Ingka Group has endorsed a new joint statement calling for major standard-setting bodies to align and work more closely towards a clear, fit for purpose and globally compatible baseline for reporting sustainability-related information.
The endorsed statement was developed jointly by the World Business Council for Sustainable Development (WBCSD), the Principles for Responsible Investment (PRI), and the International Federation of Accountants (IFAC).
In total 65 companies, investors and professional accounting firms from across the world added their voices to the call for a globally consistent, simple to implement, comparable, reliable, and assurable corporate reporting system. Such an approach is indispensable in driving change by equipping all stakeholders with a clear, accurate and comparable picture of an organization’s ability to create sustainable value over time.
The signatories encourage major groups, including the International Sustainability Standards Board (ISSB), the U.S. Securities Exchange Commission (SEC) and the European Financial Reporting Advisory Group (EFRAG) to continue to work closely together.
“We are pleased to endorse this joint statement and fully support moves towards a global baseline for sustainability reporting. With a number of different disclosure initiatives currently under development, we call on the standard setters to limit overlaps and promote simplicity. Failing to provide a straightforward path for companies to navigate the new landscape could undermine the very purpose of these standards: to enable more sustainable choices through clarity and comparability. At Ingka we are committed to steering our business in holistic way, focussing on how we create value for a better planet, better lives, better homes and a better company” says Lucy Slinger, Deputy Chief Financial Officer, Ingka Group.
IKEA is committed to the Paris Agreement and to contributing to limiting global warming to 1.5°C by becoming climate positive. This includes reaching net-zero emissions latest 2050 and halving the greenhouse gas (GHG) emissions in absolute terms from the total IKEA value chain by 2030.
Ingka Group set science-based goals already in 2018 and is working with aligning them to the recently launched Net-zero Standard by the Science-Based Targets Initiative. The company supports the development of common frameworks to compare progress and will continue to further strengthen transparency and integrity of emissions reduction and net-zero targets.
This year, the Ingka Group Reporting was made even more accessible and is available in three different formats with the increased ambition to be even more transparent. The full Ingka Group Reporting FY21 is available here on the Ingka.com reporting hub.
On the reporting hub, you can also find and download our Annual Summary FY21 – a short overview of highlights and progress towards our commitments, and our Data & Progress FY21 with detailed data, policies and frameworks. More information is also available in reports published by our franchisor, Inter IKEA Group: the IKEA Sustainability Report FY21 and the IKEA Climate Report FY21.
About the World Business Council for Sustainable Development (WBCSD)
WBCSD is the premier global, CEO-led community of over 200 of the world’s leading sustainable businesses working collectively to accelerate the system transformations needed for a net zero, nature positive, and more equitable future. They do this by engaging executives and sustainability leaders from business and elsewhere to share practical insights on the obstacles and opportunities we currently face in tackling the integrated climate, nature and inequality sustainability challenges.