Peter J. Hall

GRI and IFRS deepen interoperability of sustainability reporting. Last week the Global Reporting Initiative (GRI) and the IFRS Foundation announced an enhanced collaboration aimed at creating full interoperability between GRI and ISSB standards. Building on their 2022 Memorandum of Understanding, this partnership seeks to streamline sustainability reporting for companies, benefiting both investors and a broader range of stakeholders. The collaboration will optimise the use of GRI and ISSB standards together, focusing on the seamless reporting of an organisation’s impacts, risks, and opportunities. The International Sustainability Standards Board (ISSB) and the Global Sustainability Standards Board (GSSB) will work jointly to align common disclosures, starting with a pilot project on biodiversity. This initiative aims to integrate thematic and sector-based standards, providing a unified reporting framework. Historically, the IFRS Foundation and GRI have led parallel efforts to enhance transparency and comparability in sustainability reporting. By consolidating their strengths, they aim to reduce duplication and complexity in the sustainability disclosure landscape. The joint working between the ISSB and GSSB will enhance the quality of sustainability information, addressing both investor needs and broader stakeholder requirements. #GSSB #ISSB #sustainability #interoperability #datareporting https://lnkd.in/gYp6PpTE

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A new report exposes a scary trend of "#green grabs" - large-scale land acquisitions for carbon offset projects and #conservation. This is happening despite little evidence of #climate benefit, and it pushes small farmers off their land. In #India, land inequality is already a big problem, with the top 10% owning 45% of farmland. #GreenGrabs make it worse, threatening food security for millions. Read more: https://lnkd.in/dWJptwBu

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The CCAQ has published its comment letter on the proposed #sustainability risk and #climate metric disclosure standards (CSDS 1 and CSDS 2). The CCAQ supports the establishment of a global baseline for sustainability reporting, and we understand that there is widespread stakeholder support for the creation and adoption of a standardized sustainability risk assessment and a climate-related metric disclosure standard. However, we believe that there are challenges with the application and implementation of these standards. Those implementing these standards could benefit from: - An extended transition period for adoption of the standard - Consideration of a phased transition period or a “safe harbour” provision for good faith estimates - Additional considerations for small to medium sized public enterprises - Practical guidance on how to apply “undue cost and effort” for small to medium sized public enterprises - Standardization for scenario analysis and quantification techniques for climate resilience - The development of verifiable sources of information for #GHG #emission metric disclosure in the Canadian market Please visit our website to read the comment letter below: https://lnkd.in/gUg2tfeq

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Recent developments from EFRAG are noteworthy. EFRAG announced the release of the #Interoperability Guidance in partnership with the IFRS Foundation. For detailed insights, please visit: https://lnkd.in/eY4QajNy Key highlights from the guidance include: - Alignment Achieved: Illustrates the high level of alignment between the International Sustainability Standards Board’s (ISSB) Sustainability Disclosure Standards and the European Sustainability Reporting Standards (ESRS). - Practical Application: Offers detailed analysis and practical support on applying both sets of standards, especially in climate-related disclosures. - Designed for Simplicity: Aims to reduce complexity, fragmentation, and duplication for companies that are applying both the ISSB Standards and ESRS. - Efficiency and Compliance: Supports global companies in meeting disclosure requirements efficiently, promoting transparency, comparability, and accountability. - Decision-Useful Data: Guides companies on collecting, governing, and controlling decision-useful data effectively. This guidance is a significant step towards standardised global sustainability reporting. #CSRD #EFRAG #ESRS #ISSB #SustainabilityReporting #IFRS

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ISSB plans to develop new disclosure standards for Biodiversity and Human Capital. Please recall that they already rolled out general sustainability (IFRS S1) and Climate (IFRS S2) reporting standards in 2023. Biodiversity seems to be catching a lot of attention across sectors. GRI had also announced revision in their Biodiversity standard in January 2024 https://lnkd.in/gxk5iiZS #biodiversity #ISSB #IFRS

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The Latest in ESG and Stewardship Regulation – May 2024 This monthly bulletin produced by ISS STOXX’s Regulatory Affairs & Public Policy group provides the latest regulatory developments related to ESG and stewardship worldwide. United Nations Office of Disaster Risk Reduction Releases Guide for Adaption and Resilience Finance On April 11, the United Nations Office of Disaster Risk Reduction (UNDRR) released its Guide for Adaption and Resilience Finance. Chartered, KPMG, UNDRR, and over 20 of the leading financial institutions, multilateral development banks, and NGOs worked together to create the guide. The guide serves as a roadmap for step-change in financing adaption and resilience through setting guidance on eligible financeable activities and a list of relevant investment activities and areas; the guide covers over 100 investable activities including vertical farming, water conservation, climate-resilient crops, and renewable energy storage. International Organization of Securities Commissions (IOSCO) Releases Updated Work Programme On April 12, IOSCO released its updated 2023-2024 work programme, focusing on five key themes: strengthening financial resilience, supporting market effectiveness, protecting investors, addressing new risks in sustainability and fintech, and promoting regulatory cooperation and effectiveness. Read more at: https://lnkd.in/e4beMZj2 #Sustainability #ESG #Stewardship

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Day 3 #COP29. Yesterday, Secretary General of the ICC, John Denton, shared data from Oxera Consulting LLP that climate-related extreme weather events have already created real economic losses of c. $2 trillion over the past decade. Now that’s a call to accelerate action! I attended an event to review progress against the UAE Declaration on Sustainable Agriculture, Resilient Food Systems, and Climate Action, signed by 160 countries. One of the key points calls for government support funds to promote activities which “increase incomes, reduce greenhouse gas emissions, bolster resilience, productivity, livelihoods, nutrition, water efficiency and human, animal and ecosystem health while reducing food loss and waste, and ecosystem loss and degradation.” Many of the 7 countries reporting progress also referred to the discussion about financing. Mette Frederiksen, prime minister of Denmark, described how the Danish Government had brought together their national stakeholders for dialogue, acknowledging different interests make it hard to agree on everything. This summer the Danish Government announced there would be a livestock carbon emission tax from 2030 but also with subsidies available already. She spoke of the need to ensure no loss of jobs, affordable food, not losing control of emissions and the need to “build bridges”. Can this be done? I hope so. I noticed that reducing food loss and waste (8-10% of global emissions including a lot of methane) didn’t get much of a mention. Today WRAP will reveal the number of country plans which actually include it! I am at the Agri-Food Systems Summit on Friday hosted by Climate Action Innovation Zone, Baku Marriott. Please come with your experience and join our roundtable at Future Food System Hackathon to share or co-create solutions preventing food loss and waste. Dr Richard Swannell FRSA and Keith James are here with partners like ReFED FareShare and The Global FoodBanking Network to share best practice between countries. WRAP has been tackling organic waste for over twenty years. Last week WRAP, EY-Parthenon and IGD (Institute of Grocery Distribution) published a UK food sector Net Zero Transition Plan - data-driven and ready for implementation. Not every business will agree with all of it, but every business can get behind at least one of the game-changing programmes to deliver significant impact. The plan models a 25% GHG reduction from 2021 to 2030, with new cost estimates at the national level. It emphasises the need for increased green financial incentives for UK farmers and to drive climate-positive practices in imported food supply chains. Which brings us back to the conversation here in Baku. The step up required is both in the action plans and the financing of those plans. As Andrea Porro asked yesterday “if food and agriculture is 30% of global GHGs, why is only 3% of financing targeted at farmers?” Catherine David Harriet Lamb https://lnkd.in/ewBBgRaV

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Food waste contributes 8-10% of total greenhouse gas emissions (five times more than aviation) and yet features in few NDCs, the UN lingo for country targets and plans. A new WRAP survey of NDCs shows that only 12% of countries so far have plans for food loss and waste reduction in them. This is therefore a massive opportunity to increase the impact of the countries yet to include food loss and waste in their plans. Countries are missing a golden opportunity to tackle greenhouse gas emissions and increase security of food supplies to their citizens by preventing food loss and waste. There are many successful examples of how to do this from around the world that are ready to be applied, which the team at WRAP can share and advise on. And there’s still time for countries to add in a commitment, before the deadline for this round of NDCs closes in February… #foodwaste #COP29 https://lnkd.in/eqRR7-Sp

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The Global Reporting Initiative (GRI) and the Taskforce on Nature-related Financial Disclosures (TNFD) have unveiled a new joint interoperability mapping resource designed to streamline ESG reporting related to nature and biodiversity. This guide aims to assist companies in integrating both the GRI Standards and TNFD recommendations, thus avoiding double reporting and enhancing the clarity of their sustainability disclosures. Read more at: https://lnkd.in/gJC6YcVB #GRI #TNFD #Seneca #SenecaESG #ESG

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#ESG update: The ISSB's new two-year work plan focuses on reducing complexity and improving disclosure efficiency, supporting global implementation of IFRS S1 and S2 standards. During the IFRS Foundation Conference at London Climate Action Week, the ISSB announced significant advancements in harmonizing the sustainability disclosure landscape. By collaborating with key organizations such as the Transition Plan Taskforce, GHG Protocol, CDP, Taskforce on Nature-related Financial Disclosures, and Global Reporting Initiative, the ISSB aims to streamline sustainability reporting standards. This initiative ensures high-quality, comparable information on sustainability-related risks and opportunities, addressing the needs of investors and supporting corporate transition to a lower-carbon economy. Full announcement here: https://lnkd.in/gWKktNW8 #Sustainability #IFRS #ISSB #ClimateAction #SustainabilityReporting #CleanEnergy #SustainableFinance

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🔥 There are many challenges faced by CSOs and sustainability professionals navigating climate strategies. 🚀 ClaimCarbon aims to empower sustainability leaders to excel in carbon dioxide removal (CDR) through strategic advisory focused on CDR planning and credible climate claims. 🎯 Strategic Advisory for Effective CDR is a mentorship program to navigate numerous challenges about carbon removals for carbon offsetting and insetting. It provides strategic guidance needed to implement effective and holistic CDR solutions and make credible climate claims that go beyond mere carbon offsetting or insetting. We address an array of challenges such as: ❖ Complexity of Climate Strategies: Need to manage the intricate and ever-evolving array of responsibilities, skill and knowledge requirements. ❖ Limited Priority and Knowledge of CDR: CDR seen as non-prioritized due to perception of secondary importance after mitigation, emerging science, evolving tools and market. ❖ Handling Opinions and Criticisms: Difficulty in managing numerous opinions, objections, criticisms. ❖ Issues with MRV and Transparency: Challenges with monitoring, verification, reporting, and maintaining transparency. ❖ Financing CDR: Navigating the financial complexities of implementing CDR strategies for offsetting, insetting and Beyond Value Chain Mitigation (BVCM). #ClimateAction #CarbonRemoval #CDR #ChiefSustainabilityOfficer #SustainabilityProfessional

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🐸 Thank you, Yale School of the Environment, for inviting me to your Annual Conference of the International Society of Tropical Foresters! This is a great opportunity to discuss the vital role of resilient tropical forest systems in combating climate change. Recent research from Cornell University shows that tropical rainforests are even more essential for carbon sequestration than we thought, able to absorb 31% more carbon than previous estimates. This underscores the importance of the Rainforest Alliance's work over the past 38 years. We partner with local communities and over 6,000 businesses to implement sustainable practices that protect and regenerate these invaluable ecosystems. Our mission goes beyond tree-planting; we strive to transform markets into real solutions for the challenges facing tropical forests and their communities. I look forward to exchanging ideas on rainforest governance next January in New Haven and exploring how we can maximize the potential of these ecosystems for climate resilience. Join me in following updates from Yale School of the Environment in the post below! 🌱💚🐸 #TropicalForests #CarbonSequestration #SustainableDevelopment #RainforestAlliance #Conservation #ClimateAction #Collaboration

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𝐂𝐥𝐢𝐦𝐚𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐢𝐧𝐠 𝐌𝐚𝐝𝐞 𝐂𝐥𝐞𝐚𝐫 Effective climate reporting requires a series of critical input tasks designed to inform and strengthen the four TCFD pillars: Governance, Strategy, Risk Management, and Metrics & Targets. At Enfinit, we follow a structured approach to ensure each task is thoroughly assessed, synthesized, and communicated to stakeholders. By focusing on the material aspects, we help you build a robust and transparent climate reporting framework. 𝐋𝐞𝐭’𝐬 𝐂𝐨𝐥𝐥𝐚𝐛𝐨𝐫𝐚𝐭𝐞 Ready to simplify your climate reporting journey? Reach out to learn how we can guide you through the process. For detailed insights into our Climate Reporting Guidelines, follow the link in the first comment.

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📚 Weekday Reading Material: TNFD-GRI Accompanying Guide Interoperability Mapping & TNFD Disclosure Recommendations and Metrics. Thorough disclosures can help mitigate risks and boost stakeholder trust, positively influencing market valuation. The interoperability mapping report between the Taskforce on Nature-related Financial Disclosures (TNFD) and the Global Reporting Initiative (GRI) highlights a crucial collaboration aimed at enhancing corporate sustainability reporting. Below are the key strategic takeaways designed for high-level decision-making: 1. Global Trends: There is a growing focus on nature-related disclosures: The incorporation of TNFD Recommendations within GRI Standards signifies a global shift towards integrating biodiversity, ecosystem services, and nature-positive outcomes into corporate reporting practices. Furthermore, both frameworks align closely with the International Sustainability Standards Board (ISSB), reinforcing global consistency in sustainability reporting. .. 2. Risks and Opportunities a. Risk: Inconsistent reporting across different frameworks could lead to inefficiencies and incomplete disclosures, which may expose companies to regulatory challenges and reputational risks. b. Opportunity: Organizations that embrace this interoperability can showcase their leadership in biodiversity stewardship and gain competitive advantages in sustainability-focused markets. .. 3. Actionable Recommendations: a. Unified Materiality Approach: Implement TNFD’s flexible materiality model, which combines financial and impact materiality to meet the requirements of both ISSB and GRI standards. b. Value Chain Assessment: Expand disclosures to include dependencies, risks, and impacts across the entire upstream and downstream value chains, particularly in ecologically sensitive regions. c. Data and Metrics Consistency: Standardize reporting processes to align with TNFD core metrics and GRI standards, ensuring that reports are comparable and compliant. .. 4. Alignment with Long-Term Goals: This integration promotes transparency, builds resilience, and supports long-term strategies aimed at achieving nature-positive outcomes and sustainable development goals. .. 5. High-Impact Case Studies: a. Biodiversity Stewardship: Initiatives like Biodiversity 2024 and TNFD guidance support reporting focused on priority locations critical for ecosystem health or known for their high biodiversity value. b. Sector-Specific Alignment: Industries such as mining and coal are reaping the benefits of tailored metrics, setting a benchmark for other sectors to adopt standardized biodiversity reporting. .. 6. Financial Implications: Investors are increasingly prioritizing transparent nature-related reporting, making alignment with both TNFD and GRI essential for attracting capital. . . . Read more below 👇 . . . . . Credits: Taskforce on Nature-related Financial Disclosures (TNFD) Global Reporting Initiative (GRI)

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👏 Kudos to the IFRS Foundation! Raising awareness in the marketplace is a crucial step toward building a sustainable community of climate-conscious participants. #IFRS #Sustainability #ClimateAction #ESG #CorporateResponsibility #SustainableDevelopment #GreenEconomy #ClimateAwareness #SustainableBusiness #GlobalStandards

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The CCP labels are coming!! Here’s a quick explainer on the The Integrity Council for the Voluntary Carbon Market (ICVCM) process, criteria and what we’re doing to help build an effective, scaled and just carbon market that works for the planet and for people.

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Shareholder proposals related to climate change encouraged companies this proxy season to, among other things, adopt GHG reduction targets, disclose plans to achieve carbon-related goals and inventory and disclose GHG emissions. Discover how those proposals trended and which industry saw both the highest number of climate proposals and the highest level of support. Justin "J.T." Ho | Robert Bee, Jr., CPA | Meghan Conway #ESG #ESGShareholderProposals #Proxy #2024ProxySeason #ShareholderProposals #ClimateChange https://lnkd.in/eKG7z5uG

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The window to keep the global temperature increase to 1.5°c is narrowing. To forestall the worst effects of climate change, we must all act. Our updated Governance Guidelines outlines new expectations and guidance on how companies consider climate-related risks. This includes developing transition plans, supporting a just transition and the use of carbon offsets. New expectations also seek companies to disclose their exposure to material ‘circular economy’ risks and opportunities including resource use and waste management. https://lnkd.in/gUPbKJAh

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