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Serving up sustainability: transforming reporting with ESRS and GRI standards

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Fintech Global or enjoy below:

🗞️ Driving the news: The collaboration between the Global Reporting Initiative (GRI) and the European Financial Reporting Advisory Group (EFRAG) is enhancing the alignment of the European Sustainability Reporting Standards (ESRS) with GRI Standards
This effort is designed to simplify sustainability reporting frameworks for European businesses and aid in complying with the Corporate Sustainability Reporting Directive (CSRD)

🔭 The context: The ESRS and GRI standards both focus on assessing the potential and actual impacts of business activities on people and the environment
The recent agreement facilitates GRI reporters in transitioning to ESRS reporting, highlighting the importance of integrating environmental, social, and governance (ESG) issues into value creation processes

🌍 Why it matters for the planet: Effective sustainability reporting is essential for understanding and mitigating the environmental and social impacts of business operations
This enhanced reporting framework aims to make sustainability reporting more comprehensive and reflective of a company's impact on global sustainability issues

⏭️ What's next: European companies are encouraged to start incorporating ESRS sustainability statements into their annual reports, even if not perfect initially
This process will evolve into complete compliance and is expected to create reports that are not just compliant but also engaging and reflective of each company's unique sustainability approach

💬 One quote: “When making ESRS disclosures, ensure there is a consistent narrative linking the information to your core business strategy," (Calum Revfem, Director of Reporting at Position Green)

📈 One stat: In 2024, sustainability is increasingly integral to the financial structures of companies. Notably, nearly one-third of CFOs are scrutinizing the potential impacts of climate change scenarios on financial outcomes as of 2023, according to Pw​

Click for more news covering the latest on sustainable business


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