Just like financial reporting, sustainability reporting has become a critical part of doing business. It's no longer a nice to have but a must have and not just to meet (oncoming) regulatory requirements, but also to:
Build trust with consumers and employees
Attract capital
Spur action on key sustainability topics
Measure and ensure continuous progress on key sustainability and climate topics
Increase transparency & prevent greenwashing
The alphabet soup, as the sustainability reporting frameworks & standards landscape is often referred to, is finally getting a little less crowded.
This succinct overview of sustainability standards by the International Finance Corporation (2023, 2024), shows how the frameworks & standards have converged and harmonized over the past 20 years. Additionally, it provides a comparison of the main standards (GRI, ESRS and ISSB), as well as the main disclosure requirements (ESRS, SEC and ISSB).
Photo credit: IFC, 2023

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