Sustainability reporting around the world by major companies is now ‘business as usual’, with nine in 10 of the companies that do report choosing to use the Global Reporting Initiative (GRI) Standards, according to the 2024 edition of the KPMG Survey of Sustainability Reporting.
GRI usage has risen to 71%, up three percentage points compared to 2022, while GRI adoption remains steady at 77% among a subset of the 250 largest multinationals (the G250), the survey of 5,800 companies found. GRI continues to be the most widely used by companies across all regions: Asia-Pacific (75%), Europe (71%), Americas (70%), and Middle East & Africa (64%), with Taiwan, Singapore, Spain, Japan and South Korea all seeing the highest levels of adoption.
Additionally, the number of companies obtaining independent sustainability assurance has risen to 69% of the G250 – reinforcing the International Federation of Accountants’ (IFAC) analysis that GRI reports are the most frequently assured.
There are also signs of early adoption of the newly available European Sustainability Reporting Standards, and the International Sustainability Standard Board’s IFRS-S2, while voluntary practices led by the GRI Standards remain prevalent.
Likewise, there is growing application of ‘double materiality’ assessments, now undertaken by half of the G250, indicating an increased understanding of the need to disclose socio-environmental impacts in addition to financial risks and opportunities.
Cristina Gil White, interim CEO of GRI, said: “It is hugely encouraging that a growing number of leading companies around the world – over 70% – are using the GRI Standards. Sustainability reporting is more relevant than ever. Understanding and disclosing material topics is a crucial step in developing a robust sustainability strategy, informing the wider business strategy and, of course, managing risks and unlocking value.
“It is also clear that the advent of new regulations and disclosure expectations, which the KPMG survey is starting to reflect, will further mainstream the practice of sustainability reporting. The good news for the thousands of GRI reporting companies is that they are well prepared to also apply other standards, and GRI will help them on their disclosure journey.”
The biannual KPMG research builds on a recent analysis from IFAC that the GRI usage rate among 1,400 leading companies is 77%, while the World Business Council for Sustainable Development’s Reporting Matters 2024, published on 7 November, found 83% of 181 large companies assessed report with the GRI Standards.
