A report from Norges Bank Investment Management – manager of the €1 trillion Government Pension Fund of Norway – has called for businesses to improve metrics to ensure they disclose “relevant, quantitative and comparable information on ESG issues”. Norges also advised that ESG reporting should “use established standards, starting with disclosures based on the GRI Standards”, and urged that climate change mitigation reporting should include both direct and indirect carbon emissions disclosures, inclusive of emissions in a company’s value chain.
“Disclosures based on the GRI Standards offer data that help investors, companies and other stakeholders to make informed decisions. This report from Norges Investment Management reinforces the importance of comprehensive ESG disclosures for investors,” says GRI President Tim Mohin, in response. “We commend Norges’ call for companies to disclose both direct and indirect carbon emissions. Climate change is a global emergency and, for most companies, the majority of their carbon emissions are indirect. Companies must measure, disclose and manage these impacts if we are to tackle the climate crisis.”
On March 3, Norges Bank Investment Management published Responsible Investment 2019, which also identifies the relevance of information on corporate tax practices, highlighting support from Norges for the development of the GRI Tax Standard, the first global reporting standard for tax transparency, which published in December 2019.