ESG Reporting can undeniably be quite complex and the myriad of regulations and standards available do not help to achieve any kind of level playing field. Forget comparing companies and discussing performance based on benchmarking as it gets even more complex.
And yet there is a light at the end of the tunnel with more standards finding interoperability between them which will facilitate the reporting processes for the company trying to do the right thing. This is what probably has been at the back of their mind EFRAG and GRI who have announced that they have reached a high level of interoperability.
What does this mean? This is a major step for companies trying to satisfy both standards as the practices that have been put in place for one standard will still apply to the other. Needless to say, this drastically reduces the burden on the companies and may also encourage new ones to start off their ESG Reporting journey.
The detailed joint statement which has been published is available here: efrag-gri-interoperability-joint-statement.pdf