Climate solutions software provider Watershed announced today the launch of Watershed for CSRD, a new software solution aimed at helping companies to collect and manage data for disclosure under the EU’s new Corporate Sustainability Reporting Directive (CSRD).

The CSRD, which began applying to some companies as of the beginning of 2024, will significantly expand the number of companies required to provide sustainability disclosures to over 50,000 from around 12,000 currently, and introduce more detailed reporting requirements on company impacts on the environment, human rights and social standards and sustainability-related risk. Over time, the CSRD will also apply to many large non-EU based businesses that operate in the EU.

According to Watershed, the new solution enables companies to collect, calculate, and manage the full set of ESG data required under the CSRD, covering over 1,100 data points. Key features of the new solution include guided workflows and project management tools aimed at streamlining collaboration across sustainability, finance, compliance, audit, IT, and supply chain teams, and an automated report builder to help identify data gaps or inaccuracies, and to track progress against CSRD standards. Watershed’s platformalso includes data governance tools and allows access to be granted to external auditors

Launched in 2019, Watershed’s platform includes a climate database for granular emissions measurement, dedicated software tools for sustainability reporting and supply chain engagement, and a carbon removal and clean power marketplace. The launch of the new solution follows a $100 million capital raise by Watershed earlier this year, with the new funding aimed at supporting the company’s expansion and investments in emissions measurement, sustainability reporting and decarbonization solutions.

Watershed co-founder Taylor Francis said:

“2024 marks a new era of regulated climate disclosure. Under the CSRD, corporate climate reporting will go from voluntary and inconsistent to fully regulated and subject to the same high standards as financial reporting. Watershed for CSRD helps finance and compliance teams meet this new bar with confidence, while giving sustainability leaders the data they need to drive decarbonization.”