EFRAG and GRI release interoperability index linking ESRS and GRI standards

EFRAG and GRI renewed their cooperation and released a GRI-ESRS Interoperability Index mapping disclosure requirements to eliminate double reporting for entities using both frameworks. Indian companies reporting under multiple sustainability standards stand to reduce duplication as global framework alignment advances.

The European Financial Reporting Advisory Group and the Global Reporting Initiative announced a renewed cooperation agreement and introduced a GRI-ESRS Interoperability Index. The index delineates correlations between disclosure requirements and data points in the European Sustainability Reporting Standards (ESRS) and the GRI standards, eliminating the need for double reporting for entities disclosing under both frameworks. This second collaboration follows an initial 2021 agreement, and the organisations confirmed in September they had achieved a high level of interoperability between ESRS and GRI Standards.

The agreement affects entities reporting under ESRS and GRI, including SMEs in the EU and non-EU companies subject to the CSRD. With publication of the index, entities reporting under ESRS will be considered as reporting 'with reference' to the GRI standards, and existing GRI reporters can use current reporting efforts for their ESRS sustainability statement. EFRAG and GRI will also collaborate on sector standards, proportionate SME reporting, ESRS preparer training, and interoperability of digital XBRL taxonomies with a simplified tagging system.

Sustainability reporting teams should apply the GRI-ESRS Interoperability Index to map existing GRI disclosures onto ESRS requirements and reduce duplicate reporting effort. Companies should monitor steps toward accrediting GRI as an ESRS training organisation and the development of a digital correspondence table between standards. Indian companies, particularly those subject to the CSRD as non-EU entities, can leverage interoperability to streamline disclosures across frameworks and align existing GRI-based reporting with European requirements.

Key figure — Frameworks aligned: GRI-ESRS Interoperability Index eliminates double reporting