Return to site

What is the impact of your waste?

GRI releases updated waste reporting standard

· waste,GRI,waste management,Reporting

We are increasingly concerned about the volume of waste we are generating and the impact it is having on the environment, society and the economy.

What do we need to do? First, we need to prevent waste at source. Second, for waste that is generated, we need to unlock opportunities for circular business practices.

Companies and large organisations conscious of the waste they are generating. That is why many are now setting zero waste to landfill and recycled content targets.

And now, the Global Reporting Initiative (GRI) has released an updated standard on how companies can report on the waste generated throughout the value chain, its composition and how it is managed.

First, some background

In 2018, the Global Sustainability Standards Board (GSSB) initiated a project to review and update disclosures on waste to ensure they were in line with internationally agreed best practice and recent developments in waste management.

An expert working group was formed and over 50 public submissions were received. This led to the standard being revised and updated, and in May 2020 the new standard known as GRI 306: Waste 2020 was released.

So how can the new waste standard help you?

It gets you thinking about how you can improve your waste practices. Specifically, it helps your organisation:

> publicly report on how you procure, design and use materials that lead to waste

> understand the quantity and quality of your waste

> understand the causes of your waste and how you can manage its impacts

> identify circularity and waste prevention opportunities

> take responsibility for waste generated throughout the value chain, both upstream and downstream

How companies manage their waste matters to investors who are increasingly factoring sustainability risks and opportunities into company assessments and demanding better disclosure. In fact, for some of the world’s largest fund managers it is an investment criteria, and if you can’t demonstrate how you are responding to these issues, including on waste, they will assume you aren’t managing it at all.

Why is this important?

We generate so much waste, and it just keeps increasing. Australians generate 67 million tonnes of waste per year. The world generates 2 billion tons of waste. And that number is set to increase to 3.4 billion tons by 2050. This is an environmental problem and health problem of epic proportions.

But there is another reason, all this waste accelerates a depletion of resources and materials.

GRI global reporting initiative givvable waste sustainability

What can we do?

First, a major shift in mindset is needed. Waste is not “an unwanted residue” but a valuable resource.

As the disruption to systems and supply chains caused by COVID-19 has shown, companies need to re-think how they do business if they are to be resilient. The time is right – in fact, overdue – for a shift to more sustainable practices ... [t]his is about fundamentally challenging the perception of waste, from an unwanted residue to a valuable resource.” - Tim Mohin, GRI Chief Executive.

Next, we need to take pro-active steps to manage the waste generated by organisations. Some businesses are sorting their trash, monitoring their waste and looking for ways to prevent it from occurring – this requires forward planning, innovative thinking and a complete reimagining of how we procure supplies - solving for end-of-life upfront so there is circularity embedded into the cycle. And of course, it requires a significant organisational commitment because successful execution needs operational buy-in and a move away from old practices to new.

We are already experiencing so much change as we live through the Covid-19 pandemic. Employees are under pressure, budgets are tight, non-operational and discretionary spend has been turned off and there is general economic and societal uneasiness.

This is the disclosure standard that the world needs. It reflects the transition from an outdated ‘take, make, waste’ industrial model to one that that designs out waste and minimizes its impacts. The GRI Waste Standard will help any forward-thinking organization demonstrate to stakeholders – such as communities, customers, investors and governments – that they have a holistic and progressive approach to waste.” – Judy Kuszewski, Chair of the Global Sustainability Standards Board

But if your business generates waste, it is operational, it is not discretionary - it is necessary that we reduce it or reuse it.

You can learn more about the new waste reporting standard GRI 306: Waste 2020 here

givvable is a data driven technology platform that helps companies find, source and track the impact of sustainable and social spending. It helps sustainability professionals, procurement managers and employees making purchasing decisions quickly find and assess the impact credentials of suppliers and maps this spending to regularly used reporting frameworks so they can more easily communicate their impact to stakeholders.

Companies can register for early access here.
If you are a sustainable or social supplier, register your interest to join our community here (it's free).
 

All Posts
×

Almost done…

We just sent you an email. Please click the link in the email to confirm your subscription!

OK