Last updated on May 3, 2024
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- Sustainability
- Corporate Sustainability
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1
Know your purpose
2
Compare different frameworks
3
Choose the most suitable one or combine them
4
Adapt and update your reporting
5
Communicate and engage
6
Here’s what else to consider
Sustainability reporting is a way of communicating your organization's environmental, social, and governance (ESG) performance to your stakeholders. It can help you demonstrate your commitment to sustainable development, identify risks and opportunities, and improve your reputation and trust. But how can you choose the best reporting framework for your organization? Here are some tips to guide you.
Key takeaways from this article
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Define your purpose:
Before diving into frameworks, clarify your sustainability goals and stakeholder needs. This ensures you pick a framework that aligns with your vision and communicates effectively.
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Evolve with trends:
Stay updated on industry practices, such as expanding disclosures to meet rising expectations. This keeps your reporting relevant and demonstrates proactive engagement with sustainability.
This summary is powered by AI and these experts
- Vishal Arora AI-based Sales Enablement
1 Know your purpose
Before you select a reporting framework, you need to define your purpose and objectives for reporting. Why do you want to report on sustainability? Who are your target audiences and what are their expectations? What are the key issues and impacts that you want to address? How will you use the report to inform your strategy and decision-making? Answering these questions will help you narrow down your options and align your reporting with your vision and goals.
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Frameworks help us communicate Sustainability information in a standardized way. It allows our stakeholders to prioritize which information is Material and can also help them benchmark performance vs peers.Accordingly, knowing the purpose of Sustainability reporting is the first step.For corporates and investors, the ISSB is becoming the industry standard to communicate financially material Sustainability information to all stakeholders.
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Like Celebrate Support Love Insightful Funny 10 - ♻️ Ignacio Hernández-Ranera 17ODS.COM | Sustainability Consultant | ESG | CSRD | ESRS/NEIS | GRI | Sustainability Applications
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Lo que más me encuentro en mi día a día profesional es el uso de #GRI como estándar de reporte, entre otras cosas porque tiene más de 25 años de experiencia y es el más utilizado para soportar memorias de sostenibilidad. Además y con el anuncio de la interoperabilidad con #ESRS, ya no quedan demasiadas dudas. En cuanto a las novedades, destacar #TNFD (Divulgaciones Financieras relacionadas con la Naturaleza), tremendamente interesante y que viene a completar ESG con un nuevo paradigma: NATURALEZA.
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Like Like Celebrate Support Love Insightful Funny 1 - Ann Gan Sustained and sustainable growth of industries
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It is also important to know the metrics that is important and relevant to your business. For some, it may be carbon emissions, for others, it may be impact on local water systems. This would guide you to the most relevant reporting framework.
Like Like Celebrate Support Love Insightful Funny - Louis Raynaud de Lage Expert Impact Social et Environnemental | Bartle | ESSEC
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Ayant accompagné de nombreuses entreprises sur leurs engagements RSE, la question de la raison d'être est toujours centrale. - Elle repose sur la connaissance du cœur d'activité, de l'ADN et de l'histoire de l'entreprise- Elle s'appuie sur une connaissance fine de ses parties prenantes, de leurs enjeux et besoins- Elle repose aussi sur une vision du monde auquel l'entreprise veut contribuer- Elle explicite la manière spécifique dont l'entreprise contribue à faire de cette vision une réalité
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2 Compare different frameworks
There are many sustainability reporting frameworks available, each with its own scope, criteria, indicators, and formats. Some of the most widely used ones are the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB), the International Integrated Reporting Council (IIRC), and the Task Force on Climate-related Financial Disclosures (TCFD). You can compare these frameworks based on their relevance, credibility, usability, and compatibility with your organization's context and needs. You can also consult with your stakeholders, peers, and experts to get their feedback and insights.
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- Louis Raynaud de Lage Expert Impact Social et Environnemental | Bartle | ESSEC
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Lors d'une étude réalisée en 2021, j'ai observé que les acteurs financiers s'appuyaient principalement sur les Objectifs de Développement durable (ODD) et la Global Reporting Initiative (GRI).Ils utilisent aussi, dans une moindre mesure l'Impact Management Project (IMP), les Operating Principles for Impact Management élaborés par l'IFC, la base IRIS du Global Impact Investing Network (GIIN), le Global CompactPlus spécifiquement, sur le climat, le Carbone Disclosure Project (CDP), la Science-Based Targets Iniative sont les référentiels les plus usitésL'arrivée du Green Deal européen va cependant inciter de plus en plus d'entreprises à reporter selon les European Sustainability Reporting Standards (ESRS) issus de la CSRD
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3 Choose the most suitable one or combine them
Once you have compared different frameworks, you can choose the one that best suits your purpose and objectives. You can also consider combining elements from different frameworks to create a hybrid approach that covers all the aspects that you want to report on. For example, you can use the GRI standards to provide a comprehensive overview of your sustainability performance, and supplement them with the SASB standards to focus on the material issues for your industry. Or you can use the IIRC framework to integrate your financial and non-financial information, and add the TCFD recommendations to disclose your climate risks and opportunities.
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- Maria Tailhan de la Mata Senior Environment and Sustainability Consultant. Seeking for new professional projects
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When choosing the best reporting framework, it's important to consider industry comparability. Each sector may have specific reporting requirements. It's crucial to select a framework recognized in the industry that addresses material issues and expectations relevant to the sector in which the organization operates. For example, the sector-specific standards of the GRI.
Like Like Celebrate Support Love Insightful Funny - Vishal Arora AI-based Sales Enablement
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Well outlined on comparing frameworks to identify optimal alignments. With GRESB emerging as a preeminent ESG benchmark for real assets, participating provides a competitive edge while allowing managers to integrate widely adopted reporting standards through a flexible modular submission. Frameworks can thereby build off one another to provide comprehensive and credible disclosure tailored to specific portfolio contexts, from standing investments to development pipelines. Pursuing certification also signals commitment to continuous improvement on areas like data coverage and verification - at least in my experience, this is the resonance from building certification and portfolio scoring institutions like GRESB, BREEAM, LEED, ECORE etc.
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4 Adapt and update your reporting
Choosing a reporting framework is not a one-time decision. You need to adapt and update your reporting as your organization evolves and as the sustainability context changes. You need to monitor and evaluate your reporting process and outcomes, and seek feedback from your stakeholders and users. You need to review and revise your materiality assessment, data collection, and verification methods. And you need to stay informed and aligned with the latest trends and developments in sustainability reporting standards and best practices.
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- Vishal Arora AI-based Sales Enablement
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Agree completely on the need to continually refine frameworks as contexts evolve. For example, GRESB added granular asset-level water and embodied carbon modules this year to meet investor demand for enhanced environmental metric reporting. These institutions push the regulatory pressure to make sustainable businesses practices a must-have rather than a luxury. Meanwhile health and well-being modules track how managers create value for occupants through amenities and policies. As expectations rise, disclosures must expand across dimensions. This collaborative approach to advancing industry best practices maintains relevance.
Like Like Celebrate Support Love Insightful Funny 1 - Awais Ahmed Memon Group Head (Foreign Procurement) at Federal Government of Pakistan
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Apart from internal utility, external stakeholders are more concerned as return on your sustainability strategy matters only when it is valued by external stakeholders.
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5 Communicate and engage
Finally, choosing a reporting framework is not enough. You need to communicate and engage with your stakeholders and users effectively. You need to present your report in a clear, concise, and compelling way, using different formats and channels. You need to highlight your achievements, challenges, and future plans, and show how you create value for yourself and others. And you need to invite dialogue, feedback, and collaboration, and show how you respond to your stakeholder's expectations and concerns.
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- Ann Gan Sustained and sustainable growth of industries
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Don’t forget that the government is a key stakeholder. Governments are increasingly looking to require certain sustainability reporting standards. Do engage the government to make sure your reports comply with what the government is looking to mandate.
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6 Here’s what else to consider
This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?
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- Juergen Norbert Schuessler ESG | Sourcing and Quality Management China Focus | Sustainable Supply Chain | Sustainable Procurement | Supply Chain Mapping |
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Is there mandatory reporting in your place of jurisdiction? Does your company fall under the threshold stated by reporting laws, e.g., number of staff, turnover, assets? If not, do you have customers who have to report using the mandated reporting frameworks? Even if you don't have to report mandatorily, maybe your (key) customers have to and it would be important to understand the reporting regulations and standards to be able to provide the sustainability data of your company when being asked for.
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