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Env Reports, GRI Flashcards

1
Q

What can you say about TCFD

A

This means: task force on climate related financial disclosures.
This is a reporting system used by many actors to describe how climate change and societal transformation due to climate change has affected the company’s financial institution.

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2
Q

What can you say about TNFD?

A

Task force on nature related financial disclosures.
Companies use this to report on how biodiversity changes affect the company’s financial situation.

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3
Q

True or false; actors in the EU ETS have to report scope 1 GHG emissions to authorities.

A

True

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4
Q

What can you say about CSRd?

A
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5
Q

What can you say about CSRD?

A

Stands for Corporate sustainability reporting directive.
This requires large companies to regular publish reports on what social and environmental risks they face as well as the risks their activities pose to people and the environment..

This helps interested parties and other stake holder assess the sustainability performance of the company

Reporting is done according to the European sustainability reporting standards.

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6
Q

How many areas are CSRd reports categorized in ?

A

Three main areas: social, Environmental and governance

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7
Q

What can you say about ESRS?

A

This stands for European Sustainability reporting standards.

This instructs company’s on how to write their published reports. Comes as a pdf with 12 standards

The topic standards are centered around , environment, social issues and governance + 6 appendices

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8
Q

What are the environmental topic standards?

A

ESRS E1; climate change
ESRS E2: pollution
ESRS E3: water and marine resources
ESRS E4: biodiversity and ecosystems
ESRS E5 : resource use and circular economy

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9
Q

What are the social topic standards?

A

ESRS S1 : OWN WORKERS
ESRS S2 : WORKERS IN THE VALUE CHAIN
ESRS S3: COMMUNITIES AFFECTED
ESRS S4: CONSUMERS AND END USERS

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10
Q

The Governance topic standards is about only topic , what is it ?

A

ESRS G1: business conduct

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11
Q

What is double materiality in the CSRd context?

A

This simply means that companies must report on how sustainability issues affect their business( outside in) and how their activities affect people and the environment (inside out).

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12
Q

What is GRI?

A

Global Reporting initiative. This is an international methodology for reporting on the sustainable development of a C/O . It reports on all aspects of sustainable development.

It is free and not mandatory in anyway often referred to as GRI standards.

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13
Q

Can GRI standards be grouped ? if they can how many groups exists?

A

GRI standards can be grouped into 3 main groups :
1. Universal standards
2. Sector standards
3. Topic standards

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14
Q

What can you say about universal standards?

A

There are three in total and they must all be applied to your reporting .
1. Requirements and principles for using the GRI standard
2. Disclosure about the reporting organization.
3. Disclosures and guidances about the reporting organization’s material topics.

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15
Q

What can be said about sector standards?

A

There are 4 in total That have been published. However IT is. Not mandatory to use Al 8 the C/O Ussst chose and decide what applies .
The aim is to publish 40 sector standards.

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16
Q

What can you say about topic standards ?

A

They are also 8 in total . They are set for specific and individual material topics eg. There is one on climate gases , eutrophication and in social context ther is one on child labor . Most of the topic standards are from 2016

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17
Q

True or false: the GRI standard has 753 pages which is bound to increase .

A

True

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18
Q

What are the GRI standards under the universal standards?

A

GRI 1: foundation 2021( the requirements and principles about the GRI standard)
GRI 2; general disclosures ( disclosures about the reporting company)(there a total of 30 disclosures)
GRI 3: material topics (3 disclosures)

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19
Q

What are the GRI standards under the sector standards?

A

GRI 11: oil and gas sector
GRI 12: coal sector
GRI 13:agriculture,aquaculture and fisheries
GRI 14: mining

Nb : financial services ,textiles and apparel are being developed

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20
Q

Topic standards them selves can be grouped into 3 what are the three group#

A

Economics (GRI 200’s )
Environment (GRI 300’s)
Social issues (GRI 400’s)

21
Q

What are the economic GRI standards?

A

EMIPAAT
GRI 201Economic performance
202 Market presence
203. Indirect economic impacts
204 Procurement practices
205 Anti-corruption
206 Anti-competitive behavior
207 Tax

22
Q

What GRI Environmental standards?

A

301- materials
302- energy
303- water and effluent
304- biodiversity
305- emissions
306- waste and effluents
306- waste
308- suppliers and environmental assessment

23
Q

True or false: there are 17 mini social standards and they range from 401 - 418?

24
Q

Under the foundation of the GRI reporting standards there are 9 requirements that C/O must fulfill in their reports . What are they ?

A
  1. Apply the reporting principles
  2. Report disclosures in GRI 2
  3. Determine material topics
  4. Report disclosures on GRI 3
  5. Report disclosures from GRI topic standards for each material topic
  6. Provide reasons for omission for disclosures and requirements that the organization cannot comply with .
  7. Publish GRI content index
  8. Provide a statement of use
  9. Notify GRI organization.
25
True or false : there are only 4 criteria where it is suitable for omissions of disclosures and other requirements.
True
26
What are the reporting principles under requirement 1 ?
Accuracy( correct and sufficiently detailed info) Balance (unbiased and representative info both neg and positive impacts) Clarity( accessible and understandable) Completeness(sufficient info provided to enable environmental impacts assessment) Comparability(information reported should enable analysis of company’s impacts over time relative to the impacts of other organization) Sustainability context( shall reports info about its impacts in the wider perspective of sustainability development ) Timeliness( information should be reported in a regular schedule to make it available in time for information users to make decisions) Verifiability ( all information reported should be able to be examined to establish its quality)
27
What can you say about GRI 2
30 disclosures, The organization and its reporting practices The activities and workers Governance Strategy , policies and practices Stakeholder engagement
28
What is disclosures?
Disclosure provides a structured means by which an organization provides information on itself and impacts
29
What are requirements?
Theses are lists of information that a company must comply with and report on in accordance with GRI standards
30
What are recommendations?
Certain acts or information that are not compulsory but encouraged
31
What is guidance ?
This information provided in the GRI standards to facilitate understanding csn include background information, explanations and examples
32
What can you say about GRI 3 ( material topics)
There are 4 requirements dedicated to material topics 3 determine material topics 4 report on disclosures of material topics 5 report on disclosures on topic standards for each of the material topics 6 provide reasons for omissions on disclosure and other requirements the C/O can’t comply with
33
What is the process to determining the material topics ?
1. Understand the context of the organization ( you can use the sector standards to do this) 2. Identify actual and potential impacts (stake holder engagement) 3. Assess the significance of impacts (stake holder engagement) 4. Priorities the most significant impacts for reporting ( test the material topics against the topics in the sector standard ) 5. List material topics
34
With negative impacts how is the severity determined?
3 main ways 1. Scale: how grave it is 2. Scale : how widespread it is ( eg no. Of people affected ) 3. Irremediably character m how easy or not it is to make better
35
True or false , you can group impacts into topics no rank positives and negative separately .
True
36
There are 4 requirements for omissions in GRI . What are they ?
1. Not applicable ( describe which disclosures or requirements are not applicable ) 2. Legal prohibitions ( describe the exact legal prohibitions ) 3. Confidentiality restraints 4. Unavailable/incomplete information ( what specific information is incomplete /unavailable
37
Requirement 7; Why the need for the GRI content index?
This is published document serves as an overview for the organization’s reported information, it shows you where reported information can be found , and makes it easier for users to access this information. It also shows which disclosures and GRI standards the organization has used .
38
What does the GRI content index include
The title: GRI content index Material topics The tile of the GRI 1 sectors The statement of use The filters of the sector standards that apply to the organization Any reasons for omissions The location for where all the information for each sector can be found The list of reported disclosures including disclosure titles The list of topics applicable in the GRI sectors marked as not material and a description of why they are not material .
39
Is this statement true or false : if it publishes a standalone sustainability report and the GRI context index is not included in the report itself . A link or reference is provided to the GRI content index
True
40
What does a grey cell in a GRI context index indicate ?
Something that doesn’t not apply ( in other words an omission)
41
Requirement 8 statement of use . What is usually in a statement of use ?
This exact statement : the name of the C/O has reported in accordance with the GRI standards and the period of reporting
42
Requirement 9 , how is the organization expected to notify the GRI of the use of the tankard and statement of use ?
By sending an email . Included in the email will be the organizations legal name , link to GRI content index, statement of use, link to the report (if publishing a standalone document), contact details of a contact person in the organization. Absolutely free
43
What can the organization do if they do not want to fulfil requirement 9?
They can make the report in reference with the GRI standards instead of in accordance with the the GRI standards
44
There 3 scopes define scope 1
Scope 1 is direct ghg from all owned or controlled sources: from satiiOnary combustion emissions ( mostly from heating , emissions from manufacturing processes , emissions from moving transportation, fugitive emissions (emissions that are unintentional like form refrigerants
45
Define scope 2?
These are energy indirect ghg : emissions from the consumption of purchased electricity, steam etc. usually generated from upstream of the organization
46
Define scope 3.
These are other indirect ghg : they still result from operations of the organization but are not directly influenced or controlled by the org. Eg. Employee commuting, business travel , third party distribution. Etc. eg, waste generated from operations, leased assets, purchased goods and services, investments This is by far the largest of most companies carbon foot print
47
How can ensure the credibility of a sustainability report ?
1. Having proper internal controls to ensure that the reports are reliable and accurate 2. External assurance: hiring external parties with the same competence to review the total report or parts of the report . To assure its quality 3. Participating in stakeholder debates or expert panels : this is where you allow expert panels or relevant stake holders review work and reporting giving their opinions .
48
CSRd vs GRI
1. CSRd is compulsory to many EU companies on the stock market while GRI can be used by all types of organisations 2. GRI is global CSRD is on,y used in the EU 3. CSRD applies double materiality and GRI does not 4. CSRD is developed by EFRAG but GRI only cooperates with it 5. If you have experiences with GRI then it is much simpler to write a CSRD report

Environmental Management Systems (11 decks)

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