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EFRAG and GRI Announce Alignment on Reporting Standards  

The European Financial Reporting Advisory Group (EFRAG) and the Global Reporting Initiative (GRI) have released a joint statement saying there is a “high level of interoperability” achieved between the European Sustainability Reporting Standards (ESRS) and the GRI Standards. It said that following the requirement of the Corporate Sustainability Reporting Directive (CSRD), which underpins ESRS, to adopt a double materiality approach and to take account of existing standards, “ESRS and GRI definitions, concepts and disclosures regarding impacts are fully or, when full alignment was not possible due to the content of the CSRD mandate, closely aligned”. Hans Buysse, EFRAG Administrative Board President, said: “This joint statement concludes several years of diligent work towards a high level of interoperability between the ESRS and GRI standards. The efforts made by the GRI and EFRAG Sustainability Reporting teams will prevent the need for double reporting by companies resulting in a user-friendly reporting system without undue complexity. Our collaboration with GRI is bearing fruit and we are already preparing ourselves for the next challenges in the field of sustainability reporting.” 

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