Last week, GRI launched major updates to its sustainability reporting standards with the goal of delivering the highest level of transparency for impacts on the economy, environment and people. The revised Universal Standards provide the first and only reporting standards to fully reflect due diligence expectations for organizations to manage their sustainability impacts, including on human rights, as set forth in intergovernmental instruments by the United Nations and the Organization for Economic Co-operation and Development (OECD). The Universal Standards 2021 come into effect on January 1, 2023, but early adoption is encouraged.

Also coming into effect in early 2023 is GRI’s first Sector Standards for Oil and Gas for organizations involved in oil and gas exploration, development, extraction, storage, transportation, or refinement. It guides reporting across 22 most likely material topics, including climate adaptation, resilience and transition, site closure and rehabilitation, biodiversity, the rights of indigenous peoples, anti-corruption, water and waste. The new standard also ensures comprehensive disclosure on GHG emissions – both direct and indirect emissions caused by the end-use of their products. ISOS will be integrating the revised standards into our services and trainings. You can read more about the Revised standards here.