The Global Reporting Initiative (GRI) has been selected as part of a Technical Expert Group on Sustainable Finance, which was established to help implement the EU-wide strategy to align financial flows with sustainability objectives.
GRI has been asked been asked to contribute to the development of disclosure metrics. The organisation helps businesses and governments to understand and communicate their impact on sustainability issues such as climate change, human rights, governance and social well-being.
The group comprises of 35 members from civil society, academia, the business and finance sector, and will start its work in July 2018.
GRI’s CEO Tim Mohin said: “It is great to see the EU’s recent policy developments that will help us build a greener, more equitable economy. GRI is very pleased to be asked to help in this effort.”
The following policy objectives are what the group will focus on to implement the EU sustainable finance plan:
• Creating an EU taxonomy or classification system of climate change mitigation, climate change adaptation and other environmental activities
• Developing EU Green Bond Standard
• Establishing a category of "low carbon” indices for asset and portfolio managers as a benchmark low carbon investment strategy
• Defining metrics to improve disclosure on climate-related information.
GRI’s head of capital market engagement Eszter Vitorino said: “To establish sound metrics, it is essential to encourage strong principles as the base for climate-related disclosures. GRI’s expertise in sustainability disclosure will support a reliable methodology and ensure robust metrics.”
By Mishelle Thurai