With over 2,400 Environmental, Social, and Governance (ESG) regulations worldwide, increasing by 155% in the last decade, ESG reporting is quickly becoming a standard practice for businesses. Yet despite its critical role in corporate compliance, surprisingly 47% of organizations still rely on error-prone spreadsheets to manage ESG data. 

With “poor quality or availability of ESG data and analytics” and “poor quality of sustainability investment reporting” cited as the two biggest barriers to adopting sustainable investing, it’s clear that legacy technology is inadequate for today’s more stringent requirements. 

In response to these challenges, many companies are turning to specialized ESG reporting software to enhance reporting accuracy and streamline their efforts.  

This article will take a look at the current state of ESG reporting, explain why ESG reporting software is worth the investment, and compare 16 of the best tools out there to get your reporting on the right track.

Quick recap: ESG reporting in 2024

In 2024, ESG reporting is increasingly driven by stakeholder demands for more transparency and accountability, with investors more likely to trust fully audited ESG reports. Evolving regulatory requirements like the EU's Corporate Sustainability Reporting Directive (CSRD) governed by the European Sustainability Reporting Standards (ESRS) are also introducing new reporting pressures for companies.

Given this backdrop, it’s clear why many businesses are turning to new technology to address the challenges of legacy systems complicating data management. ESG reporting software has emerged as a crucial tool, offering deep insights and a competitive edge for companies committed to sustainability.

What is the difference between ESG and sustainability reporting? 

ESG reporting focuses on disclosing specific data points to assess a company's environmental, social, and governance risks and performance. Primarily investor-focused, it includes sustainability measures as well as metrics related to gender equality, employee benefits, greenwashing, and more.

Sustainability reporting, on the other hand, is broader and focuses on environmental, social, and economic impacts. It’s often used as a communication tool by businesses to show progress toward sustainable development goals. It includes measuring things like carbon emissions and energy and water consumption.

Why using ESG reporting software is worth the investment

When done manually, ESG data collection and reporting is a time-consuming, error-prone, and costly process. It also becomes increasingly complex to manage as your business grows. Without painstaking oversight, it can increase the risk of non-compliance with ESG reporting standards and regulations. 

It can also restrict your ability to deeply analyze data and identify trends, making strategic decision-making more difficult. Additionally, it can lead to inconsistent reporting, affecting comparability over time.

ESG reporting software is specifically designed to alleviate the shortcomings of manual reporting. It also includes features to help you improve sustainability performance, compliance, and strategic positioning. Here are some of the top reasons to justify the investment:

• Streamlined processes and enhanced accuracy
• Efficiency and cost savings
• Compliance and risk management
• Enhanced stakeholder communication
• Data-driven insights
• Performance benchmarking and monitoring
• Increased investor confidence
• Market differentiation

Best 16 ESG reporting software solutions right now

Now, let’s dive into the top 16 ESG reporting tools available on the market:

1. Coolset

Coolset is an ESG reporting platform that helps mid-market companies measure, analyze, and reduce their Scope 1, 2, and 3 emissions. From streamlined data collection to auto-generated reports, it makes your ESG data audit-ready, so you can reduce emissions effectively and comply with regulations like the CSRD.

• Website address: https://www.coolset.com/
• Best for: Startups, SMEs, and mid-market companies
• Features: Emissions measurement across Scopes 1, 2, and 3, automated sustainability reporting, carbon reduction planning, compliance preparation tools for regulations like CSRD, and options for switching to sustainable vendors.
• Pricing: Pricing is available on request.

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2. Workday

Workday is a cloud-based software provider that develops applications to help businesses manage payroll, benefits, HR, and employee data. Its data and analytics platform helps businesses stay on track with ESG initiatives and reporting by delivering critical sustainability insights to decision-makers. 

• Website address: https://www.workday.com/
• Best for: Medium to large businesses
• Features: Social reporting for ESG, supplier risk, and sustainability solutions, tracking and reporting of ESG data, streamlined workforce reporting, and sustainable supplier selection.
• Pricing: Included at no additional cost for Workday customers.

3. Diligent

Diligent’s ESG reporting platform makes it easy to monitor, measure, and report on ESG matters. From centralized data collection and measurement to automated reporting it helps businesses to expertly manage evolving ESG considerations.

• Website address: https://www.diligent.com/
• Best for: Organizations looking for comprehensive governance, risk, compliance, and ESG management.
• Features: Board, risk, audit, and ESG reports, benchmarking & insights, centralized platform for GRC and ESG activities, and an intuitive user interface.
• Pricing: Custom pricing on request.

4. Workiva

Workiva unifies financial reporting, ESG reporting, and auditing and risk management into one centralized hub. With pre-built ESG frameworks and standards to choose from, businesses can measure what’s relevant for them to keep up with evolving regulations and stakeholder expectations. 

• Website address: https://www.workiva.com/
• Best for: Companies looking for a comprehensive ESG, GRC, and financial reporting platform.
• Features: End-to-end ESG reporting, cross-team collaboration for audit-ready reports, access to pre-built ESG frameworks and standards, and a Materiality Assessment template.
• Pricing: Custom pricing based on the specific needs of the business.

5. Sweep

Sweep is a carbon and ESG data platform that helps businesses collect, manage, and report ESG data. With simplified data collection and reporting, Sweep assists companies across a wide range of industries collect the ESG information they need based on the latest standards and frameworks. 

• Website address: https://www.sweep.net/
• Best for: Businesses of all sizes across various industries looking to streamline carbon and ESG data.
• Features: Simplifies the collection and reporting of sustainability and CSR data, compliant with major ESG standards and regulations, customizable surveys for data collection, tracking, and reporting corporate emissions and supply chain compliance.
• Pricing: Customized pricing based on specific business needs.

6. Persefoni

Persefoni is an AI-powered climate management and carbon accounting platform. It helps businesses measure their carbon footprint, create decarbonization plans, and comply with emissions reporting requirements like the SEC, CSRD, and more.

• Website address: https://www.persefoni.com/
• Best for: Businesses and financial services focusing on carbon accounting and climate management. 
• Features: AI-powered carbon measurement and reporting, regulatory and investor emissions reporting, decarbonization management, and Scope 3 supplier engagement.
• Pricing: Offers PRO, PRO+, and ADVANCED plans, with details available upon request.

7. Cority

Cority’s sustainability and ESG solution helps businesses to measure and report their ESG performance. From streamlined data collection to configurable sustainability and CSR reporting templates, the tool is all about helping organizations ensure their ESG data is accurate and auditable. 

• Website address: https://www.cority.com/environmental-cloud/sustainability-software/
• Best for: Organizations seeking sustainability and ESG data management solutions.
• Features: Sustainability Cloud for accurate, auditable ESG data, centralized management, and streamlined reporting.
• Pricing: Customized based on specific needs.

8. Benchmark Gensuite

Designed for enterprise leaders, Benchmark Gensuite’s ESG reporting and management software helps businesses compile investor-grade ESG data and insights. It has four sustainability tools designed to help companies track emissions, assess resource utilization, build reduction plans, and prioritize ESG issues.

• Website address: https://benchmarkgensuite.com/lp-esg-reporting-software/ 
• Best for: Enterprise leaders.
• Features: Analytics on desktop/mobile, powerful data mining/reporting, collaborative dashboards/reports, and simple data compilation from multiple applications.
• Pricing: Not listed; offers a demo and tailored solutions.

9. LucaNet

LucaNet is an end-to-end ESG solution that collects and analyzes sustainability data and produces fully compliant reports. It helps businesses accelerate their reporting, improve data quality, identify risks, and comply with reporting obligations.

• Website address: https://www.lucanet.com/en/cpm-software/esg-sustainability-reporting-software/
• Best for: Companies integrating ESG with financial reporting, emphasizing automated data collection.
• Features: Offers more than 300 interfaces for data automation, central management of ESG data, and compliance with EU taxonomy.
• Pricing: Available upon request.

10. Greenly

Greenly is a carbon accounting platform that helps businesses assess, manage, and reduce CO2 emissions. It allows you to measure greenhouse gas emissions, build customized decarbonization plans, participate in carbon offsetting programs, and produce reports to communicate your progress.

• Website address: https://greenly.earth/en-us
• Best for: Companies of all sizes looking to assess and reduce their carbon emissions.
• Features: Includes tools for carbon footprint analysis, decarbonization strategies, and sustainable procurement.
• Pricing: Detailed information on pricing is available upon request or through their platform.

11. IBM’s Envizi ESG Suite

IBM’s Envizi ESG Suite is a cloud-based ESG reporting software that helps enterprises capture and manage ESG data in a single platform. Its templates allow you to report in alignment with multiple frameworks.

• Website address: https://www.ibm.com/products/envizi
• Best for: Enterprises needing to consolidate, manage, and report their ESG data efficiently.
• Features: The suite offers a system for robust ESG data and GHG calculations, tools for streamlined reporting, and analytical tools for decarbonization. It simplifies compliance with CSRD and other standards.
• Pricing: Starting at an estimated price of €4,162 per month.

12. AuditBoard

AuditBoard’s ESG and sustainability management platform helps businesses to centralize their ESG program into a single platform. It streamlines data collection, automates manual tasks, simplifies reporting, and ensures data accuracy.

• Website address: https://www.auditboard.com/product/esg/
• Best for: Audit, risk, and compliance teams in various industries looking to streamline ESG program management.
• Features: Centralizes ESG data and evidence collection, simplifies reporting and disclosures, and extends enterprise risk management to include ESG.
• Pricing: Not directly listed; interested parties can schedule a demo for more information.

13. Novisto ESG

Novisto is an ESG data management and analytics platform that automates workflows to help businesses fast-track their sustainability journeys. It includes features for ESG data collection, reporting, benchmarking, collaboration, and risk management.

• Website address: https://novisto.com/ 
• Best for: Companies looking to streamline their ESG data management and reporting.
• Features: Offers automated workflows for ESG reporting, a centralized system for audit-ready data, and AI-powered technology for enhancing data quality and insights.
• Pricing: Not listed; interested parties can contact them directly for more information.

14. SustainIQ

SustainIQ helps businesses to measure, monitor, and report on sustainability and ESG data in real-time. It takes factors like waste management, social value, biodiversity, and more into consideration to provide a holistic view of ESG performance.

• Website address: https://marketing.sustainiq.com/all-in-one-esg-reporting-software 
• Best for: Businesses aiming to centralize their sustainability and ESG data for reporting and analysis.
• Features: Real-time reporting on ESG metrics, automation, and manual data capture, and bulk uploads for efficiency.
• Pricing: Details on pricing are not directly listed; interested individuals can request a demo for more information.

15. KeyESG

KeyESG is an “all-in-one” ESG management software to manage, analyze, report on, and improve ESG performance. It helps businesses automate data collection, calculate and estimate emissions, measure and analyze data, and report in line with global standards.

• Website address: https://www.keyesg.com/
• Best for: Businesses seeking efficient ESG management processes, including data collection, compliance, reporting, and improvement.
• Features: Simplified data collection, compliance with major ESG frameworks, intelligent data reporting, and target setting for ESG performance improvement.
• Pricing: Specific pricing details are not provided; interested parties are encouraged to request a demo.

16. PlanA

PlanA’s ESG reporting software automates and centralizes ESG reporting. It includes features for data collection, reporting, calculations, decarbonization pathways, and support.

• Website address: https://plana.earth/
• Best for: Companies aiming for net zero through comprehensive sustainability planning, carbon accounting, and ESG reporting.
• Features: Data collection for emissions, carbon footprint measurement, sustainability and ESG reporting, setting and achieving reduction targets.
• Pricing: Offers Essential, Pro, and Enterprise packages, with specifics available upon request.

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How to choose ESG reporting software for your business?

When selecting ESG reporting software for your business, there are a few important factors to consider:

• ESG data management and reporting: Look for a platform that offers comprehensive data collection, management, and reporting capabilities. Make sure it can gather data from various sources, track your sustainability performance, and auto-generate reports to meet stakeholder and regulatory requirements.
• Customization and scalability options: Choose a software that fits your current needs and is scalable to accommodate future growth. Confirm it can handle increased data volume or complexity without disrupting your operations.
• Supply chain emissions coverage: Make sure your ESG reporting software has the capabilities to track and report on Scope 1, 2, and 3 emissions. Understanding the full scope of your impact, including supply chain emissions, is critical for setting realistic targets and making informed decisions.
• Compliance with the latest reporting standards: ESG reporting standards are constantly evolving. It’s important to verify that your software allows you to report in line with the frameworks relevant to your business like the EU’s CSRD.
• Actionable insights: Alongside tracking and reporting data, you should also look for tools that give you actionable insights. From benchmarking against industry standards to identifying emission hotspots, this level of analysis can help you to proactively improve your sustainability performance.

Streamline ESG reporting with Coolset

As you can see, there are plenty of ESG reporting tools out there to enhance your business’s ESG data management. We hope this article provided you with a nice overview of the different options available. 

At Coolset, we specialize in helping mid-market companies streamline ESG data collection and focus their efforts on reducing and reporting impact in line with leading sustainability frameworks. 

Discover the capabilities of our reporting platform by scheduling a free demo with an ESG expert today.