European Commission signals ESRS alignment with GRI
Adoption of new EU sustainability standards underlines progress on global interoperability
Amsterdam, 31 July 2023 – GRI has welcomed confirmation that the first set of 12 European Sustainability Reporting Standards (ESRS) has been adopted by the European Commission, with reassurance that existing GRI reporters will be well prepared to report under the ESRS. From January 2024, large and listed EU companies will be required to use the ESRS, as set out in the Corporate Sustainability Reporting Directive (CSRD).
In their statement, the European Commission confirmed that the ESRS ‘take account of discussions with the International Sustainability Standards Board (ISSB) and the Global Reporting Initiative (GRI) in order to ensure a very high degree of interoperability between EU and global standards and to prevent unnecessary double reporting by companies.’
Since 2021, GRI has formally supported the technical work to develop the ESRS through a co-creation agreement with EFRAG, the body mandated to deliver the ESRS. EFRAG and GRI are currently finalizing plans for next steps to enhance cooperation in the future. In particular, the two organizations intend to simplify reporting processes through a digital taxonomy and a multi-tagging system for their respective standards. Continued efforts in support of alignment will mean companies can report in accordance with both the ESRS and GRI Standards through one report.
Eelco van der Enden, CEO of GRI, said:
“As provider of the world’s most widely used standards for impacts, we support the maximum level of interoperability between ESRS and GRI, which will mean double reporting by companies can be avoided. We believe in a user-friendly reporting system that addresses all sustainability topics – for impacts as well as risks and opportunities – on a global scale. This position also reflects our commitment to continued collaboration with the ISSB to arrive at the global comprehensive baseline for sustainability reporting.”
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