The Global Reporting Initiative (GRI) commits to support corporate sustainability reporting through The Group of Friends of Paragraph 47 (GoF47) initiative. GoF47 is a government-led initiative formed in 2012. It brings together ten governments that share the belief that corporate transparency and accountability are key elements of a well-functioning market economy and substantially enhance the private sector’s contribution to sustainable development. UN Environment and the Global Reporting Initiative (GRI) support the Group in a Secretariat capacity. The GoF47 will:
- Promote the exchange of best practice models for policy and guidance, fostering a process of continuous learning
- Maintain and promote the sustainability reporting agenda within intergovernmental discussions
- Engage with strategic stakeholders for the promotion of sustainability reporting
- Increase the number of government promoting sustainability reporting
The commitment will enhance governmental understanding on how to promote corporate disclosure of sustainability information, increase number of governments promoting sustainability reporting, and connect business performance indicators with the SDG global indicator framework to facilitate governmental SDG follow-up.
The commitment falls under focus areas 2 and 5 of the Batumi Initiative to enhance internalisation of externalities that cause loss or damage to natural capital and develop clean physical capital for sustainable production patterns.
Implementing partners will include UN Conference on Trade and Development (UNCTAD) and the International Integrated Reporting Council (IIRC).
The commitment is relevant to SDG target 12.6.