Case Elisa: Data-driven, objective second opinion for Double Materiality

Starting point: Building internal understanding and capabilities in double materiality through a comprehensive project

As a listed company, Elisa began laying the groundwork for CSRD compliance already in 2022, with the team building internal understanding of double materiality. The extensive project started with data collection from several sources, validated by both internal and external stakeholders.

"After a comprehensive in-house effort, we were looking for a second opinion to validate our double materiality results. There wasn’t a need for a large-scale project with extensive interviews, but rather a lean and efficient approach to validate and challenge our findings," says Minna Kröger, Vice President, Corporate Responsibility at Elisa.

Solution: A science-driven, objective perspective on double materiality

Elisa had previously used Upright's net impact data, so they were familiar with Upright’s methodology and found it a good fit also for their double materiality assessment.

The assessment began with data collection on Elisa’s side. Once all the input data was ready, Upright’s data engine did the heavy lifting for determining science-based impacts, risks and opportunities. To give Elisa a comprehensive understanding of the results, the results were discussed in two sparring sessions. The assessment took 6 weeks from start to finish.

Benefits: Confirmed findings and increased confidence in double materiality analysis

The process was as streamlined as Elisa’s team had hoped and completed in their chosen timeline. Communication between the teams remained active throughout.

"We were pleased that the assessment got straight to the point from the start, without the need for extensive orientation or background interviews," says Minna Kröger.

While the results held no major surprises for Elisa’s team, Upright’s analysis offered valuable new perspectives, especially on topics with positive material impacts. "Because we had done our homework, we were able to engage in constructive discussions, challenge each other, and fully digest Upright’s insights," Kröger adds.

One key benefit for Elisa was that Upright’s methodology has been extensively tested and approved by major auditing firms. "We got the second opinion we were looking for, backed by a methodology we can confidently present to auditors. It also gave the team greater confidence in our double materiality results", Kröger concludes.