Sustainability is no longer a peripheral concern for businesses; it’s a core agenda item. As ESG expectations grow, CFOs are increasingly at the centre of driving both compliance and innovation. Recently Soldo and HotTopics hosted the CFO 100 Masterclass on ESG reporting, led by Dominic O’Connell—renowned business broadcaster and Times columnist— where finance leaders gathered to tackle one of the most pressing challenges of our time: CO2 and ESG reporting. 

This insightful session explored evolving regulations, governance standards, and tools for sustainable transformation. Here’s what you need to know. 

Key Takeaways from the ESG Reporting Masterclass 

1. The Changing Regulatory Landscape 

New UK ESG accounting standards, set to arrive by 2025, aim to align with Europe’s Corporate Sustainability Reporting Directive (CSRD). These standards will require businesses to disclose detailed sustainability data, highlighting the need for structured processes and accountability in ESG initiatives. 

2. Consistency Through IFRS S1 and S2 Standards 

The IFRS S1 and S2 standards bring a consistent framework for reporting on financial risks and sustainability impacts. However, conflicting guidelines and political influences remain hurdles, making tools that simplify compliance more critical than ever. 

3. Tools to Tackle CO2 Reporting 

Soldo’s CO2 e-tracker emerged as a key highlight. Designed to simplify carbon footprint calculations—particularly for scope 3 emissions—it helps CFOs better understand and manage their organisation’s carbon impact. 

4. The Double Materiality Approach 

CSRD’s double materiality framework underscores the importance of addressing both environmental impact and operational risks. CFOs must embrace this dual focus to ensure comprehensive and credible ESG reporting. 

5. Turning Compliance into Opportunity 

Far from being a burden, compliance efforts can drive innovation. Embedding sustainability into core business operations not only enhances efficiency but also strengthens resilience. Engaging in climate projects and adopting recognised industry metrics further solidify corporate sustainability credentials. 

Governance and Accountability: The CFO’s Role

CFOs are increasingly expected to lead sustainability efforts, balancing governance standards with strategic opportunities. The masterclass emphasised the importance of: 

  • Structured processes to assess sustainability risks. 
  • Clear accountability for ESG initiatives within the organisation. 
  • Collaborative governance that engages leaders across functions to build leaner, greener operations. 

The skills and mandates of sustainability leaders, combined with CFOs’ financial expertise, can create a powerful foundation for long-term growth. 

A Call to Action for CFOs 

To summarise, the future belongs to those who move beyond compliance. Leveraging tools like Soldo’s CO2 e-tracker, embracing frameworks such as IFRS and CSRD, and fostering collaborative governance are not just regulatory necessities—they are strategic imperatives. 

This underscores the critical role finance leaders play in navigating regulatory complexity while seizing opportunities for innovation. By aligning compliance with purpose, CFOs can position their organisations as sustainability leaders, ready to thrive in an increasingly green economy. 

To explore more about how finance and procurement can play a crucial role in creating and managing sustainability with transparency and accountability, click here. 

Want to dive deeper? Watch the full masterclass and gain expert insights into ESG and CO2 reporting here: Watch now 

This masterclass was hosted in partnership with the HotTopics Global CFO community.