New Guidance for Companies to Report Their Impact on the Sustainable Development Goals
A “Practical Guide” to enable companies to better measure and report on their impact on the Sustainable Development Goals (SDGs) was released today by the Global Reporting Initiative (GRI) and the United Nations Global Compact.
The new publication, Integrating the SDGs into Corporate Reporting: A Practical Guide, helps companies of all sizes to prioritize SDG targets to act and report on, set related business objectives, and measure and report on progress.
The 17 SDGs are anticipated to generate over US$12 trillion worth of savings and revenue by 2030, which makes thousands of small and large companies around the world well incentivized to work towards achieving the goals. But until now, the lack of a uniform methodology for measuring and reporting on their contributions to the Global Goals had become a stumbling block.
Developed with support from Shift and PwC — and as part of the Action Platform on Reporting on the SDGs — this new Practical Guide completes a toolkit that aims to boost and improve businesses’ reporting on the Global Goals and their efforts to achieve the 2030 Agenda.
“Effective corporate reporting is key to building trust and aligning investment through transparency and accountability. This guide helps businesses move beyond the current trend of simply mapping activities and programs against the SDGs to driving change,” says Tim Mohin, Chief Executive at GRI.
The newly published guide does not create a new reporting framework, but builds on the Ten Principles of the UN Global Compact, the UN Guiding Principles on Business and Human Rights, and the GRI Sustainability Reporting Standards.
It discourages businesses from selecting SDGs and related targets based on what is easiest for them to report on. Rather, companies should focus on what accounts for the highest priorities and, therefore, is material for their business. The report calls for companies to report on both their positive and negative impacts on the SDGs.
“By reporting on actions, contributions and impact towards the Sustainable Development Goals, businesses can address the information needs of Governments, investors, and other stakeholders and enhance their accountability to society,” says Lise Kingo, CEO and Executive Director of the UN Global Compact.
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