GRI launches climate change and energy standards ‘to enable transparency and climate action’

The Global Reporting Initiative (GRI) has launched two standards designed to empower organisations to take accountability for their impacts and accelerate climate action.

GRI 102: Climate Change emphasises that achieving substantial reductions in greenhouse gas (GHG) emissions is the primary mitigation step organisations can take, setting reporting expectations based on science-based targets and global climate goals while incorporating ‘just transition’ metrics covering impacts on workers, local communities and Indigenous Peoples.

Meanwhile, GRI 103: Energy addresses an organisation’s energy-related impacts and activities. With disclosures on decarbonisation efforts, renewable and non-renewable energy use, as well as where and how energy reductions occur, it positions responsible energy use as a central component of a company’s approach to climate change mitigation.

Both standards are based on scientific and authoritative global instruments on climate change and are fully aligned with the GHG Protocol. This streamlines reporting for companies while ensuring decision-useful and highly relevant information that meets the needs of a wide range of stakeholders.

A newly published joint statement on reporting on both standards and equivalence for IFRS S2 on GHG Emissions Disclosures also sets out how GRI 102 and the IFRS S2 Climate-related Disclosures can be used together. This includes confirmation that organisations can use equivalent disclosures in IFRS S2 on Scope 1, 2 and 3 GHG emissions to meet corresponding requirements in GRI 102.

Announcing the new standards at a launch event during London Climate Action Week, GRI CEO, Robin Hodess, said: “Climate change is a deeply human issue, as much as it is an environmental one, and these new GRI Standards are unique in bringing these dimensions together. GRI 102 and 103 will enable transparency and action on climate and energy impacts that drive decision-making by companies, regulators, investors and other stakeholders.

“It is also significant that GRI 102 and IFRS S2 are complementary, and can be used together to disclose climate-related impacts, risks and opportunities. The result is sustainability reporting that supports real-world solutions to one of our greatest challenges.”

The GRI Standards are set by the Global Sustainability Standards Board – chair Carol Adams added: “Amid an escalating climate emergency, the GRI Standards for Climate Change and Energy get to the heart of why companies need to be accountable for their impacts on people and planet, an essential precursor to understanding related risks and opportunities. By supporting organisations to disclose their climate change impacts comprehensively and comparably, including the impacts of transition and adaptation plans, GRI 102 and 103 have a key role in the advancement of a cohesive and effective global system for climate reporting.”