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Showing policymakers the importance of reporting: GRI hosts masterclass at COP23
07 December 2017

​Sustainability reporting can have a big impact on achieving sustainable development and is an important tool for corporate action on mitigating climate change. But in order to reach its maximum potential, policymakers need to understand the role of disclosure in climate policy.
​Governments around the world have implemented various corporate climate change reporting requirements to track national emissions, boost climate finance and ensure a just and stable transition to a low-carbon economy. The Task Force on Climate-related Financial Disclosures (TCFD), convened by the G20 Financial Stability Board, has put additional emphasis on this issue, garnering more interest from companies, the finance industry and financial regulators. 

But policy makers also need to engage with the topic. This year’s UN Climate Change Conference (COP23), which took place on 6-17 November in Bonn, Germany, saw world leaders from government, businesses and other organizations come together to take action against climate change. Taking the opportunity to address policymakers, GRI hosted a side event at COP23, on 7 November: Reporting and disclosure: strategic masterclass.

The masterclass, organized in conjunction with CDP, CDSB and Climate-KIC, focused on climate policy and disclosure. The event aimed to provide an understanding of the value of reporting and disclosure to governments, and to discuss best practice around implementation of climate related policy recommendations, such as those from the TCFD.

“Disclosure is critical to tracking the contribution of the private sector to mitigating climate change, and meeting global targets,” commented GRI’s Chief Executive Tim Mohin, who spoke at the event. “It is crucial that policymakers understand the full potential of sustainability reporting for a more accurate picture of corporate contributions.”

COP23 brought world leaders together to discuss and agree on the next steps to achieve progress on the implementation of the Paris Agreement. Through negotiations, events and exhibits, COP23 aimed to advance the agenda, encouraging the world to take action against climate change. 

“There was a real buzz at the conference about the urgency to take collective action now,” added Mohin. “Policymakers and other stakeholders recognize transparency as an important engine of change to achieve the world’s climate goals.”