GRI and partners urge countries to uphold sustainability reporting provisions in UN ‘Financing for Development’ negotiations

GRI, together with 11 leading organizations in sustainable finance and corporate reporting, have issued a public letter urging UN Member States to retain key corporate sustainability disclosure provisions in the Fourth International Conference on Financing for Development (FfD4) negotiations.

Ahead of the FfD4 Preparatory Committee meeting in New York this week, the joint letter explicitly calls for the retention in of the text the ‘Zero Draft Outcome’ document that sets out provisions on ‘double materiality-based reporting’. In line with GRI’s commitment to a seamless global reporting system, the letter also urges governments to adopt GRI and ISSB standards in parallel, recognizing their complementary and interoperable approach to corporate sustainability reporting.

The letter is co-signed by GRI, B Lab, B Lab Switzerland, Capitals Coalition, CDP, Danish Institute for Human Rights, GSG Impact, International Trade Union Confederation, Social Value International, Shift, UNI Global Union, and the World Benchmark Alliance.

The letter sets out the advantages of harmonized standards – given they can expand market access, strengthen financial stability, reduce costs and underpin competitiveness. Collectively, the coalition respond to concerns from some countries on the perceived burden of sustainability disclosures on developing economies.

Peter Paul van de Wijs, GRI Chief Policy Officer said:

"Now is the time to strengthen the foundations of a global sustainability reporting system that serves businesses, society and the environment. By upholding corporate transparency provisions in the FfD4 negotiations, governments can ensure that sustainability reporting is an enabler for mobilizing capital for development.

A clear, interoperable framework based on the requirement for companies to comprehensively report on their impacts, risks and opportunities, or as the UN call it, double materiality, will empower markets, support responsible investment and align capital with sustainable and inclusive growth."

GRI and its partners have been actively engaging with key delegations ahead of FfD4 to ensure continued support for these provisions in the outcome document.