Spurred by stakeholder feedback and to allow for greater alignment with emerging US & EU legal requirements, The Global Reporting Initiative (GRI) launched a major update to its widely used sustainability reporting standards today.
Curious about the key changes? They include:
1. Revised approach to materiality: Material topics are now one-dimensional and defined as those topics that represent an organization's most significant impacts on the economy, environment and people, including impacts on human rights.
2. Added sector specifics standards: Standards will be developed for 40 different sectors. Starting off with those sectors with the highest impact, the GRI sector standards for Oil & Gas are the first available ones, released today.
3. Embedded Human Rights-related disclosures: 'Human rights' is no longer considered a topic but rather a subject area, covering 30 specific subjects as set forth by the UN and the OECD.
Although earlier adoption is encouraged, the new GRI Standards will be effective for information published on or after January 1st, 2023.
Want to learn more? Review this short intro to the new standards as well as a this
Q&A, both developed by GRI.