🌍GRI 102 and IFRS S2: A Match Made in Sustainability Heaven
The ISSB and GSSB have joined forces, granting equivalence to IFRS S2 for GHG emissions disclosures under GRI 102. This partnership promises streamlined reporting for companies, with one set of disclosures meeting both standards.
Key Points
- •🤝 Collaboration Win: ISSB and GSSB team up for efficiency
- •📊 New Standard: GSSB introduces GRI 102 for climate reporting
- •🌱 GHG Emissions: IFRS S2 receives equivalence for Scope 1, 2, and 3
- •📅 Implementation: Companies need to adhere to the Greenhouse Gas Protocol
- •📜 Documentation: Include references in GRI content index per GRI 1: Foundation 2021
🌟 The Big Announcement
The International Sustainability Standards Board (ISSB) is buzzing with excitement over the latest collaboration. The Global Sustainability Standards Board (GSSB) has officially granted equivalence to IFRS S2 Climate-related Disclosures for entities disclosing GHG emissions under the newly minted GRI 102 standard. Sue Lloyd, Vice-Chair of the ISSB, couldn't contain her enthusiasm, stating, > "We welcome the publication of GRI’s new Climate Change and Energy Standards. This collaboration enhances interoperability and efficiency in reporting."
📊 One Set to Rule Them All
For companies, this means a significant reduction in the headache of managing multiple reporting standards. With GRI 102 aligning closely with IFRS S2, organizations can now prepare a single set of disclosures that satisfy both. This partnership aims to streamline the process, allowing companies to focus on delivering crucial climate-related information to investors and stakeholders alike.
🔍 What You Need to Know
Organizations reporting under GRI 102 and IFRS S2 need to measure their greenhouse gas emissions in line with the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (2004). Additionally, they must include references in their reports per GRI 1: Foundation 2021. This dual approach ensures that the information is readily accessible and meets the stringent requirements of both standards.
📅 Looking Ahead
The IFRS Foundation and GRI are committed to continuing their collaboration, building on their Memorandum of Understanding. The goal? Enhance consistency in reporting standards for companies and investors. By aligning common disclosures, they aim to address the diverse information needs of stakeholders, paving the way for a more transparent and efficient reporting landscape.