The GRI has recently unveiled an exciting new venture, the SIL created in collaboration with the IFRS Foundation.
This innovative lab aims to address the growing need for sustainable disclosure practices among companies globally. Based in Singapore, the SIL will act as a central hub, especially for the Asia-Pacific region, where 81% of listed companies currently report using GRI standards.
The SIL is set to play a pivotal role in the evolution of sustainability reporting. It will facilitate a synergistic platform, bringing together both global and local partners. The objective is to enhance reporting capabilities utilizing both the GRI Standards and the upcoming IFRS Sustainability Disclosure Standards. A significant element of this initiative is its focus on the new International Sustainability Standards Board (ISSB) Standards, drawing keen interest from the Asian market.
Key to the SIL’s mission is the development of innovative, practical solutions for sustainability disclosure. It aims to address emerging topics in this area, creating best practices and data-driven solutions. Furthermore, the SIL is committed to capacity building within supply chains, a critical aspect considering the increasing demands for information transparency.
Eelco van der Enden, CEO of GRI, emphasizes the growing global need for companies to demonstrate sustainability across their value chains. He highlights the existing gap in sustainability capacity and expertise, and the SIL’s goal to bridge this gap. The lab seeks to streamline and enhance the quality of reporting outputs. Van der Enden appreciates the partnership with the IFRS Foundation, recognizing its role in advancing sustainability reporting.
Echoing these sentiments, Emmanuel Faber, ISSB Chair, noted the ongoing collaboration between the IFRS Foundation and GRI. He stressed the importance of simplifying the reporting process for companies using both IFRS Sustainability Disclosure Standards and GRI Standards. Faber commended the SIL as a significant avenue for advancing this cooperative effort.
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