A more coherent and streamlined global standard is evolving for sustainability frameworks and reporting initiatives. GRI has been collaborating ith other benchmark organizations to create a streamlined framework for organizations to drive their sustainability efforts and disclosure. The need for an industry-standard approach to sustainability and transparency particularly for emerging markets to improve their relationships with stakeholders and attract investors and to help them identify operational efficiency improvements and innovation opportunities, is clearly there.
On Jun 28 IFC announced that IFC and GRI have released a good practices document linking GRI’s internationally recognized Framework for Sustainability Reporting and IFC’s Sustainability Framework. This also propounds the value that can be created by integrating sustainability into core business strategy while responding to improvements in disclosure. This will help attract investment for organizations in the emerging economies those are guided by environmental, social, and governance factors.
The Global Reporting Initiative (GRI) and The Carbon Disclosure Project (CDP) have released a linkage document between GRI’s Reporting Guidelines and CDP’s 2010 Questionnaire outlining how reporters can efficiently use or adapt the same data in both reporting processes thus streamlining the stndards. There is some overlap between GRI and CDP approaches related to energy consumption and greenhouse gas emissions and this linkage document tries to streamline reporting across the two standards. Sustainability Reporting is a form of internal monitoring, management and external communication, which enables organizations of all sizes to meet the growing information needs of their various stakeholders, both internal and external. In addition, reporting also helps reinforce internal capacities to engage the full organization in defining a corporate sustainability strategy, setting public targets, implementing plans, and reviewing results.GRI’s Reporting Framework and CDP’s Questionnaire set standards for GHG reporting.
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Saturday, 07 August 2010
