Global Reporting Initiative (GRI) and the International Foundation for Valuing Impacts (IFVI) have announced a new partnership to make sustainability data as accessible, actionable and comparable as financial data.
Under a Memorandum of Understanding (MoU), the organisations have committed on various points. They plan to promote the adoption of each other’s methodologies, approaches, and standards and support each other’s research, thought leadership, events, and activities to enhance expertise.
Also, the organisations will engage stakeholders through joint seminars and roundtables on sustainability reporting and data availability, align fundraising efforts through joint funding proposals, and collaborate on capacity-building initiatives, such as GRI’s Sustainability Innovation Lab.
For over 25 years, GRI has championed impact reporting, with its GRI Standards being the most widely used sustainability reporting framework worldwide. Launched in 2022, the International Foundation for Valuing Impacts (IFVI) builds on GRI’s work, as well as other existing standards, to advance sustainability information by introducing monetary valuations of impacts, also known as impact accounting.
“Given the strong alignment between the missions of GRI and the IFVI, which both emphasise the crucial value of accountability on impacts, it is clear that the two organisations share common interests and goals, said Eelco van der Enden, CEO of GRI.
He added, “Unlocking open access to sustainability data will empower companies, investors and other stakeholders to strengthen transparency in the supply chain, driving informed decision-making towards a more sustainable future. Through strategic collaboration and mutual support, GRI and IFVI will work together to make this a reality.”
T. Robert Zochowski, President & CEO of IFVI said, “IFVI was founded to build on the critical work of organizations like GRI to develop a globally applicable and comprehensive impact accounting methodology for the public good. We’re thrilled to be working closer with GRI and continue the work of our peers in increasing collaboration and alignment in the pursuit of our shared goal of a just and sustainable economic system.”