Sustainable Innovation Lab
The Global Reporting Initiative (GRI) plans to jointly establish a Sustainable Innovation Lab (SIL) with the International Financial Reporting Standards (IFRS) to cultivate the company’s sustainability capabilities, develop capabilities and promote sustainable information disclosure.
SIL will be headquartered in Singapore and collaborate with GRI offices. Currently, 81% of listed companies in the Asia-Pacific region have joined GRI and are actively responding to the sustainable information disclosure requirements proposed by IFRS.
Related Post: Deep Dive on IFRS General Requirements for Disclosure of Sustainability-related Financial Information
Introduction to the Sustainable Innovation Lab
The goal of the Sustainable Innovation Lab is to support market participants and stakeholders in disclosure, guiding them through differences in sustainability reporting requirements and enhancing the consistency of global sustainability disclosures. In addition, GRI will integrate current global sustainability disclosure framework standards to streamline the reporting process.
The cooperation between GRI and IFRS will promote the application of IFRS standards to GRI signatories and support cooperation and innovation in the field of sustainable disclosure. The new Sustainable Innovation Lab will focus on four areas: digital taxonomies, audit and assurance, smaller companies and public sector reporting.
Reference:
GRI Establishes Sustainability Innovation Lab in Coordination with the IFRS Foundation
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