GRI 102 and IFRS S2—Reporting on both standards and equivalence for IFRS S2 on GHG Emissions Disclosures

The International Sustainability Standards Board (ISSB) is pleased to announce that the Global Sustainability Standards Board (GSSB) has granted equivalence to IFRS S2 Climate-related Disclosures for entities preparing disclosures of greenhouse gas (GHG) emissions under GRI 102, the new climate standard issued today by the GSSB.

Sue Lloyd, Vice-Chair of the ISSB, said:

We welcome the publication of GRI’s new Climate Change and Energy Standards. We are working together with the GRI to enhance the interoperability and efficiency of reporting using our respective standards. In this regard, we are delighted that the GRI have granted equivalence to IFRS S2 Climate-related Disclosures for disclosures of GHG emissions under GRI 102.

This will enable companies to prepare just one set of GHG emissions disclosures in accordance with IFRS S2, to meet the requirements in both standards. Beyond this, the two standards can be used together—assisting preparers in providing information to investors and a broader range of stakeholders about their climate-related impacts, risks and opportunities in an efficient manner.

Organisations that report using both GRI 102 and IFRS S2 can use the equivalent IFRS S2 disclosures for Scope 1, Scope 2 and Scope 3 GHG emissions to meet GRI 102 requirements.  

To be able to provide the equivalent IFRS S2 GHG emission disclosures, organisations reporting in accordance with or with reference to the GRI Standards will have to:     

• measure their greenhouse gas emissions in accordance with the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (2004); and
• include a reference to the location where the information for each of the disclosures can be found as per the Publish a GRI content index requirement in GRI 1: Foundation 2021. 

The IFRS Foundation will continue to work together with the GRI to enhance consistency of reporting standards for companies and investors, building on their strong working relationship (explained in a Memorandum of Understanding), and jointly identifying and aligning any common disclosures that address the information needs of different stakeholders.