Cologne / February 6, 2024. A recent study, conducted by the renowned Düsseldorf-based market research institute Moweb Research on behalf of the Cologne-based company Ubirch, alarmingly reveals that companies are threatened by a devastating solution chaos and lack of enlightenment in the first year of implementing the Corporate Sustainability Reporting Directive (CSRD).

The increasing importance of Environmental, Social, and Governance (ESG) aspects as well as the CSRD for companies is being driven by global regulatory frameworks. However, the implementation of these requirements is turning out to be a disaster. Companies are facing an incomprehensible jungle of different ESG tools, while clear standards and uniform guidelines are lacking.

The study, which surveyed over 200 ESG professionals from various companies, reveals alarming results. Although 73% already use an ESG solution in their company, on average only two of the respondents mention the same one. And there is also a great confusion regarding the sustainability standards being used.

Three out of five companies required to send sustainability data to their customers feel inadequately informed to meet the legal requirements. This glaring knowledge gap among a majority of data providers significantly hampers the effective implementation of regulations, while the pressure and demands continue to rise. Companies are struggling in the jungle of ESG software - without clear standards and uniform guidelines.

The obvious lack of information underscores the urgent need for offerings to provide companies with the necessary knowledge. Ubirch recognizes the importance of this aspect and emphasizes the role of informative initiatives to facilitate ESG implementation.

Stephan Noller, CEO of Ubirch, warns: "The ESG market is in a critical phase where a fragmented field of providers and reporting standards complicates collaboration. Navigating through the labyrinth of solution providers is challenging for companies. However, cooperation of many companies and data comparability are essential for managing and reducing emissions in Scope 3, therefore, urgent action must be taken for standardization and consolidation."

The explosive study also reveals that 86% of companies in Scope 3 want to work with real data to ensure credibility and transparency. However, uncertainty and inconsistent practices currently dominate in this area.

With the CSRD directive coming into force from the financial year 2024 for many of Germany's large companies, the situation will become even more explosive. Ubirch sees the urgency and offers its ESG Data Exchange Network as a way to significantly simplify data exchange between companies and thus contribute to addressing the challenges.

Note on downloading the ESG study:
After free registration, the study is available for download in German and English: https://esg.ubirch.com/signup

About Ubirch:
Ubirch is an innovative German technology company that develops specialized solutions to support companies in meeting EU requirements for ESG data in their sustainability reports. The UBIRCH ESG Data Exchange Network is a central component in the CSRD process, allowing reporting companies to make their ESG data easily and digitally accessible. Integrating primary CO2 emissions data from suppliers and processes from the Exchange Network directly into their own reporting enables companies to reduce costs and make informed purchasing decisions. In addition to this central offering, Ubirch positions itself as a pioneer in the use of state-of-the-art AI technology from industry leader OpenAI. The AI-ESG Assistant is an integral part of the Ubirch solution and can also be used directly through OpenAI. For more information: www.ubirch.de.

About moweb research:
Since 2004, moweb research GmbH has been conducting online market research worldwide and has been shaping the industry with numerous digital methods. Around 40 employees work at the institute in Düsseldorf and advise companies of all sizes. For more information: www.mowebresearch.com