excellent job in supporting us through all steps of the materiality assessment from both the project management point of view as well as the practical implementation itself.”
Haimo Tonnaer, Sustainability Manager, Nobian
We support our clients with performing double materiality assessments and services around the implementation of CSRD for companies.
