GRI Standards significantly developed in 2021

05 / 01 / 2022

By Marwa Nassar - -

The GRI Standards have significantly developed in 2021. The revised Universal Standards published alongside the first GRI Sector Standard, for oil and gas – while projects are progressing on further Sector Standards for coal, mining, agriculture, aquaculture and fishing, as well as an updated Biodiversity Standard.

“The standard setting process for GRI never stops: directed by the Global Sustainability Standards Board, we continually review the Standards, responding to growing transparency expectations for sustainability impacts. The revised Universal Standards will increase the scope and relevancy of all GRI reporting – from how organizations determine their material topics to delivering the first and only standards to reflect intergovernmental instruments for due diligence and human rights reporting,” Eric Hespenheide, Interim CEO who departed the organization at the end of 2021.

“Our Sector Program is ambitious and wide-ranging and I am delighted we are off to a great start, following the launch of the Oil & Gas Sector Standard, GRI 11. The work to deliver further Sector Standards, starting with those that have the highest impact, will gather pace next year. The update to our Biodiversity Standard, which has already received strong backing for other disclosure initiatives, is timely, given growing concerns about the threats facing species and habitats around the world.”

From the European Commission’s commitment to delivering new EU Sustainability Reporting Standards, for which GRI was appointed co-constructor, to the IFRS Foundation’s launch of a sustainability standards board, there are a lot of changes for organizations to be aware of.

“We appreciate that some companies may be concerned by new reporting requirements, yet I’m confident we can drive up quality disclosure without undue reporting burden. We expect the new EU standards to closely align with GRI, as indicated by the European Financial Reporting Advisory Group’s engagement in our update process on biodiversity.”

“The plans by the IFRS to develop investor-focused sustainability disclosures is welcome, as it has the potential to strengthen financial reporting. Alongside sustainability reporting, as enabled by GRI, we need both these pillars to be on an equal footing as part of a robust and consolidated corporate reporting system. In 2022, we will work with all parties to further this aim.”