Through our sustainability and climate change services we assist our clients in meeting environmental and sustainability challenges posed by modern society and economy and in successfully fulfilling their obligations associated with Hungary’s membership in the European Union; in addition, we prevent their faulty environmental decisions from jeopardizing their business objectives, reputation and achievements.
The comprehensive knowledge of our environmental consultants on operational and development related matters for both the companies and the public sector, gives us an important edge over other international consultancy firms. Within this service line, we offer our clients the following services:
Environmental risks are often hidden or unknown. However, these can have significant financial impact and severe legal consequences, which in turn can affect the success of the entire transaction. The aim of Environmental Due Diligence (EDD) is to identify and disclose risks associated with the environmental status and performance of a company prior to mergers and acquisitions. EDD is of paramount importance in industries like energy and resources, the chemical and pharmaceutical sectors, manufacturing and in case of brown-field investments realized on former industrial sites.
Investors, customers and other interest groups require relevant information. In addition to its financial statements, a company’s sustainability/CSR report provides information as to how legal requirements are met and what measures are planned to take in order to reduce the risks of various interest groups. The attested and published sustainability/CSR report is a valuable communication tools in the possession of the company.
Provisions often relate to environmental tasks. The Environmental and closure provisions often do not get enough attention; several companies do not even know that it is an existing obligation.
Provision based liabilities are very often environmental issues or future expenditures related to the closure (and rehabilitation) of the premises owned or used by the company, such as:
We have in-house capability to perform the review of Environmental and closure provision and besides the reviews we offer full services of provisioning for the relevant industries.
The EU Climate Package launched in 2007 and its Emissions Trading Scheme has an increasing direct impact on the business activity of the majority of industries. The ETS introduces annual decreasing limits on the emissions of CO2, starting from 2013, companies will have to purchase part of their CO2 emission allowances. A CO2 emission allowance deficit or surpluses due to the companies CO2 emissions will directly impact the bottom-line and overall profitability.
Companies should be prepared for this new CO2 driven economic reality therefore they need to develop a comprehensive CO2 cost management strategy – monitoring the CO2 emission market and developing a roadmap of activities both in the field of financial transactions and operational improvements. As an advisor for market leaders across all industrial sectors involved in the ETS Deloitte is uniquely positioned to support its Clients in the preparations.
Under ETS III, starting in 2013, emission reporting and its verification will be of special importance as companies in certain industries will purchase part of their CO2 emission allowances. Companies that are concerned with the emission of greenhouse gases under the new regime – based on their products – must submit a report audited by an independent party to the relevant authorities. Based on our international 7 years expertise, Deloitte can assist companies in compiling such reports. Deloitte is a registered verifier entity under No. HU-ETS-GTH-0005-06.
Reporting on the risks associated with environmental pollution and an assessment of potential future liabilities, (as required by official obligations, EU laws, acquisitions or divestment, land purchase, extension of credits, borrowings etc.)
The commissioning or extension of facilities listed in the Environmental Protection Act requires the company to obtain an environmental permit and/or an integrated pollution and prevention permit. According to the currently effective decree (314-2005 (XII.25.)) any activities subject to the decree can only be commenced (or expanded) after an environmental and/or an integrated pollution and prevention permit is obtained. The environmental and/or integrated pollution and prevention permit is issued by the authority on the basis of environmental impact assessment and/or integrated pollution and prevention control. During the process the future risks of the proposed facilities and the measures envisaged to mitigate such risks shall be specified in advance. Entities subject to the decree are required to have a full-scale environmental review performed by a qualified firm and to ensure compliance with the Best Available Technology. Deloitte has conducted the said procedure in several industries, including acceptance by the relevant authorities and the acquisition of the operating permit.
Since 2004 Deloitte has been assisting the funding institutions for EU Structural and Cohesion Funds in the review, evaluation and monitoring of approved projects and programmes.
Applying EU and Hungarian guidelines we possess a wide range of experience in compiling and reviewing feasibility studies, along with applications and their attachments for projects related to environmental and energy infrastructure and transport, and in establishing the general methodological foundations of EU environmental grants systems.
The European Union is getting ready to change accounting laws with the aim to complete financial statements with non-financial information (on the environmental and social impact of their activities).
|Green Frog Award
Central European Sustainability Report Award