What are ESG software solutions?
The term ESG should be familiar to most people by now. It stands for Environmental, Social and Governance. Companies are increasingly facing the challenge of doing business sustainably and at the same time assuming social responsibility. New regulations such as the CSRD, which will gradually become mandatory for companies in the EU from 2024, are increasing the pressure on companies.
ESG software solutions can help organizations to overcome these challenges. CSR tools and ESG software solutions offer a wide range of functions to improve sustainability performance, create transparency and involve stakeholders. A study by PwC on CSRD reporting has shown that the majority of companies plan to use a software solution to fulfill the mandatory reporting standards (ESRS). Many companies also plan to use Microsoft Excel for this purpose.
In this blog post, we present the top 8 ESG software solutions for more sustainability in 2024. We compare the key features and benefits of each tool and help you choose the right software for your business.
Why ESG software solutions?
Platforms for managing sustainability offer companies numerous advantages:
- Increased efficiency: Automate tedious processes and save time and resources.
- Improved data quality: Reliable data is the basis for well-founded decisions.
- Transparency: Create transparency for stakeholders with your sustainability report.
- Stakeholder engagement: Actively involve stakeholders in your sustainability strategy.
- Risk management: Identify and minimize sustainability risks
- Competitive advantages: Increase your competitiveness through sustainable management.
Hundreds of sustainability software solutions have been developed in recent years. And the trend is rising. The CSRD study published by Ubirch in January 2024 shows that the market for CSR tools is very fragmented and only 39% of companies feel sufficiently informed to make ESG decisions.
How were the top 8 ESG tools selected?
The selection of the top 8 tools is based on a mixture of personal experience with the solutions, the information that can be found on the tools’ websites and the ratings on software comparison platforms such as G2, Capterra and OMR Reviews. However, it should be noted that the ESG software market is still very young and there are only a few reviews for these tools so far.
In the following sections, we present the top 8 CSR & ESG software solutions in detail.
Note The order of the software solutions is arbitrary.
Top 8 ESG software solutions [2024]
1) CONSUST
CONSUST offers a data-centric and holistic approach to work with you to guide your company towards a sustainable future. They offer the complete package of ESG software and associated consulting to meet your sustainability requirements pragmatically.
Functions and services:
- CO2 calculation
- Calculation of GHG Scope 1-3 emissions
- Determination of the decarbonization potential
- Definition of climate strategy and targets
- Roadmap for achieving the climate targets and tracking measures
- Integrated materiality analysis
- Intelligent ESG Framework Mapping
- Tracking & reporting of progress
- Accompanying Science Based Targets (SBTi) validation
- Fulfillment of reporting obligations and immediate reporting
Why was CONSUST chosen as the top ESG tool?
CONSUST impresses with its attractive combination of software and optional consulting from a single source. The CSR tool is very intuitive for users and offers all essential functions for auditable sustainability reporting.
2) Workiva
∅ Ratings
Workiva is one of the largest providers and offers an ESG reporting solution alongside other products. The platform supports companies in operationalizing their ESG strategy and enables digital workflows in real time.
Functions and services:
- ESG Framework: Selection from various ESG frameworks and standards.
- Sustainability strategy: Digitalization of ESG planning to be able to react more agilely to the dynamic regulatory environment.
- Data: APIs enable the synchronization and automation of ESG data and benchmarks with other companies can be viewed.
- Stakeholders: Employees and other stakeholders can be actively involved in the reporting process with different access authorizations.
- Reporting: Progress against ESG targets can be made available at the touch of a button, including the creation of graphical elements.
- Auditability: Version control and validation of ESG data in XBRL format enable an audit-proof report.
Why was Workiva chosen as the top ESG tool?
The Workiva software covers several ESG frameworks and is therefore particularly interesting for larger and international companies that have to report in accordance with various regulations. In addition, the positive reviews, the large customer list and the trustworthy partners have earned Workiva a place in the top 10.
3) Materiality Master
∅ Ratings
n/a
Materiality Master is a specialized provider for the implementation of the double materiality analysis. This low-threshold introduction to CSRD reporting enables companies to identify and prioritize their sustainability issues.
Functions and services:
- Identify IROs In addition to the ESG topic list of the ESRS (AR 16), company or sector-specific IROs can be added.
- Evaluate IROs: You will be guided through the necessary steps to evaluate the IROs.
- Materiality matrix and results: The material topics are visualized in an interactive materiality matrix.
- Audit-capable All decision-making processes are documented in accordance with ESRS 1: IRO-1.
Why was Materiality Master chosen as the top ESG tool?
Most providers offer an all-in-one solution. It is therefore charming that Materiality Master focuses on the core of CSRD reporting, the double materiality analysis. The solution makes it easy for small and medium-sized companies, NGOs and CSRD consultancies to get started.
4) Code Gaia
∅ Ratings
A CO₂ and ESG management platform for SMEs. The Code Gaia software and team supports companies to meet the requirements of CSRD, double materiality, CO₂balance sheet, LkSG and EU taxonomy.
Functions and services:
- All-in-one solution: fulfillment of legal and stakeholder-specific requirements incl. CSRD / ESRS, LkSG, EU taxonomy.
- Double materiality analysis: Supported by software-based workflows and workshops.
- CO₂ and environmental data: An automated CO₂ accounting tool helps companies to collect this data.
- Report generation: Export of the finished sustainability report in the appropriate format with a single click.
Why was Code Gaia chosen as the top ESG tool?
In addition to the very good software ratings, Code Gaia impresses with a modern and innovative software solution. The clear focus on SMEs and EU legislation as well as the transparent pricing round off the offer.
5) Global Climate
The Global Climate Software makes CO₂ emissions transparently scalable in real time and shows the weak points across all scopes in the key ESG areas. This enables companies to act quickly and take appropriate measures to reduce and offset their corporate carbon footprint.
Functions and services:
- CO2 accounting (corporate carbon footprint and product carbon footprint)
- Supply Chain Due Diligence Act (LkSG) Management
- ESG scoring
- Auditable version control
Why was Global Climate chosen as the top ESG tool?
The SCOPES product from Global Climate adapts flexibly to companies’ ERP systems (e.g. SAP, Microsoft Dynamics, DATEV). What is particularly exciting about this solution is that the CO ₂-Balance sheet based on data from accounting, bookkeeping and merchandise management. This interesting and innovative approach has earned Global Climate a place in the top 10.
6) IBM Envizi ESG Suite
∅ Ratings
IBM Envizi’s ESG reporting software helps companies capture and manage all ESG data in a single system of record. The platform makes it easier for companies to compile, review and report on large volumes of ESG data for key international reporting frameworks, including CSRD.
Functions and services:
- Scope 1, 2, 3 GHG Accounting & Reporting: Simplification of Scope 1, 2 and 3 emissions calculation.
- Target setting & progress measurement: Targets for reducing CO2 emissions can be set and monitored in order to accelerate decarbonization.
- ESG Reporting Frameworks: Simplify ESG reporting across all major frameworks with a single dataset.
- Ratings & benchmarks: Direct insight into the carbon footprint of buildings Comparison with other companies.
- Supply chains & assessments: Structured collection of ESG data from suppliers.
- Sustainability measurement: monitoring and management of ESG and sustainability initiatives.
Why was IBM Envizi chosen as the top ESG tool?
As a global software provider, IBM has developed an ESG suite for corporations that can map several global sustainability reporting standards, similar to Workiva. The solid user ratings, transparent pricing and functional scope of the tool, as well as the IBM brand, make it a relevant CSR tool.
7) Greenomy
∅ Ratings
n/a
Greenomy’s AI-driven platform supports companies in fulfilling sustainability reporting according to CSRD, EU Taxonomy, ISSB and all future standards. The platform offers functions to measure, disclose and improve sustainability in organizations.
Functions and services:
- Data import: Capture and import of internal and external data from various sources and formats into an ESG data lake.
- Interoperability of frameworks: Efficient preparation of disclosures across ESG frameworks (CSRD, EU Taxonomy, ISSB)
- Workflows: Tasks and deadlines for teams in your organization can be coordinated on the platform.
- AI & Automation: Customized, generative AI tailored to ESG and integrated into reporting.
- Report generation: Easily share reports with external stakeholders.
Why was Greenomy chosen as the top ESG tool?
Greenomy is characterized by the use of artificial intelligence as well as the modern UI and user-friendliness of the software. Greenomy also offers a free academy that imparts knowledge on topics such as CSRD and ESRS.
8) osapiens
∅ Ratings
osapiens offers automation tools for CSRD compliance. The ESG software solution supports organizations throughout the entire process from dual materiality analysis to target setting and ESG reporting.
Functions and services:
- Double materiality analysis: assessment of the financial impact (risks and opportunities) on the company and the impact on people and assets (IRO).
- Data collection: Linking with other internal databases to minimize the amount of additional data entry.
- Strategy development: The requirements of CSRD require a strategy with measures and targets.
- Reporting: Ensuring that information is documented and reported in accordance with the requirements of the auditing companies.
Why was osapiens chosen as the top ESG tool?
The solution from osapiens offers a USP in the ESG software market thanks to its automation functions. The tool offers all relevant functions and modules to cover a CSRD sustainability report and other ESG frameworks and convinces its customers, who express their satisfaction with a very good software rating.
Unsure about choosing your ESG software?
The market for CSR tools and ESG software is relatively opaque and the number of providers is constantly increasing. This makes it difficult for those responsible in companies to maintain an overview and select the right solution for their own organization in order to comply with CSRD reporting requirements.
We offer you the following assistance in selecting your ESG software:
- Please contact us for an individual consultation
- Subscribe to the ‘CSRD Compass’ newsletter and never miss a CSRD tool tip again
- Visit our CSR Tool Overview
