With the increasing importance of sustainability, the topic of ESG reporting is also becoming more and more of a focus for companies. However, the multitude of frameworks and standards can easily cause confusion - which ones are relevant and what do the respective reporting periods mean? In this article, we provide an overview of the most common ESG reporting standards for the year 2024 so that you can make an informed decision for your company.

Overview of the ESG reporting standards 2024

Logo	Standard/initiative	Description	Reporting period	Benefits for companies
	**GRI**	Global Reporting Initiative, comprehensive reporting on environmental, social and governance issues	Annually	Holistic presentation of sustainability performance, particularly valued by stakeholders and investors
	**SASB**	Industry focus on financially relevant sustainability issues	Annually	Precise presentation of industry-specific risks and opportunities, particularly relevant for financial market players
	**TNFD**	Taskforce on Nature-related Financial Disclosures, focus on natural capital	First reporting in 2024	Understanding and transparency of nature and biodiversity risks, pioneering role in natural capital integration
	**ESRS**	European Sustainability Reporting Standards, part of the CSRD	From January 1, 2024	Standardized presentation of sustainability performance in the EU, increases comparability and credibility
	**IFRS**	Sustainability-related financial reporting	From January 1, 2024	Integration of financial and sustainable performance, especially for internationally operating companies
	**CDP**	Platform for climate data	June - September	Standardization of climate and environmental data, accessible to investors
	**UNGC**	United Nations Global Compact, compliance with the ten principles	April - July	Focus on human rights, labor standards, the environment and anti-corruption
	**WDi**	Workforce Disclosure Initiative, transparency on labor practices	April 15 - June 28	Presentation of social efforts to stakeholders
	**EcoVadis**	Year-round assessment system for sustainability along the supply chain	2-month period after request	Visualization of sustainability performance in the value chain
	**S&P Global**	Sustainability assessments, multiple assessment windows	From April 2024	Comparison of ESG performance with competitors

GRI: The standard for comprehensive reporting

The Global Reporting Initiative (GRI) is one of the oldest and best-known standards for ESG reporting. Companies typically report for the entire financial year. The GRI standards are particularly suitable for companies that want to comprehensively document their sustainability efforts - including environmental, social and governance aspects. The advantage for your company: GRI enables a holistic presentation of your sustainability performance, which is particularly well received by stakeholders and investors.

SASB: Industry focus for targeted insights

The SASB standard (Sustainability Accounting Standards Board) focuses on industry-specific topics and identifies those sustainability factors that are particularly financially relevant. SASB is also based on annual reporting. The main benefit for companies lies in the precise presentation of the key sustainability issues that are of particular interest to financial market players. So if your company wants to highlight specific risks and opportunities in its own sector, you are well advised to use SASB.

TNFD: Focus on natural capital

The Taskforce on Nature-related Financial Disclosures (TNFD) is still relatively new and aims to map the financial risks and opportunities associated with nature. The first reporting by early adopters is expected in 2024. Particularly interesting for companies that want to better understand and transparently present their nature and biodiversity risks. TNFD offers you the opportunity to act as a pioneer in integrating natural capital into your corporate strategy.

ESRS: European Sustainability Reporting Standards

The European Sustainability Reporting Standards (ESRS), which were developed by the EU, are specifically tailored to European companies and their legal obligations. For large companies, reporting begins on January 1, 2024. ESRS is part of the Corporate Sustainability Reporting Directive (CSRD) and is intended to ensure that companies in the EU present their sustainability performance transparently and uniformly. This not only increases comparability, but also the credibility of your ESG efforts.

IFRS: Combining financial relevance and sustainability

The IFRS Sustainability Disclosure Standards are also new and will be implemented by a first cohort for the first time in 2024. The International Financial Reporting Standards (IFRS) combine financial reporting with sustainability and are particularly suitable for international companies that want to present their financial performance and ESG issues in an integrated manner. This standard is particularly interesting for companies looking for a close link between financial and sustainable performance.

Other initiatives: CDP, UNGC, WDi, EcoVadis & S&P Global

• CDP: The reporting platform for climate data is a classic and will remain relevant in 2024. The reporting period is between June and September and helps companies to standardize their climate and environmental data and make it accessible to investors.
• United Nations Global Compact (UNGC): Reporting takes place from April to July and is aimed at companies that commit to complying with the ten UNGC principles - particularly in relation to human rights, labor standards, the environment and anti-corruption.
• WDi (Workforce Disclosure Initiative): This initiative, which runs from April 15 to June 28, 2024, focuses on transparency in relation to labor practices. It is particularly suitable for companies that want to communicate their social efforts to their stakeholders.
• EcoVadis: The year-round rating system offers a two-month response period after the request has been made. EcoVadis is particularly popular with the supply chain, as it makes sustainability performance visible along the entire value chain.
• S&P Global: S&P Global's sustainability assessments offer several assessment windows. The questionnaire for 2024 will be released in April. Participation offers companies the opportunity to compare their ESG performance with competitors.

Conclusion: Which standard is the right one for your company?

Each ESG reporting framework has its own advantages and target groups. Whether you are aiming for a comprehensive sustainability disclosure (GRI), an industry-specific analysis (SASB), the integration of natural capital (TNFD) or compliance with European standards (ESRS) - the choice depends on your corporate objectives, the target group of your reporting and your location. It is important that reporting is not seen as a mandatory task, but as an opportunity to create transparency and strengthen the trust of stakeholders, customers and investors.

Which reporting standard best suits your sustainability goals? Let's talk about it and find the best solution for your company together!

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