Sustainable finance and corporate reporting-focused bodies have published a public letter urging UN member states to prioritise key corporate sustainability disclosures ahead of the Fourth International Conference on Financing for Development (FfD4) negotiations. The group, led by the Global Reporting Initiative (GRI), explicitly called for the retention of double materiality-focused reporting in the ‘Zero Draft Outcome’ document, asking governments to adopt disclosure requirements of both GRI and the International Sustainability Standards Board (ISSB) in parallel. The letter makes a case for harmonised standards, noting they can expand market access, strengthen financial stability, reduce costs and underpin competitiveness. “Now is the time to strengthen the foundations of a global sustainability reporting system that serves businesses, society and the environment,” said Peter Paul van de Wijs, GRI’s Chief Policy Officer. “By upholding corporate transparency provisions in the FfD4 negotiations, governments can ensure that sustainability reporting is an enabler for mobilising capital for development.” Other signatories of the letter include CDP, the Danish Institute for Human Rights, GSG Impact, and the World Benchmarking Alliance. The FfD4 negotiations are set to take place in June. They will focus on evaluating progress on past financing for development commitments, addressing emerging challenges, and exploring reforms of the international financial architecture to increase alignment with the UN Sustainable Development Goals. “A clear, interoperable framework based on the requirement for companies to comprehensively report on their impacts, risks and opportunities – or, as the UN call it, double materiality – will empower markets, support responsible investment and align capital with sustainable and inclusive growth,” said van de Wijs.
