The Global Reporting Initiative (GRI) has announced the launch of its GRI-ESRS connection service. The purpose of this service is to help companies harmonize reporting that complies with GRI standards with the European Standards on Sustainability Reporting (ESRS) required by the EU Corporate Sustainability Reporting Directive (CSRD). The GRI standards, which are widely accepted in sustainability reporting, were updated in 2021, and new standards have recently been proposed for climate change, energy and biodiversity. These standards are developed by the Global Sustainability Standards Board (GSSB).
Developed by EFRAG and approved by the European Commission in 2023, the ESRS defines the reporting requirements for companies on the impacts, opportunities and risks of sustainable development according to CSRD. Entering into force in early 2024, the CSRD expands the number of companies required to disclose sustainability information from 12,000 to more than 50,000 and establishes detailed reporting requirements on environmental, human rights, social standards and sustainability risks. GRI and EFRAG have achieved a high degree of interoperability between ESRS and GRI standards, which has led to the publication of the GRI-ESRS Interoperability Index. This tool helps avoid double reporting by describing the relationship between ESRS and GRI reporting requirements.
The new GRI service monitors a company’s GRI content index and provides feedback on GRI-ESRS links, focus areas and differences. It also provides recommendations for structuring an ESRS sustainability statement and a list of ESRS data points not covered by the GRI standards..