Global Reporting Initiative (GRI), an organisation that has significantly shaped the landscape of sustainability reporting, continues to evolve and adapt to the dynamic demands of the modern world. Celebrating its milestone anniversary last year, GRI’s longstanding commitment to sustainability is evident in its development of comprehensive reporting standards and its recent venture into sector-specific standards.

Established years ago, GRI has been a forerunner in sustainability reporting, an area often perceived as a new trend. Contrary to this belief, GRI has long advocated for and facilitated transparent and structured public reporting on the impacts organisations have on the economy, environment, and society. The GRI standards, applicable globally and across all types of organisations, are the most widely adopted sustainability reporting framework in the world.

GRI emphasises ‘impact materiality’, focusing on the effects an organisation has externally. This approach is integral to the development of GRI standards, which are crafted through a multi-stakeholder process, involving various groups from civil society to mediating institutions. This inclusive process ensures that the standards are comprehensive and universally applicable.

GRI urges organisations to view sustainability reporting not just as a compliance requirement but as a tool for impact management. Through materiality assessment, organisations can understand and manage their sustainability impacts, thereby integrating sustainable development into their corporate strategies. This perspective is central to both the GRI framework and the emerging European Sustainability Reporting Standards (ESRS).

GRI’s approach aligns with the concept of double materiality, which is increasingly recognised in global sustainability frameworks. While frameworks like the Sustainability Accounting Standards Board (SASB) and International Sustainability Standards Board (ISSB) focus on investor interests, GRI maintains a multi-stakeholder perspective. The recent adoption of double materiality by the European Union, mirroring GRI’s methodology, marks a significant milestone and a validation of GRI’s approach.

GRI standards are extensively used by leading global companies, with a significant number of stock exchanges recommending or requiring GRI reporting. The standards’ reliability and auditability have positioned them as a primary source of information for mandated sustainability reporting in the European Union under the Corporate Sustainability Reporting Directive (CSRD).

GRI standards are shaped by international principles and guidelines, such as the United Nations Guiding Principles on Business and Human Rights, Organisation for Economic Cooperation and Development (OECD) guidelines, and various International Labour Office (ILO) standards. They undergo a rigorous development process, including global stakeholder input and public commentary, overseen by an independent standard-setting board.

The sector standard project, led by GRI for financial services, is a testament to the organisation’s commitment to enhancing the quality and comparability of sustainability reporting. These sector standards, including those for banking, insurance, and capital markets, are designed to identify material topics specific to each sector, aiding organisations in their materiality assessments and reporting.

GRI continues to be at the forefront of sustainability reporting, adapting to emerging trends and regulatory changes. The development of sector-specific standards, particularly in financial services, demonstrates GRI’s commitment to evolving and strengthening global sustainability practices. For those interested in learning more or participating in the development of these standards, GRI offers resources and avenues for engagement.