A media analysis forms a central part of the 'understanding the context' phase of the double materiality assessment. It consists of systematically gathering and evaluating various online publications to understand the context of ESRS topics and sub(-sub)-topics.

This analysis helps companies grasp public perceptions, anticipate regulatory changes, and identify emerging risks and opportunities. It is an essential part of the double materiality ssessment under the EFRAG's guidelines.

Media analysis provides valuable insights into global and local sustainability concerns, enabling companies to assess the materiality of ESG issues comprehensively. It also ensures that silent stakeholders, such as nature, are considered in sustainability reporting. By understanding the context, companies can make informed decisions about their sustainability impacts and financial materiality.

Start by setting the scope of your double materiality assessment. You can do this by going over all topics, sub-topics and sub-sub-topics and determining which sections are relevant for your company.

According to EFRAG, relevant sources include:

Per ESRS (sub)-sub-)topic, collect information using the sources from step 2. Ensure you cover a wide range of publications to get a comprehensive view. This might include setting up alerts for specific keywords related to your sustainability topics.

Ways to collect data include:

Analyze the legal and regulatory environment relevant to your industry, as this can pose large financial risks if your company is unprepared for regulatory changes.

This includes understanding current regulations and anticipating future changes. "The analysis of the undertaking’s relevant legal and regulatory landscape" is crucial for identifying potential impacts.

Evaluate the collected data to identify trends, public perceptions, and emerging issues. Look for patterns and insights that can inform your sustainability strategy and connect sources to relevant ESRS topics.

For example: If your business is active in chemical waste management, an article about the financial risks of pollution is useful.

Compare your findings with industry benchmarks and peer performance. This helps in understanding how your company stands in terms of sustainability practices and where improvements can be made.

Summarize your findings in a clear and concise manner. Highlight key impacts, potential risks, and opportunities per relevant ESRS topic. This documentation will inform your impact and financial materiality assessments.

You're a sustainability professional at a manufacturing company. You identify relevant sources, such as environmental news outlets, scientific journals, and industry reports. You collect data and analyze it to identify new regulations and public concerns about manufacturing emissions, and connect these to the relevant ESRS topics. You benchmark these findings against your peers and document the insights to inform your sustainability strategy.

A media analysis is a critical component of the double materiality assessment, helping companies understand the broader context of sustainability issues. By following the steps outlined above, companies can systematically gather and evaluate information, ensuring comprehensive and informed sustainability reporting in line with EFRAG's guidelines.