Oct 25, 2024
As the push for sustainability grows stronger, businesses must step up.
A vital part of making this shift happen is the Corporate Sustainability Reporting Directive (CSRD), which demands greater transparency from companies about their sustainability efforts. Its introduction means that large companies based in the EU are set to the same sustainability standards.
While companies don’t have to publish their first report until 2026, the work has already begun. And we’re not just scratching the surface — we’re preparing to dive deep, covering up to 1,231 data points to paint a full picture of our environmental, social, and governance (ESG) efforts.
To prepare for these new reporting rules, we took an important first step: conducting a Double Materiality Assessment — which basically means figuring out the matters that are most applicable to Bolt regarding sustainability.
To do that, we look at sustainability from two angles:
By combining both views, we can be sure that we’re focusing on the areas where we can make the most significant difference.
A sustainability issue is considered relevant or “material” if:
We conducted this assessment from November 2023 to June 2024, facilitated by the world-renowned PwC. We didn’t just glance at a few areas—we delved deep into everything Bolt does.
Here’s the process we followed:
Please note that we conducted the assessment under the European Sustainability Reporting Standards (ESRS).
Our assessment showed that 744 out of 1,231 data points apply to Bolt, covering areas like climate change, employee well-being, and business ethics (the number could change as the legislation evolves).
But we’re already making a difference:
Of course, there’s more to do. Our ongoing focus involves cutting greenhouse gas emissions, enhancing safety for riders and drivers, and protecting privacy.
With the Double Materiality Assessment completed, we’re aligning our existing data with the new requirements. Thankfully, we’re not starting from scratch, as we’ve already collected much of the data.
For example, since 2021, we’ve been tracking our greenhouse gas emissions annually. While our total emissions have grown as our business has expanded, our emission intensity per kilometre has steadily decreased (by 0.012 kgCO2eq/km between 2022 and 2023), helping us stay on track for our goal of net zero by 2040. (South Pole.)
But we’re not stopping there.
Notably, over 95% of our emissions come from our ride-hailing services (since we began calculating our emissions), which is why expanding the number of zero-emission vehicles on our platform remains a priority.
On top of this, we’re constantly refining our processes to improve accuracy and efficiency. One example is how we assess our suppliers. We’re looking for ways to streamline this process, reducing manual work while strengthening our positive influence on our supply chain partners.
You can read our first CSRD-compliant report in 2026. Until then, you can take a glimpse at what we’re working on by checking out Bolt’s 2023 sustainability wrap-up on the blog.
