The Global Reporting Initiative (GRI) is a major player in voluntary sustainability reporting. GRI has a wider worldwide adoption rate than the ISSB’s standards and a focus on impact materiality that inspired the CSRD. The organization already offers some sector-specific standards, specifically for sustainability reporting in oil and gas, coal, mining, agriculture, aquaculture, and fishing. However, GRI’s new food and beverage sector guidance is special because it was developed with a new streamlined methodology. This will be GRI’s first time testing this new approach. They state in a press release:
“GRI, provider of the world’s most widely used sustainability reporting standards, is starting development of a new Sector Standard for food and beverage companies, designed to strengthen reporting on the impacts that matter most across the industry and its value chains.
The project will be the first to pilot a streamlined approach to GRI Sector Standards development, responding to growing demand for authoritative sector-specific disclosure guidance. To inform the development of the Food & Beverages Standard, GRI is seeking up to 20 sector experts from around the world to join a multi-stakeholder Peer Review Group.”
While the EU axed its plans for sector-specific standards during the Omnibus reforms, GRI’s progress in the field may turn some heads. The EU eliminated its plans for sector-specific reporting out of a desire for simplicity. Plus, EFRAG had its hands full and needed fewer priorities. If GRI’s new sector-specific methodology provides ready-made impact material standards for specific sectors, then we may see the EU revisit the issue. Although with the omnibus just wrapping up this year, that likely won’t happen for some time. In the meantime, GRI will keep experimenting on a voluntary level, and we’ll see just how valuable companies and investors find sector-specific standards.
Our members can learn more about voluntary and mandatory sustainability reporting here.
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