Growing Momentum for Sustainability Reporting in South Asia
GRI research highlights corporate sustainability trends in the region
May 17, 2021 /3BL Media/ - New analysis by leading sustainability standards setter Global Reporting Initiative (GRI) has found that sustainability reporting is on the rise in three South Asian countries – India, Bangladesh, and Sri Lanka.
2020 Sustainability Reporting Trends in South Asia considers the reporting landscape in the region and analyzes to what extent various disclosure initiatives are being used by companies in each country. The research, which was conducted internally by GRI South Asia, delves into sector-specific data on reporting and non-reporting organizations, comparing uptake of the GRI Standards to other reporting frameworks.
Findings in the study include:
- The GRI Standards are the most widely used framework for sustainability reporting in all three countries
- 64% of listed companies in Sri Lanka now use the GRI Standards
- Sustainability reporting by Bangladeshi listed companies increased 36% between 2018 and 2019
- In India, 99% of the companies analyzed produced a sustainability report
The research looked at over 1,100 listed companies in the region: 503 in India, 320 in Bangladesh, and 284 in Sri Lanka. It assessed whether they published a sustainability report last year. The businesses comprised of the Bombay Stock Exchange Top 500 (BSE 500) and those listed on the Dhaka (DSE) and Colombo (CSE) stock exchanges.
Aditi Haldar, Director of GRI South Asia, said:
“I am encouraged by the rise in number of reporting organizations in the region. It is a promising sign that sustainability reporting is gathering momentum. I am confident that we can raise the ambition level and drive uptake of sustainability reporting even further.
Now more than ever, with continued support from the Australian Government’s Department of Foreign Affairs and Trade, the Swedish International Development Agency, our corporate members and regional stock exchanges, it is important to focus our efforts on improving the quality of sustainability disclosure.
In light of a global pandemic and its impact on businesses, sustainability reporting can help companies in South Asia anticipate risks and increase resilience in the face of crisis – both present and future.”
As illustrated by the recent launch in India Business Responsibility and Sustainability Reporting guidance for listed companies (from the Securities & Exchange Board of India) and a Sustainable Finance Policy by Bangladesh Bank, regional demand for quality sustainability reporting data continues to grow.
Global Reporting Initiative (GRI) is the independent, international organization that helps businesses and other organizations take responsibility for their impacts, by providing the global common language to report those impacts – the GRI Standards. Headquartered in Amsterdam, The Netherlands, GRI has a network of seven regional hubs, with GRI South Asia located in New Delhi, India.
GRI’s 2021 work in the region also includes A Pathway to Managing Private Sector Impact on Bangladesh’s National Priority Indicators and Sustainable Development Goals –produced in collaboration with the Bangladesh Garment Manufacturers & Exporters Association and the UN Development Programme.
