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In today’s rapidly evolving business landscape, sustainability reporting has taken centre stage, and the introduction of The IFRS Global Sustainability and Climate Reporting Standards is a significant step towards creating a more transparent and accountable world. These standards are designed to address several critical aspects of sustainability reporting, with a primary focus on standardisation, global impact, transparency, and data-driven decision making.
Benefits of the new IFRS Global Sustainability and Climate Reporting Standards
1 – Standardisation
The IFRS Global Sustainability and Climate Reporting Standards bring much-needed standardisation to sustainability reporting. The global economy needs common reporting standards to reduce fragmentation and drive comparability in climate-related financial data. This uniformity will also allow stakeholders to compare the sustainability performance of different organisations.
2 – Global Impact: IFRS S1 has been described as the “core baseline” of sustainability reporting. It has been designed to be applicable to all large businesses, regardless of sector or geographical location.
3 – Transparency: By embracing these standards, businesses demonstrate their commitment to transparency and greater accountability for their environmental impact.
4 – Data-Driven Decision Making: A key talking point is the fact that both standards cover Scope 3 indirect emissions. Most large businesses will find indirect emissions accounting for the majority of their overall climate footprint, making measuring and reducing Scope 3 emissions a key part of any credible climate plan.
But in the US, there has been some pushback against stronger Scope 3 reporting requirements – the chief concern being that data is hard to collect and verify.
With TripShift, the collection of Scope 3 (business travel and employee commuting) data is easy. TripShift applies our proprietary technology to capture how and where your teams are moving around the world, and automatically assigns accurate carbon emissions. As well as meeting the growing regulatory and stakeholder demands for these emissions to be measured. TripShift provides the vital data and insights required to understand the behaviours and patterns of travel supporting the change to more sustainable mobility and implement positive strategies to reduce organisational emissions.
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