Interoperability between ESRS and GRI standards

In July 2023, EFRAG (European Financial Reporting Advisory Group) had set binding standards for sustainability reporting according to ESRS (European Sustainability Reporting Standards) for the first time. These will apply from 2024 for companies that are already obliged to report non-financially.

Many of these companies have prepared their sustainability reporting according to the Global Reporting Standard (GRI) and now have to switch to ESRS.

Now, yesterday, EFRAG and GRI issued a joint statement, noting that a high level of interoperability has now been achieved between ESRS and the GRI standards.

Definitions, concepts and impact statements of ESRS and GRI are fully aligned or, where full alignment was not possible, closely aligned. The statement notes that existing GRI reporters will be well prepared to report according to the ESRS and that companies reporting according to the ESRS will be considered as reporting with reference to the GRI Standards.

EFRAG's aim from the outset was to achieve alignment with existing standards in order to ensure comparability between European and international standards.

Companies can use their current reporting practices to prepare for the new ESRS requirements. At #mupclimate, we can support you in #CSR reporting according to the current standards. Our consultants will help you with the initial reporting as well as with the transition to the new standards.