Deal signed to align international sustainability disclosures

1st April 2022


Web green pillars credit Finomax shutterstock 2087628901 v2

Author

IEMA

A deal to align sustainability reporting and standards has been agreed by two major international setting boards. The move follows rising public interest in harmonising the global sustainability reporting landscape while reducing the burden on companies through consolidating the boards’ terminology, guidance and work programmes.

Under the deal, the IFRS Foundation and Global Reporting Initiative (GRI) will co-ordinate their capital market and multi-stakeholder standards to provide two ‘pillars’ of international sustainability reporting. The first pillar will represent investor-focused capital market standards developed by the IFRS Foundation’s International Sustainability Standards Board (ISSB), launched at November’s COP26 climate summit. A second pillar of GRI sustainability reporting requirements, set under its Global Sustainability Standards Board, will be compatible with the first and will aim to meet multi-stakeholder needs.

“At COP26, we heard strong support for consolidation in the sustainability reporting landscape,” said IFRS Foundation Trustees chair Erkki Liikanen. “The work of the ISSB and its global baseline concept will help deliver this objective for the capital markets, while this agreement with GRI will help ensure capital market standards are developed in a way that minimises reporting burden for those companies also using GRI Standards.”

GRI chief executive officer Eelco van der Enden said the consolidation showed that a comprehensive system combining financial and impact materiality for sustainability reporting is possible on a global scale and will benefit investors and companies alike.

Both organisations will join each other's consultative bodies on sustainability reporting under the deal.

Image credit | Shutterstock

Subscribe

Subscribe to IEMA's newsletters to receive timely articles, expert opinions, event announcements, and much more, directly in your inbox.


Transform articles

Facing the climate emergency challenge in local government

It’s well recognised that the public sector has the opportunity to work towards a national net-zero landscape that goes well beyond improving on its own performance; it can also influence through procurement and can direct through policy.

19th March 2024

Read more

Dr Julie Riggs issues a call to arms to tackle a modern-day human tragedy

15th March 2024

Read more

Disgraced environmental consultant Peter Lovebrother is another month nearer retirement…

13th March 2024

Read more

The UK government’s carbon capture, usage and storage (CCUS) strategy is based on optimistic techno-economic assumptions that are now outdated, Carbon Tracker has warned.

13th March 2024

Read more

The UK’s new biodiversity net gain (BNG) requirements could create 15,000 hectares of woodlands, heath, grasslands, and wetlands and absorb 650,000 tonnes of carbon each year.

13th March 2024

Read more

The UK government’s latest Public Attitudes Tracker has found broad support for efforts to tackle climate change, although there are significant concerns that bills will rise.

13th March 2024

Read more

Multinational corporations are undermining their net-zero commitments with excessive air travel and no plans to reduce ‘the low hanging fruit’ of carbon footprints, a study by Transport & Environment has found.

13th March 2024

Read more

The UK government’s climate adaptation plans are ‘inadequate’ and falling ‘far short’ of what is required, the Climate Change Committee (CCC) has warned today.

13th March 2024

Read more

Media enquires

Looking for an expert to speak at an event or comment on an item in the news?

Find an expert

IEMA Cookie Notice

Clicking the ‘Accept all’ button means you are accepting analytics and third-party cookies. Our website uses necessary cookies which are required in order to make our website work. In addition to these, we use analytics and third-party cookies to optimise site functionality and give you the best possible experience. To control which cookies are set, click ‘Settings’. To learn more about cookies, how we use them on our website and how to change your cookie settings please view our cookie policy.

Manage cookie settings

Our use of cookies

You can learn more detailed information in our cookie policy.

Some cookies are essential, but non-essential cookies help us to improve the experience on our site by providing insights into how the site is being used. To maintain privacy management, this relies on cookie identifiers. Resetting or deleting your browser cookies will reset these preferences.

Essential cookies

These are cookies that are required for the operation of our website. They include, for example, cookies that enable you to log into secure areas of our website.

Analytics cookies

These cookies allow us to recognise and count the number of visitors to our website and to see how visitors move around our website when they are using it. This helps us to improve the way our website works.

Advertising cookies

These cookies allow us to tailor advertising to you based on your interests. If you do not accept these cookies, you will still see adverts, but these will be more generic.

Save and close