Requirements for companies to report according to new European sustainability reporting standards are set out in the new Corporate Sustainability Reporting Directive (CSRD) proposal. The technical work to develop those standards, is led by EFRAG’s Project Task Force on European Sustainability Reporting Standards.

In the announcement, Sean Berrigan, Director General for Financial Stability, Financial Services and Capital Markets Union, European Commission, states: “European sustainability reporting standards should build on and contribute to the progress of existing standards and frameworks that are widely used by companies. I welcome this Statement of Cooperation between EFRAG and GRI as an important step towards promoting convergence between European and global sustainability reporting standards.”

Patrick de Cambourg, Chair of the EFRAG Project Task Force, stresses that: “in the spirit of co-construction and convergence we promote, we want to benefit from long-standing precursors and avoid reinventing the wheel while contributing at the same time to further substantial progress globally”.

Welcoming the agreement, GRI Chairman Eric Hespenheide said:

“The CSRD has the potential to raise the bar for corporate accountability and transparency, in Europe and beyond. There are strong parallels between the double materiality-based proposals in the CSRD and the GRI Standards.

We firmly believe that requirements that position sustainability reporting on an equal footing with financial disclosure – as set out in the EU proposals – will ensure transparency for all stakeholders on the impacts of companies while acting as an enabler for responsible business conduct and societal dialogue on pivotal issues.

This agreement is the first step towards establishing a long-term strategic collaboration on the co-construction of standards which meet the requirements of the CSRD to become legally binding in the EU but also can be incorporated in the voluntary global standards from GRI. Standard development will therefore be guided by both EFRAG’s due process and the GRI due process.”

Judy Kuszewski, Chair of the GRI’s Global Sustainability Standards Board, added:

“The EU and GRI are both committed to standards that are multi-stakeholder inclusive and address the impacts organizations have on the environment, society and the economy, based on international and authoritative instruments. Therefore, we look forward to contributing our knowledge and expertise to EFRAG and engage with the Project Task Force in the co-construction of new EU sustainability standards.”

It is worth noting that research by the Alliance for Corporate Transparency (2020), showed that 54% of EU companies use the GRI Standards (the most commonly cited framework) to meet their non-financial reporting requirements.  Tweet This!

78% of the world’s 250 largest companies report in accordance with the GRI Standards

References:

This article is based on published information by GRI. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the publication’s meaning. If you would like to quote these written sources from the original please revert to the following link:

https://www.globalreporting.org/about-gri/news-center/gri-welcomes-role-as-co-constructor-of-new-eu-sustainability-reporting-standards/

https://www.consilium.europa.eu/en/press/press-releases/2022/06/21/new-rules-on-sustainability-disclosure-provisional-agreement-between-council-and-european-parliament/

https://www.bsr.org/en/our-insights/blog-view/what-business-needs-to-know-about-the-eu-corporate-sustainability-reporting

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The ‘bold leadership’ shown by the EU in re-committing to the European Green Deal, even as the coronavirus pandemic is being tackled, has been recognised by GRI chief executive Tim Mohin.

GRI has previously highlighted the significance of the European Commission’s plans to strengthen the Non-Financial Reporting Directive in the sustainable finance workstream of the Green Deal. This acknowledges the clear link between disclosing corporate impacts and encouraging sustainable business practices.

Writing on Wednesday in EURACTIV (COVID crisis reinforces need for governments to go green), Mr. Mohin highlighted three recent signs that the Green Deal, inclusive of a €1 trillion sustainable investment plan, remains on track:

• A letter signed by 13 EU environment ministers has called for the Green Deal to be the framework to boost recovery after the pandemic
• A European Council statement that a green transition is required to support sustainable growth following the crisis
• Confirmation from the European Commission that their work towards EU carbon neutrality targets remains on track

Tim Mohin said:

“It is reassuring that, even as we battle coronavirus, the European Commission has the foresight to press ahead with the Green Deal, which is being positioned as the framework to rebuild the economy after the pandemic.

With the international community coming together to address COVID-19, joint working between the public and private sectors has never been more important. And when the world emerges from this crisis, we need to continue this collaboration to advance sustainable and inclusive development.

Europe’s leaders are to be commended for committing to a green transition. Now, more than ever before, this is the kind of bold leadership the world needs.”

78% of the world’s 250 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.

FBRH GRI Standards Certified & ISEP recognised Sustainability Course | Venue: London LSE

By registering for the next 2-day FBRH GRI Standards Certified & ISEP recognised course you will be taking the first step in gaining the many benefits of sustainability reporting.

References:

This article is based on published information by GRI. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the publication’s meaning. If you would like to quote these written sources from the original please revert to the following link:

https://www.globalreporting.org/information/news-and-press-center/Pages/We-need-a-green-transition-after-COVID-19.aspx

The post We need a green transition after COVID-19 appeared first on SustainCase - Sustainability Magazine.