The Global Reporting Initiative (GRI) has announced its upcoming launch of the Sustainability Innovation Lab (SIL), in partnership with the IFRS Foundation as its Convening Partner. The SIL aims to assist companies in meeting their changing sustainability disclosure needs, promoting professional growth, training, practical solutions, and creative thinking.
The SIL will bring together both global and local partners to enhance reporting capabilities using the GRI Standards and the IFRS Sustainability Disclosure Standards. As 81% of listed companies in the Asia-Pacific region currently report with GRI, and there is strong interest in adopting the new International Sustainability Standards Board (ISSB) Standards in this region, the SIL will be headquartered in Singapore (with a launch event scheduled for November 20) and will have additional offices in Asia at the outset.
Through the SIL, representatives from GRI, the ISSB, and other key stakeholders will collaborate to identify emerging topics related to sustainability disclosure, develop concepts, best practices, and data-driven solutions. It will also focus on building the capacity of supply chains to meet the new information requirements.
The primary objective of the SIL is to support stakeholders and all market participants in their disclosure efforts, helping them address differences in sustainability reporting requirements while promoting greater alignment in global reporting standards. It will work to streamline the reporting process for companies reporting to multiple stakeholders.
Eelco van der Enden, CEO of GRI said:
Around the world, companies face growing expectations to demonstrate sustainability performance throughout the value chain – and the way they respond to information demands from all stakeholders is now critical to business. Yet there is a sustainability capacity and expertise gap. Our new innovation lab aims to close that gap, allowing organisations to streamline and improve their reporting output. We appreciate the partnership with the IFRS Foundation for this initiative and their commitment to working with GRI to facilitate the advancement of sustainability reporting for all.
Emmanuel Faber, ISSB Chair, said:
The IFRS Foundation continues to work closely with GRI on two tracks, firstly, to make it straightforward for companies using both the IFRS Sustainability Disclosure Standards and the GRI Standards, and secondly to support innovation and knowledge building in the disclosure landscape. The SIL provides a very welcome avenue for us to advance our cooperation.