Four in five of the world’s largest companies use the Global Reporting Initiative (GRI) in their sustainability reports, according to the results of a survey conducted by accounting firm KPMG.
In its report published on October 26, 78 percent of the 250 global firms (G250) use the GRI standard in their sustainability reporting, up from 73 percent in the previous survey in 2020.
Some 68 percent of the larger pool of the top 100 businesses (N100) in each of 58 countries, meanwhile, use GRI, up from 67 percent last year when it had a smaller sample size.
The GRI offers the only reporting standards used by a majority of surveyed companies in all regions–75 percent in the Americas, 68 percent in Asia-Pacific and Europe, 62 percent in the Middle East and Africa.
“With more companies committing to globally accepted reporting standards to deliver transparency on their impacts, this major research from KPMG offers reasons to be encouraged. If there was any remaining doubt, it is now abundantly clear that comparable sustainability reporting is widespread across countries and sectors—and it’s here to stay,” said Eelco van der Enden, CEO of GRI.
Overall, 96 percent of G250, unchanged from 2020, and 79 percent of N100, up from 77 percent in 2020, report on sustainability or on ESG (environmental, social and governance).
Carbon reduction is widely disclosed at 80 percent of G250 and 71 percent of N100, yet under half report on biodiversity, according to the study.
Almost three-quarters of those surveyed report on the United Nations’ 17 sustainable development goals.
“What the survey does not yet reflect are new developments in the corporate reporting landscape, including incoming sustainability standards from the IFRS Foundation, and the European Union. I can reassure GRI reporters that we have an essential bridging role across both these initiatives, underlining the growing relevance of our standards,” Enden said.
“A revised GRI Biodiversity Standard, to launch in 2023, will be a key driver for increased reporting on this crucial topic, which goes hand-in-hand with efforts to tackle climate change.”