Unlocking Accountability for the Just Transition: Revised GRI Climate Change and Energy Standards

February 17, 2024 06:15 AM AEDT | By 3BL

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Unlocking Accountability for the Just Transition: Revised GRI Climate Change and Energy Standards — Image source: Kalkine Media

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The GRI North America team made a significant impact at GreenBiz24 this year, including hosting a side event and moderating a panel. A recurring theme was the topic of ‘just transition’, imperative for organizations working towards reducing their climate change related impacts, on society and the environment.

Recently, GRI has announced plans for new Climate Change and Energy Standards, with the corresponding drafts made available for public comment until February 29th. The aim is to incorporate the latest advancements in the field of climate change, emissions and energy, and to respond to growing stakeholder expectations for transparency on these topics. Part of the revision includes the incorporation of new disclosures to help organizations report on transition and adaptation plans, GHG emissions reduction targets, carbon removals, carbon credits and, last but not least, the just transition. Specifically, it incorporates metrics related to job creation, the displacement of workers, reskilling and upskilling efforts for employees, and impacts on local communities—all pivotal aspects when considering how to green the economy in a fair and inclusive manner, ensuring that no one is left behind.

GRI is highly committed to achieving greater alignment and harmonization in the sustainability reporting landscape for the benefit of companies, investors and society at large. This revision is highly focused on usability and interoperability in jurisdictions, and as such, GRI released an overview table that compares the Climate Change draft's new disclosure elements with CDP, ESRS, IFRS S2 TCFD and SEC proposed rule. This shows how the draft enables more transparency on key climate change impacts.

For those interested in delving deeper into the changes, GRI is hosting a free webinar tailored for the US and Canada on February 21st at noon ET. The session features key figures from GRI, including the Head of North America and Director of Standards, alongside the Global Director of GHG Protocol at World Resources Institute.

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