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3 ways to comply with the new sustainability laws that will affect companies in 2023

The transport sector is facing a period of profound changes, which will be accentuated in the coming decades”.

This is the beginning of the draft bill of the Sustainable Mobility Law to be approved this year in Spain. The environmental, social and economic challenges facing cities are leading to the development of new services, solutions and technologies that represent a disruptive transformation in the sector.

The cornerstone of all this development is to enable companies to improve their impact and become more sustainable.

In this context, institutions and policymakers are working incessantly on the elaboration of frameworks and regulations that directly affect mobility as we know it. The transportation industry and its regulations are changing completely, which can be a great opportunity for companies that integrate these aspects as soon as possible in their decision making.

The European Union (EU) has a large legislative package under development. This package aims to increase the responsibility of companies in relation to their social and environmental impacts.

For example, the Taxonomy Regulation makes it possible to determine when an activity contributes to the improvement of the environment. As a Bank of Spain analysis rightly argues, the taxonomy has been created with the aim of being the cross-cutting standard for all current and future European regulations related to the sustainability of companies. In fact, over the course of 2023, obligations will be incorporated in terms of content, methodology and presentation of information for companies to disclose their environmentally sustainable activities.
In the same vein, three months ago the European Parliament approved the new Corporate Sustainability Reporting Directive (CSRD). The new regulation aims to put sustainability reporting on an equal footing with financial reporting, allowing investors and other stakeholders to access reliable and comparable data.
This directive will oblige five times as many companies as under the previous regulation to provide more detailed annual reports on business activities that improve the environment, with concrete targets and plans.
On the other hand, and aware that transportation is responsible for more than 20% of the greenhouse gases (GHG) emitted into the atmosphere, the draft bill on Sustainable Mobility aims to promote clean and digitized mobility.
To this end, it will require large companies to have sustainable mobility plans that include non-polluting transportation options.
Having outlined some of the regulations that will play a key role in 2023, we offer three ways of complying with the regulations that companies that want to lead the way will have to incorporate.

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1. Reducing CO2 emissions and moving towards Net Zero

The EU, and therefore all its member countries, have the common goal of making their economy sustainable and net zero by 2050.
It is for this reason that half of the environmental objectives that companies must incorporate into their activities are related to the reduction of pollution and GHG emissions.
These objectives are:
Climate change mitigation
  • Adaptation to climate change
  • Sustainable use and protection of water and marine resources.
  • The transition to a circular economy
  • Pollution prevention and control
  • Protection and recovery of biodiversity and ecosystems

Reducing CO2 emissions in all company activities should be a priority and can be seized as an opportunity, as it will not only enable compliance with regulations but also reduce costs and optimize resources.

2. Know your impact

It is increasingly common to hear that “what cannot be measured, cannot be improved”. Moreover, what is not known cannot be compared or valued.

In order to encourage companies to understand and improve their impact, the laws included carbon footprint measurement requirements. Now, companies will not only have to have information on the emissions they avoid, but also on the impact they generate.
In this context, digital tools such as a platform for operational management of vehicle fleets, allow you to have real-time control of the entire fleet of a company, allowing you to generate the data that your company needs.

3. Report

Companies face another challenge that can be seized as an opportunity: increasing transparency. Non-financial information should be more detailed, public and easily accessible.

The main objective is to avoid abusing greenwashing and to increase the confidence of investors who are increasingly demanding and confident that they want to invest in sustainability.
There is no doubt that we are facing a disruptive transformation of the transportation sector and regulators are responding by looking for companies to decrease their negative impacts on the environment while increasing the positive ones.
In this context, approaching sustainability is unquestionable and it is necessary to know how to carry it out in order to take advantage of the opportunities and make the most of being sustainable. As we have seen, the keys to sustainable mobility are: reduce CO2 emissions, know your impact and report on it.
Companies that comply with current and future regulations will have a competitive advantage over those that lag behind.
As Interface founder Ray Anderson says, “Sustainability is profitable, if you do it right.
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