GRI Opens Public Consultations on New Standards for the Financial Sector

The new standards from the Global Reporting Initiative (GRI) are set to reshape the financial sector by enhancing transparency and aligning institutions with vital environmental, social, and governance (ESG) goals. This move will not only strengthen market confidence but also reduce capital costs and attract investment in the transition to a low-carbon, socially responsible economy. As the financial world adapts, the real opportunity lies in how quickly institutions can leverage these changes to establish themselves as leaders in sustainable development — an essential step towards securing long-term growth in an increasingly conscientious market.

On 5 March 2025, GRI announced the launch of a public consultation on draft new industry standards, specifically developed for the banking sector, capital markets, and insurance companies. The consultation period will run until 31 May 2025. All interested parties, including representatives from financial organisations, regulators, investors, trade unions, and civil society, are invited to participate. The comments and suggestions collected during the consultation will help refine the standards in line with the practical needs of the sector and global trends in sustainable development.

As part of this process, GRI will also hold two free webinars where the developers will present the key provisions of the standards, explain their practical application, and answer participants' questions. The first webinar will take place on 25 March 2025 at 09:00 CET, and the second will take place on 27 March 2025 at 17:00 CET.

The goal of the new GRI standards: A systematic approach to disclosing ESG impacts by financial organisations

The new sector standards from GRI are designed to provide a systematic approach to disclosing environmental, social, and governance (ESG) impacts by financial organisations. Unlike thematic standards, which focused on individual aspects, the new documents cover the full spectrum of material impacts related to operational activities, investment policies, and interactions with clients and partners. This comprehensive structure allows banks, investment funds, and insurance companies not only to account for their own ESG risks but also to disclose the impact of their products, services, and portfolio decisions on the economy, society, and the environment.

The role of financial organisations in sustainable transformation

Financial organisations possess unique levers to influence the pace of sustainable transformation on a global scale. Through credit decisions, investment strategies, and insurance products, they form sustainable models for companies across various sectors. In a context of increasing attention to sustainability, the requirements for transparency from regulators, investors, and society are becoming ever more stringent.

Special attention is given in the new standards to disclosing indirect impacts, including Scope 3 emissions, which reflect the influence through investment portfolios, supply chains, and clients. This data is already becoming a key indicator of the actual sustainability of financial flows and helps to form a complete picture of ESG risks.

Developing the standards with consideration for the interests of all stakeholders

The draft standards were developed with the participation of a multi-stakeholder technical working group, which included 40 independent experts. Throughout the process, the positions of representatives from business, financial intermediaries, civil society, trade unions, and investors were taken into account, which enabled the creation of balanced documents that combine practical applicability with a high level of transparency. This approach not only considers the expectations of all key stakeholders but also promotes the harmonisation of standards at a global level.

International consistency of standards for financial organisations

The documents were developed with reference to internationally recognised principles and agreements, including the OECD Guidelines for Multinational Enterprises, the UN Guiding Principles on Business and Human Rights, the Paris Climate Agreement, as well as the Kunming-Montreal Global Framework Agreement on Biodiversity. Additional reference was made to the requirements and provisions of the Principles for Responsible Banking, the Principles for Sustainable Insurance, and the Principles for Responsible Investment, developed within the framework of the UN Environment Programme Finance Initiative (UNEP FI). This international consistency will enable financial organisations to prepare reports that meet both global and national regulatory requirements.

The Importance of Unified Standards for the Financial Sector in Times of Crisis

Experts highlight the crucial need for unified standards across all segments of the financial sector, especially amid the escalating climate and social crises, tightening regulations, and the development of a global framework for disclosing ESG information. Transparent and comparable data are essential for accurately assessing the sustainability of portfolios and investment decisions. Without this, financial organisations, investors, regulators, and clients face heightened risks, as the lack of clarity can undermine informed decision-making.

The Future of GRI's New Standards in the Financial Sector

The adoption of GRI’s new standards marks a significant step for financial institutions — banks, insurers, and investors — looking to enhance ESG transparency. These standards enable organisations to align with global sustainability goals while positioning themselves as leaders in responsible business practices. By offering reliable, comparable ESG data, they help manage long-term risks related to climate change, social challenges, and governance issues. Integrating GRI's framework will ultimately foster more resilient financial models, ensuring that institutions remain competitive and relevant in a socially responsible global marketplace.