In 2015 the Department of Foreign Affairs and Trade (DFAT) entered into a partnership with the Global Reporting Initiative (GRI), which will contribute to sustainable and inclusive economic development and facilitate trade and investment in the Indo-Pacific. This will be achieved through assisting businesses in their efforts to improve reporting on social and environmental issues in Indonesia, Philippines, Sri Lanka, and Papua New Guinea.
The program has three main components:
Reducing risk and enhancing efficiency in the supply chain
Sustainability reporting can help small and medium companies manage risk through increased transparency. This is increasingly important for access to capital and contracts with multi-national corporations which are increasingly seeking greater information on their suppliers. Activities will include building capacity in sustainability reporting in Indonesia, the Philippines and Sri Lanka. The project will also build the capacity of Australian businesses to manage sustainability and transparency in their supply chains in the region.
Maximise the utility of data in decision making for change
Sustainability reporting data can assist with more balanced decision making. Activities will include a gender and transparency program and a governance and anti-corruption reporting program in Sri Lanka, Indonesia and the Philippines.
Improving sustainability and transparency in the extractives sector
The extractives sector has been identified by as a key industry for economic growth in the Indo-Pacific. This sector also involves significant social, environmental and economic impacts, which, if left unaddressed, can pose a risk to growth, access to the formal economy, jobs and national income.
GRI is an international independent organisation that has pioneered corporate sustainability reporting since 1997. GRI produces the most widely used sustainability reporting standard internationally, which is offered as a free public good. With thousands of reporters in over 90 countries, GRI enables organisations and their stakeholders to make better decisions on these issues. GRI reporters include some of Australia’s largest companies, such as IAG, BHP Billiton, Aurizon, ANZ, Stockland, Westpac, APRA, AMCOS and Aurecon. DFAT’s partnership with GRI has funding of $1,000,000 and will run until 30 June 2016.
Further information on GRI can be found at www.globalreporting.org.