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Technology & Data

GRI, IFRS Collaborate on Sustainability Innovation Lab

The Global Reporting Initiative (GRI) has partnered with the IFRS Foundation to develop the Sustainability Innovation Lab (SIL) to support companies with their evolving sustainability disclosure requirements. “Around the world, companies face growing expectations to demonstrate sustainability performance throughout the value chain – and the way they respond to information demands from all stakeholders is now critical to business,” said Eelco van der Enden, CEO of GRI. He said there is a “sustainability capacity and expertise gap” which the SIL will aim to bridge by helping organisations “streamline and improve their reporting output”. The SIL will be based in Singapore due to the fact 81% of APAC-based listed companies report to GRI and there is strong interest from the region in adopting the International Sustainability Standards Board’s (ISSB) reporting standards. Representatives from the GRI, the ISSB and other stakeholders will collaborate to identify emerging sustainability disclosure themes, concepts, and best practices. Additionally, the SIL will provide capacity building within supply chains to ensure they can meet new information demands. Emmanuel Faber, ISSB’s Chair, said: “The IFRS Foundation continues to work closely with GRI on two tracks. Firstly, to make it straightforward for companies using both the IFRS Sustainability Disclosure Standards and the GRI Standards, and secondly to support innovation and knowledge-building in the disclosure landscape. The SIL provides a very welcome avenue for us to advance our cooperation.” 

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