Wolters Kluwer launches new ESG tools for CBAM & planning
Wolters Kluwer has introduced two new solutions aimed at supporting organisations with environmental, social, and governance (ESG) reporting, specifically focusing on the Carbon Border Adjustment Mechanism (CBAM) and strategic planning and analytics functions.
The company has developed CCH Tagetik ESG & Sustainability for CBAM, which is designed to facilitate compliance with the European Union's CBAM requirements, and CCH Tagetik ESG & Sustainability for Planning & Analytics, a tool connecting ESG goals with financial and operational data for business strategy.
Support for compliance
According to Wolters Kluwer, the CCH Tagetik ESG & Sustainability for CBAM aims to automate the complex emissions reporting needed for CBAM compliance. The tool includes features that address key tasks faced by companies affected by the EU's carbon pricing scheme. The automated system uses artificial intelligence to detect goods and suppliers relevant under CBAM frameworks, conducts emissions calculations according to regulatory guidelines, and generates reports using European Union templates.
Additionally, the solution facilitates the integration of emissions data via a native link with CCH Tagetik Carbon Management, allowing for consistent data sharing across compliance and sustainability operations. The tool is also designed with the intent to adapt with future developments in carbon pricing and regulatory requirements.
The expanding landscape of carbon disclosure and evolving regulatory obligations around emissions put increased pressure on companies to streamline their compliance efforts. By automating significant portions of the reporting process and aligning with regulatory standards, businesses could reduce administrative burdens and the risk of non-compliance.
Integration with financial planning
Wolters Kluwer's launch also includes CCH Tagetik ESG & Sustainability for Planning & Analytics. This solution links financial and sustainability data to inform planning and analytics, which the company says can help firms integrate climate and ESG targets into standard business operations and decision-making processes. Its aim is to provide business leaders with a unified system for managing both financial consolidation and sustainability metrics, enabling a holistic understanding of the financial impact of sustainability initiatives.
The firm highlights several key capabilities of the Planning & Analytics solution. These include AI-enhanced sustainability forecasting and analytics tools, which help users model emissions trajectories and identify potential risks and performance gaps. The system also offers collaborative planning functions, with governance-focused workflows and role-based access to facilitate accountability and teamwork across entire organisational structures.
Karen Abramson, Chief Executive Officer of Wolters Kluwer Corporate Performance & ESG, explained the rationale behind the new offerings. She commented:
"Companies are seeking transformative technologies to enable them to predict, plan and act on both financial and non-financial data and analytics. Our new solutions demonstrate our commitment to innovating to support finance leaders in managing emerging ESG-focused compliance and data needs to drive long-term resilience and growth. We remain committed to product excellence and anticipating market trends and delivering solutions that meet the evolving needs of CFOs."
Driving business responses to ESG
Integrating sustainability with business strategy has become an increasing focus for finance leaders, especially given the rapid evolution of regulatory demands such as CBAM and the growing significance placed by stakeholders on climate and ESG reporting. CCH Tagetik ESG & Sustainability for Planning & Analytics is intended to help businesses define, align, and expand ESG objectives across their assets and value chains, while keeping an eye on long-term growth.
The company's platform is positioned to support collaboration across teams, enabling performance tracking against climate and ESG targets while also managing the financial aspects associated with these activities. Automation, AI-driven insights, and data integration are key elements in these new tools, driven by the needs of organisations facing multi-faceted compliance and planning requirements.
Key features of the new solutions include, for CBAM, automatic detection of relevant goods and suppliers, emissions calculations aligned with regulatory guidelines, and the generation of submission-ready reports. For the Planning & Analytics tool, features such as a unified financial-sustainability data hub and enhanced governance and collaboration tools are designed to assist with responsible, organisation-wide sustainability planning.
The announcements signal an effort by Wolters Kluwer to respond to the increasing complexity surrounding ESG compliance and performance management, providing systematic approaches for organisations to manage both current and future sustainability requirements.
