Reuters' Sustainability Reporting USA 2023 Recap: Unpacking Interoperability and CSRD Impact

Matthew Rusk, Head of GRI North America Engagement and Public Affairs, participated in two enlightening sessions at Reuters event, Sustainability Reporting USA 2023. The first session, titled ‘Understanding the Interoperability of Global Standards and Frameworks’, showcased the integration among key standards and frameworks, such as GRI Standards, European Sustainability Reporting Standards (ESRS), IFRS Sustainability Disclosure Standards, TCFD and TNFD recommendations, and others. The second session, titled ‘The Impact of CSRD on US Business’, shed light on the remarkable opportunity for organizations to prepare for the Corporate Sustainability Reporting Directive (CSRD) by adopting the GRI Standards.

In a significant development that occurred yesterday, the European Parliament reaffirmed its commitment to corporate sustainability reporting standards through the adoption of the final ESRS, which will affect a substantial cohort of 50,000 companies, beginning in January 2024. Amidst the prevailing focus on the SEC regulations' impact, it is important to recognize that more than 3,000 US businesses will also be impacted by forthcoming european regulations.

As confirmed by a published joint statement between GRI and EFRAG, a high level of interoperability has been achieved between the ESRS and the GRI Standards. Existing GRI reporters will be well prepared to report under the ESRS. Moreover, GRI is currently finalizing interoperability tools, including a digital taxonomy and multi-tagging system, to simplify the reporting process and support companies to report in accordance with both ESRS and the GRI Standards within a single sustainability report.

The global sustainability reporting landscape is changing fast and in response, GRI has developed the course, Transparency for Tomorrow: Decoding the Sustainability Reporting Landscape. The course offers a deep dive into the sustainability reporting landscape. It covers the latest trends in sustainability reporting, including concepts crucial to understanding the differences between the various instruments that populate the landscape. The course presents an overview of the main sustainability reporting instruments, and delves into the alignment between these instruments, describing how they can be used in conjunction with the GRI Standards to enhance reporting effectiveness.