The Global Reporting Initiative (GRI) has announced the launch of its new GRI-ESRS Linkage Service to help companies align their sustainability reporting with the European Sustainability Reporting Standards (ESRS).
The launch is set to help companies comply with the newly adopted ESRS with greater ease, following the launch of the EU’s new Corporate Sustainable Reporting Directive (CSRD), according to ESG Today.
The ESRS, developed by EFRAG and officially adopted by the European Commission in 2023, mandates detailed sustainability disclosures from companies.
With the CSRD expanding the scope of required sustainability reporting from around 12,000 to over 50,000 companies, the GRI-ESRS Linkage Service is designed to simplify the alignment process and reduce the burden of “double reporting.”
The GRI is renowned for its Sustainability Reporting Standards, which are widely accepted as the benchmark for sustainability reporting across various industries.
Developed by the Global Sustainability Standards Board (GSSB), these standards ensure consistent and transparent communication of sustainability practices to stakeholders. In recent years, the GRI has updated its standards to include new guidelines on climate change, energy, and biodiversity.
The newly introduced GRI-ESRS Linkage Service assists companies in aligning their existing GRI-based reports with the ESRS requirements.
This service includes a detailed review of a company’s GRI content index, feedback on specific GRI-ESRS linkages, and suggestions for structuring ESRS sustainability statements. It also provides a comprehensive list of ESRS data points that do not have direct linkages to GRI standards, helping companies identify and address any gaps in their reporting.
This new service follows the high level of interoperability achieved between the ESRS and GRI Standards, as confirmed by GRI and EFRAG last year.
The two organisations have committed to deepening their cooperation in sustainability reporting, focusing on areas such as reporting standards development, training, and the launch of the GRI-ESRS Interoperability Index, a tool designed to streamline the reporting process.
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
