The Global Reporting Initiative announced the launch of its new Sustainability Taxonomy, offering a machine-readable version of its GRI standards, aimed at facilitating faster data collection and submission of sustainability disclosures and enhanced interoperability with other sustainability reporting standards.
GRI Sustainability Reporting Standards are one of the most commonly accepted global standards for sustainability reporting by companies, developed to enable consistent reporting across companies and industries, providing clearer communication regarding sustainability matters to a broad range of stakeholders, including investors.
According to the GRI, the new Sustainability Taxonomy will help organisations to share their data in a structured digital format based on XBRL, allowing for machine-readable sustainability disclosures, and improved comparability of disclosures, and enabling digital reports to be submitted directly to GRI either directly or through an online form.
The GRI said that the taxonomy will also strengthen interoperability with other standards, noting that it has been designed to ensure a high level of alignment with the XBRL-based versions of the International Sustainability Standards Board (ISSB) and EFRAG launched XBRL Taxonomy versions of the ISSB and ESRS standards, respectively, in 2024. The GRI added that the taxonomy will also help GRI reporting to be more compatible across different regions and countries.
AT ARKK, we have already tagged a number of reports using the voluntary taxonomy so we are on hand to help with your GRI digital reporting going forward.