The Global Reporting Initiative (GRI) is launching a ‘Sustainability Innovation Lab’ in partnership with the IFRS Foundation to help companies to meet sustainability disclosure requirements.
The new unit will bring together global and local partners to advance capabilities for reporting using the GRI Standards and the IFRS Sustainability Disclosure Standards.
It will be based in Singapore and will be supported by offices throughout Asia, initially. According to the GRI, 81% of listed companies in Asia-Pacific report with its standards, and there is strong interest from the region in adopting the new International Sustainability Standards Board (ISSB) Standards.
Earlier this week the EU’s accounting advisory body, EFRAG, and environmental disclosure NGO CDP announced a tie-up aimed at accelerating corporate take-up of the European Sustainability Reporting Standards.
Eelco van der Enden, chief executive officer of GRI, said companies around the world faced growing expectations to demonstrate sustainability performance throughout the value chain but that sustainability capacity and expertise is lacking.
“Our new innovation lab aims to close that gap, allowing organisations to streamline and improve their reporting output,” he said. “We appreciate the partnership with the IFRS Foundation for this initiative and their commitment to working with GRI to facilitate the advancement of sustainability reporting for all.”
The Sustainability Innovation Lab will be managed by a steering committee that is led by senior representatives from GRI and the IFRS Foundation.