Key standards in sustainability reporting, such as the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), and International Integrated Reporting Council (IIRC) framework, provide essential guidelines for organizations to report their ESG performance. The Greenhouse Gas Protocol (GHGP) is the primary standard for greenhouse gas (GHG) reporting, offering a widely accepted methodology for measuring and reporting GHG emissions.
The variety of standards reflects the diverse needs of organizations and the complex nature of sustainability and GHG issues, accommodating different sectors and regions. As understanding of these issues evolves, standards are updated to address new challenges. Efforts like the Corporate Reporting Dialogue aim to harmonize these frameworks, providing clearer guidelines for organizations and enhancing comparability in sustainability reporting.
Overview of Key Sustainability Standards
| Standard | Objective | Scope | Relevance |
| GRI (Global Reporting) | Provide comprehensive sustainability reporting standards focusing on ESG issues. Collaboration with IFRS to integrate with ISSB standards. | Widely adopted for measuring and communicating sustainability performance. | Primary framework for companies Exchanges and globally for ESG reporting. |
| GHG Protocol & BSI PAS 2050 | Standardize measurement and management of greenhouse gas emissions. | Corporate accounting and product carbon footprint standards. | Basis for most GHG measurement and reporting initiatives globally. |
| SBTi | Enable companies to set science-based emissions reduction targets. | Aligns corporate targets with the Paris Agreement goals. | Adopted by companies committed to responsible climate strategies. |
| TCFD | Improve reporting of climate-related financial information. Folded into IFRS – ISSB standards in 2024. | Framework for disclosing climate-related financial risks and opportunities. | Gaining momentum among investors and regulators for financial implications. |
| CDP | Encourage reduction of GHG emissions, and safeguarding of water resources and forests. | Platform for environmental disclosure and bench-marking. | Recognized as a standard for corporate environmental reporting. |
| IFRS Sustainability Standards (ISSB 1 and 2) | The IFRS Foundation Trustees created the International Sustainability Standards Board (ISSB) to respond to an urgent demand for transparent financial-related sustainability disclosures by companies. Provide a global baseline for sustainability-related disclosure standards. | Integrating sustainability-related information into mainstream financial reporting. | Shaping the future of corporate sustainability reporting, especially financially. |
| ISO 14040 – LCA | Standardize the framework for conducting life cycle assessments. | Environmental performance assessment across a product’s lifecycle. | Essential for assessing environmental impact from a lifecycle perspective. |
| ISO 14067 – Greenhouse Gases | Quantify and report the carbon footprint of products. | Involves calculation, verification, and reporting of GHG emissions for products. | Relevant for carbon footprint labeling and reductions. |
| UNFCCC (United Nations Framework Convention on Climate Change) | Facilitate global cooperation in combating climate change. | Establishes an international legal framework for reducing global greenhouse gas emissions. | Central platform for international climate change negotiations and agreements |
Sustain360°™ is instrumental in supporting organizations to meet and exceed various sustainability standards:
- Compliance with Global Standards: Sustain360™ aligns with major sustainability reporting frameworks, ensuring organizations can seamlessly adhere to the most relevant standards for their operations.
- Customizable Reporting Solutions: The platform offers tailored reporting capabilities, allowing businesses to align their sustainability reporting with specific sector requirements, ensuring accuracy and relevance in their ESG disclosures.
- Lifecycle Assessment and GHG Reporting: Sustain360°™ aids in accurate measurement and management of greenhouse gas emissions, supporting effective environmental performance assessment across product lifecycles.
- Support for Comprehensive Environmental Reporting: Simplifies the process of environmental reporting, providing necessary data and evidence to illustrate a company’s commitment to environmental goals.
By leveraging Sustain360°™, organizations can navigate the evolving landscape of sustainability reporting with confidence, ensuring compliance, transparency, and leadership in corporate sustainability efforts. Request a demo today to see how Sustain360°™ can help.
