How Should Businesses Assess Double Materiality Under European Standards?
Ukraine's Green Transition Office, operating under the Ministry of Economy, Environment and Agriculture, held a webinar on how businesses can assess double materiality for reporting in line with the EU's CSRD directive and ESRS standards. The event brought together representatives from banks, businesses, and sector experts. Just before the webinar began, the Office published a new study on its website: Download (PDF)
"Double materiality assessment should be seen as more than just a reporting requirement," said event moderator Andriy Kitura, Development Director at DiXi Group and Head of the Green Transition Office. "It is a necessary step that businesses need to go through long before preparing their first non-financial report."
Financial and sustainability reporting are converging, and an incorrect materiality assessment risks producing a report that will not withstand an audit. This was explained by Oleksiy Yatsyuk, ESG expert at the Green Transition Office, who outlined the eight practical stages of the assessment process, from approving the methodology to external assurance of the results.
These stages were detailed further by Viktoriia Olisnevych, ESG expert at the Office, who also presented the specific formulas and scales companies use to assess their impacts, risks, and opportunities.
The biggest challenge for companies, she noted, is justifying their own assessments of impacts, risks, and opportunities, as well as integrating DMA into strategic planning and risk management.
The Green Transition Office offers systematic training on ESRS and other ESG standards through a four-month certification program, "ESG Leadership and Sustainable Impact," delivered jointly with KSE Business School. Course modules include ESG as a strategic framework for business and reporting preparation. Lecturers include Andriy Kitura and Oleksiy Yatsyuk, who teaches the module on sustainable supply chains and operations. The new cohort is set to launch in autumn 2026, and pre-registration is already open.
The Green Transition Office is an independent advisory body under the Ministry of Economy of Ukraine that helps to implement reforms in the field of green transition, energy and climate policy of Ukraine. The Green Transition Office operates with the financial support of the UK International Development and is implemented by Dixi Group.
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