CDP reporting 2024: key updates and quick tips
As companies increase their sustainability efforts, the Carbon Disclosure Project (CDP) remains a key tool for tracking and reporting environmental impacts. The 2024 CDP edition brings notable changes - some challenging, some promising. Whether you're directly involved in CDP reporting or following updates, this post highlights the main shifts, offers practical tips, and explores how to navigate CDP reporting, particularly for the metals and mining sector.
CDP in a nutshell
For those unfamiliar with CDP, it serves as a global platform for companies to disclose their environmental impacts, including data on deforestation, water management, and emissions. With sustainability and transparency becoming top priorities worldwide, CDP’s role is more important than ever, and in 2024, there are key changes to be aware of:
- CDP is merging its separate questionnaires into a single, broader framework.
- Expanded reporting now includes new areas like biodiversity and plastics, raising the bar for environmental disclosures.
This post will guide you through these updates and offer tips for efficient CDP reporting.
Key changes for corporates in 2024
Navigating the 2024 CDP changes can feel like a challenge, but it’s crucial for keeping up with environmental transparency demands. Here are some of the key adjustments:
📌 Consolidation of reports: A key change is the merger of climate, forests, and water security into a single questionnaire. This brings more detailed reporting across a wider range of environmental topics. While climate, forests, and water will still have separate scores, new areas like plastics and biodiversity are also being introduced.
📌 SME-specific questionnaire: CDP is offering support to smaller companies with a new questionnaire designed for small and medium-sized enterprises (SMEs). This simplifies the reporting process, making it more manageable for SMEs to respond. Larger SMEs are still encouraged to complete the broader questionnaire for more comprehensive reporting.
📌 Double materiality approach: CDP now requires companies to consider both their environmental impact and their reliance on natural resources. This aligns with global frameworks like the Corporate Sustainability Reporting Directive (CSRD), marking a crucial advancement in sustainability reporting.
📌 Financial impact and substantive effects: The updated CDP now includes questions about how sustainability efforts impact financials. Companies must report on capital expenditures, costs, financial risks, and potential returns tied to their environmental actions.
📌Alignment with ESG regulations: CDP reporting is now more closely aligned with other global sustainability frameworks, such as the European Sustainability Reporting Standards (ESRS) and the SEC Climate Disclosure Rules. This alignment reduces duplication of effort for companies reporting to multiple regulatory bodies and ensures consistency across frameworks.
New CDP structure: modules overview
Water, forests, and climate questions are now consolidated into a single, comprehensive CDP questionnaire comprising 13 modules. These include 8 integrated modules covering various environmental topics and 5 topic-specific modules. While separate scores will still be provided for climate change, water security, and forests, plastics and biodiversity questions will not be scored in 2024.
Step-by-step guide to navigating CDP 2024
Getting started with the new CDP questionnaire can be overwhelming, but breaking it down into manageable steps makes it easier. Here’s how you can tackle it:
1️⃣ Categorise your questions: Sort the questions into three categories: those that are entirely new, those that need updated data, and those that can be pulled from existing reports. Prioritise the new questions to give yourself time to gather the necessary information.
2️⃣ Review methodologies: Familiar questions may have new methodologies. Double-check for updates in calculation guidelines, units of measurement, and any specific recommendations.
3️⃣ Leverage existing reports: Use data from your existing sustainability frameworks like GRI, IFRS S2, and TNFD to fill out the CDP questionnaire. Many questions align with these frameworks, so reusing data can save time.
4️⃣ Track unanswered questions: Make a list of questions that you cannot yet answer. This will guide future reporting and help you identify where further data collection or strategy development is needed.
Practical tips for CDP reporting success
As CDP reporting becomes more complex, maintaining accuracy and efficiency is crucial. The 2024 questionnaire’s expanded focus on climate, biodiversity, and plastics calls for a well-planned approach. Whether managed internally or with tools like Sirius, refining your process will ensure high-quality submissions and full compliance with evolving CDP regulations.
Here are some practical tips to help you master CDP reporting in 2024:
💡 Stay consistent: CDP often cross-references answers, so make sure your responses are consistent across sections.
💡 Fill in numeric fields: Even if your answer is zero, provide that rather than leaving a field blank. An empty field can count against you.
💡 Collaborate across teams: Close collaboration with finance, compliance, and procurement teams is essential to ensure accurate reporting.
💡 Mind substantive effects: Clearly define what constitutes a “substantive environmental effect” for your business. This will help you align with regulatory standards and frameworks like the SEC Climate Disclosure Rules.
CDP reporting with Sirius
At Sirius, we understand how time-consuming CDP reporting can be, particularly for companies in the metals and mining sector. Our AI-backed sustainability intelligence platform simplifies the entire reporting process, allowing you to focus on what matters most: driving sustainability forward.
🧹 Questionnaire Cleaning: Sirius helps you identify non-applicable questions and explains why they don’t apply.
🤖 Automated Data Filling: Our AI auto-fills questions based on your existing reports and policies, saving hours of manual data entry.
🤝🏽 Collaboration Mode: Easily send specific questions to colleagues or external stakeholders, and their responses are uploaded directly to the platform.
🔎 Gap Analysis: Sirius identifies gaps in your reporting and provides a prioritised list of areas that need your attention.
♻️ Smart Data Reuse: Sirius reuses previously collected data across multiple frameworks, eliminating the need to answer the same questions repeatedly.
Final thoughts
The new CDP changes present both challenges and opportunities for companies. With more detailed reporting requirements, it’s essential to stay organised, collaborate effectively, and use technology to your advantage. By leveraging tools like Sirius, you can reduce administrative burdens, improve the quality of your reports, and stay ahead in your sustainability journey. For more details download our full CDP guide here.
Want to learn how Sirius can optimise your CDP reporting process? Get in touch with our expert team here.