At the end of October 2024, the Ministry of Smart Administration and Regional Development (VARAM) organised the second inter-institutional working group meeting of the #C012 “Sustainability Reporting Tool” (SusTool) project.
The project aims to develop a web platform and digital tool that will help to assess the environmental, social and governance sustainability impact of your company’s operations through a double materiality assessment, which is needed to launch the sustainability report. Companies will be able to map and analyse their position taking into account aspects of the European Sustainability Reporting Standards (ESRS), while raising awareness of sustainability standards and reporting requirements. The digital tool "ESG Tool," will be developed in Latvian, English, Estonian, Finnish and Lithuanian languages and will be free of charge to all users.
Participants of the VARAM, the Ministry of Finance (FM), the Ministry of Economics, the Latvian Information and communications technology association (LIKTA), the Ministry of Climate and Energy, the Latvian Internet Association and Finance Latvia Association (FNA) took part in the meeting.
Goals of the second working group meeting were to:
- introduce participants with the scope of the project, including the development time schedule;
- promote cross-sectoral cooperation;
- find out about the FNA's latest developments regarding sustainability topic.
VARAM and LIKTA presented the project “Sustainability Reporting Tool”, FM informed about Sustainability Disclosure Law and changes in other laws, while FNA presented the unified cross-Baltic ESG client questionnaire and the developed GHG calculator.
The participants of the meeting appreciate the development of this tool and highlight its importance. It was decided that it is necessary to agree on the further development of the tool and the maintenance of the localised version of the ESG Tool, which will lead to the organisation of the third working group meeting in November 2024.
Latest information about the project:
SusTool (Sustainability reporting tool) project (2023-2025) is financed by Interreg Baltic Sea Region programme 2021-2027, 1 Priority Innovative societies, 1.2 Objective Responsive Public services and it contributes to EUSBSR PA Innovation Action.
Project partners include the Ministry of Economic Affairs and Communications as the lead partner from Estonia, and as partners, the Ministry of Finance, the Ministry of the Environment, the Environmental Investment Centre, ITL Estonia, and Zero Waste Estonia from Estonia, LIKTA and VARAM from Latvia, DIMECC LTD and the Ministry of Economic Affairs and Employment from Finland, INFOBALT and the Ministry of Economy and Innovation from Lithuania, and WAMA COOP from Poland. The project will conclude on December 31, 2025.
Project manager
Santa Bileskalne
Ministry of Smart Administration and Regional Development of the Republic of Latvia
+37167026551
santa.bileskalne@varam.gov.lv