A report from Norges Bank Investment Management urges businesses to improve metrics to make sure they disclose ‘relevant, quantitative and comparable information on environmental, social and governance (ESG) issues’.

Norges set out today (3 March) that ESG reporting should ‘use established standards, starting with disclosures based on the GRI Standards,’ and made clear that climate change mitigation reporting should include both direct and indirect carbon emissions disclosures – including emissions in a company’s value chain.

The report also emphasised the relevance of information on corporate tax practices, highlighting support from Norges for the development of the GRI Tax Standard, the first global reporting standard for tax transparency.

GRI Chief Executive Tim Mohin said:

“Disclosures based on the GRI Standards offer data that help investors, companies and other stakeholders to make informed decisions. This report from Norges Investment Management reinforces the importance of comprehensive ESG disclosures for investors.

We commend Norges’ call for companies to disclose both direct and indirect carbon emissions. Climate change is a global emergency and, for most companies, the majority of their carbon emissions are indirect.  Companies must measure, disclose and manage these impacts if we are to tackle the climate crisis.

For more than 20 years, GRI has enabled reporting on impacts that are material to the environment and society.  Focusing solely on the financial implications of the reporting company will not further sustainable development nor will it ultimately serve the long-term interests of investors.”

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/Comprehensive-ESG-backed-by-world%E2%80%99s-largest-sovereign-wealth-fund.aspx

The post Comprehensive ESG backed by world’s largest sovereign wealth fund appeared first on SustainCase - Sustainability Magazine.