Workiva ESG Study 2024: CSRD data a challenge
The Workiva ESG Study 2024 shows the biggest (technological) challenges and opportunities for CSRD reporting.
- The Workiva ESG Study 2024 surveyed more than 2,000 sustainability professionals and reveals how difficult CSRD data collection really is.
- 83% say collecting accurate data to meet CSRD requirements is challenging, yet 98% believe their data quality is high.
- 88% agree that strong ESG reporting gives their organisation a competitive advantage.
- 92% of companies are already investing in technology to improve reporting collaboration.
- As of May 2026, the EU Commission's draft revised ESRS would cut mandatory data points by over 60%, significantly reducing the reporting burden.
New regulatory requirements for sustainability reporting and ESG (Environmental, Social and Governance) have raised complexity and raised the stakes for companies. The Corporate Sustainability Reporting Directive (CSRD) plays a decisive role here by pushing companies to make their sustainability practices transparent.
How well prepared are companies for these requirements? What challenges and opportunities come with the new rules? This article draws on the March 2024 Workiva ESG Study, which surveyed more than 2,000 sustainability officers and executives worldwide.
Workiva ESG Study 2024
Key messages of the Workiva study
- Global ESG regulations are taking effect: 87% of ESG professionals find it challenging to adapt their reporting processes to new regulations.
- Integrated reporting is the new gold standard: 81% of companies not subject to CSRD still intend to comply with it voluntarily.
- Confidence drives performance: 88% of ESG practitioners believe that confidence in ESG data increases a company's likelihood of achieving its goals.
- Accuracy gap: 98% say they are confident in their ESG data accuracy, yet 83% also agree that collecting accurate data for CSRD is a challenge.
- Technology investment is rising: 92% of companies are investing in technology to improve collaboration within reporting teams.
The biggest CSRD challenges for companies
Meeting ESG requirements such as the CSRD, the EU Taxonomy and the CSDDD presents companies with significant cross-departmental challenges. The biggest concern for finance, sustainability and compliance leaders is the high volume of regulations, mainly because it comes with the need to comply with multiple global sustainability standards such as GRI and IFRS. Obtaining the right data for specific data points is an additional hurdle.
Unclear regulations, quality initiatives and the need for third-party data verification make reporting harder still. A lack of suitable technology and the difficulty of coordinating different teams round out the main pain points. This complexity shows how comprehensive the CSRD requirements are and why careful planning matters.
Challenges in obtaining data for the CSRD report
Although 98% of sustainability managers are confident about their data quality, the Workiva survey reveals a clear tension. EFRAG's list originally included over 1,100 data points.
On 6 May 2026 the EU Commission put a draft of simplified revised ESRS out for public consultation. The key numbers: mandatory data points cut by over 60%, total data points cut by over 70%, and reporting costs per company reduced by over 30%. The revised standard also introduces a simplified materiality assessment. This is a substantial change to the data collection burden described in the Workiva study.
Even with the original full scope, the survey findings are clear:
- 83% of respondents consider collecting specific data to meet CSRD requirements to be difficult.
- 87% find adapting ESG reporting processes to new regulations challenging.
- 79% find verifying data within their reporting processes problematic.
- 77% find it difficult to obtain third-party assurance for CSRD requirements.
- 81% find cross-departmental collaboration in ESG reporting challenging.
These results underline the complexity and the effort organisations must make to comply with the new requirements. One important first step: understand exactly which data your company actually needs to report. That answer only comes after the double materiality assessment has been carried out.
Opportunities for sustainability reporting
The study also shows that sustainability reporting opens real doors for companies.
- Competitive differentiation: 88% of professionals agree that a strong ESG report gives their organisation a competitive advantage, and 89% say ESG reporting is a higher priority than in previous years.
- Investor attractiveness: Among companies planning an IPO, 46% see a clear advantage in strong ESG reporting, compared with 37% of privately held companies not planning one.
- Better decisions and long-term value: 8 out of 10 respondents agree that integrated financial and ESG data enables better decision-making and has a positive impact on long-term value creation.
- Improved reputation: Transparent sustainability communication strengthens brand strength with customers, potential employees and the general public.
- Risk management: Sustainability reporting, or the upstream double materiality assessment, helps companies identify and manage risks related to environmental issues, social conditions and governance.
- Promoting innovation: The drive to meet sustainability goals encourages innovation in products, services and business models.
The importance of technology for CSRD reporting
Technology is becoming central to ESG initiatives, as the Workiva study makes clear.
| Area | Share who say technology is important |
|---|---|
| Assigning reports to regulations, frameworks and standards | 95% |
| Complying with new regulations | 96% |
| Compiling data from multiple sources | 97% |
| Analysing data and gaining insights for decisions | 97% |
| Budget increase planned for ESG technology (next 3 years) | 89% |
| Technology and data seen as critical for strategic decisions | 87% |
These numbers show that companies are increasingly investing in technologies that support compliance and enable more efficient data processing. However, the CSRD study by Ubirch reports a very fragmented ESG software market. For a better overview, see the CSRD tool overview and the software selection guide. Training matters too: consider specific CSRD training courses for your team.
Information on the Workiva Study 2024
The global Workiva "2024 ESG Practitioners" survey brings together insights from over 2,000 financial, sustainability and risk management professionals. Participants represent a range of roles from senior management (25%) to sustainability managers (28%) to operations team members (20%). The study focused on organisations with at least 250 employees, with most respondents (46%) from companies with 501 to 5,000 employees.
Study participants come from North America, the EU, the UK and Asia-Pacific. The survey was conducted in collaboration with the founder of the Carbon Disclosure Project (CDP) and the Director of the NYU Stern Center for Sustainable Business, and developed with the support of Ascend2.
What is Workiva?
Workiva is a technology company specialising in reporting solutions. By integrating data management, collaboration and real-time editing, Workiva helps organisations produce financial, ESG and compliance reports efficiently and accurately in a cloud-based environment.
Conclusions of the Workiva ESG study
Several practical conclusions stand out for companies and sustainability managers.
- Treat compliance as an opportunity. ESG compliance and data assurance strengthen credibility and performance, not just tick boxes.
- Adapt proactively. Despite the complexity, companies that improve their reporting processes now will be better positioned for future requirements.
- Invest in the right technology. Tools like the top 10 ESG software solutions can improve efficiency and internal collaboration.
- Voluntary compliance signals commitment. Many companies comply with CSRD even when not required to. A proactive approach to ESG standards is increasingly the norm.
These points confirm that sustainability reporting, especially in the context of CSRD, is an increasingly important aspect of corporate management. It requires strategic planning, ongoing adaptation and the right technological support.
The Workiva study highlights data collection as the core challenge. Our ESRS data points template gives you a structured overview of all relevant ESRS data points so you can plan your data collection efficiently.
Frequently asked questions about the Workiva ESG Study 2024
What did the Workiva ESG Study 2024 find about CSRD readiness?
The study surveyed more than 2,000 ESG professionals globally and found a striking gap: 98% are confident in their data accuracy, yet 83% say collecting accurate data to meet CSRD requirements is a genuine challenge. Adapting reporting processes (87%), verifying data (79%) and cross-departmental collaboration (81%) are further pain points.
How many ESRS data points do companies need to report?
The original EFRAG list included over 1,100 data points. However, the EU Commission's draft revised ESRS, published for consultation on 6 May 2026, proposes cutting mandatory data points by over 60% and total data points by over 70%. This would significantly reduce the collection burden described in the study. Final adoption is expected later in 2026.
Does strong ESG reporting really create a competitive advantage?
According to the Workiva study, 88% of ESG professionals agree that a strong ESG report gives their organisation a competitive advantage. This is backed by investor behaviour: companies planning an IPO rate ESG reporting benefits higher (46%) than privately held companies not planning one (37%).
What technology do companies need for CSRD reporting?
The study shows very high technology needs: 97% say technology is important for compiling data from multiple sources and for data analysis, while 96% say it is critical for regulatory compliance. However, the ESG software market remains fragmented. Starting with a clear data point map, such as the ESRS data points template, helps you define requirements before choosing a software tool.
