Global sustainability reporting is here. International and European standards are final – and effective – and the SEC1 climate rule is forthcoming. Alongside this, GRI2 Standards are already used by 78 percent of G250 companies3 globally.
To respond to emerging needs, the GRI has invited comments on its climate change and energy proposals.
We believe the GRI has a key role to play in improving the quality and consistency of global sustainability reporting practices. Sustainability reporting is increasingly being incorporated into regulatory requirements. At a global level, to achieve equivalence, a sustainability reporting package based on both IFRS® Sustainability Disclosure Standards and GRI Standards would address investor and broader stakeholder needs.
Given the current sustainability reporting landscape, we suggest the GRI consider whether GRI Standards remain unchanged at the current time and instead immediately focus on collaborating with the ISSB4 and EFRAG5 to the benefit of the global sustainability reporting ecosystem.
The GRI has an important role to play in delivering an efficient and aligned global sustainability reporting ecosystem: it’s key to bridging the gap between ISSB Standards and ESRSs.
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Read our full response.
1 Securities and Exchange Commission.
2 Global Reporting Initiative.
3 World’s 250 largest companies by revenue based on the 2021 Fortune 500 ranking.
4 International Sustainability Standards Board.
5 European Financial Reporting Advisory Group.
6 European Sustainability Reporting Standards.
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