Sustainability reporting

Framework, Cummins, Columbus, Indiana

Taskforce on Climate-related Financial Disclosures (TCFD): Why it is important!

How did TCFD get its start? In 2015, the G20 Finance Ministers and Central Bank Governors requested that the Financial Stability Board (FSB) create a task force to recommend climate related risks disclosures. Why was this request so important? The creation of TCFD by the FSB illustrated the direct connection of climate risks to global […]

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Chains

The Importance of Value Chains

The European Sustainability Reporting Standards (ESRS) ESRS 2 General Disclosures require companies to report on their value chains. What is required? The undertaking shall disclose the elements of its strategy that relate to or impact sustainability matters, its business model and its value chain. ESRS, Strategy Disclosure Requirement SBM-1 – Strategy, business model and value

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Paris, Montmartre

Aspects of European Sustainability Reporting Standards (ESRS) – Continued

Financial materiality is the second half of double materiality. What is it? Financial materiality involves identifying information that is considered material for primary users of general-purpose financial reports in making decisions relating to providing resources to the entity. Information is deemed financially material “…if omitting, misstating or obscuring that information could reasonably be expected to

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Wind Turbines in farm field.

New GRI Energy Standard Proposal

As part of its climate change project, GRI has issued an exposure draft to review changes to its topical standard GRI 302: Energy 2016. The review and public comment period ends February 29, 2024. According to GRI, the objectives of the revised energy-related disclosures will enable an organization to disclose publicly its most significant impacts

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Honey bee & chive flowers

New GRI Standard Update!

On 25 January 2024, GRI published a new topic standard GRI 101: Biodiversity 2024, which replaces GRI 304: Biodiversity 2016. One might ask why the numbering of the standard changed after the revision. Good question! According to the GRI FAQs, The number of the Standard has been changed as a result of the 2021 update

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An important event for sustainability reporting just occurred in the European Union

On October 18, 2023, the European Parliament reaffirmed its commitment to the European Sustainability Reporting Standards (ESRS). This means that approximately 50,000 companies will have to comply with the ESRS starting in January 2024. The adopted ESRS was amended from its original draft issued in November 2022. Who will have to report? EU companies are

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