Geekvape Drives Towards Sustainable Development

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by KnowESG
KnowESG_Geekvape Drives Towards Sustainable Development
Image courtesy of Geekvape

Geekvape has made a momentous announcement, declaring its official membership in the IFRS Sustainability Alliance.

This significant step comes on the heels of the company's recent inclusion in the GRI (Global Reporting Initiative) Community on June 29th. With these strategic strides, Geekvape has now positioned itself as a participant in two of the world's most authoritative frameworks for sustainability disclosure.

The IFRS Sustainability Alliance operates under the umbrella of the IFRS Foundation, a global membership programme focusing on sustainability standards, integrated reporting, and integrated thinking.

Established as a non-profit, public interest organisation, the IFRS Foundation's mission is to create comprehensible, enforceable, and globally recognised standards for both accounting and sustainability disclosures.

A landmark moment occurred in 2022 when the IFRS Foundation joined forces with the Climate Disclosure Standards Board (CDSB) and the Value Reporting Foundation (VRF).

The subsequent milestone took place in June 2023, when ISSB, operating within the IFRS Foundation, unveiled its inaugural standards—IFRS S1 and IFRS S2—ushering in a new era of sustainability-focused disclosures and establishing a universal foundation in global capital markets.

Having originated in 1997, the GRI (Global Reporting Initiative) has a central hub in Amsterdam, the Netherlands, and operates through a network of seven regional offices, offering support to organisations and stakeholders around the world.

GRI serves as an independent international entity dedicated to aiding businesses and other entities in acknowledging and communicating their environmental and social impacts. Since the publication of the GRI Standards—a worldwide benchmark for sustainability reporting and disclosure—in 2016, these standards have gained extensive adoption.

The KPMG Survey of Sustainability Reporting, released on October 26, 2022, delved into the reporting practices of the world's top 250 revenue-generating companies (G250) and an additional pool of the leading 100 companies from 58 countries (N100).

The survey findings revealed that 78% of G250 companies and 68% of the N100 cohort utilise the GRI Standards for their reporting endeavours. Notably, a substantial percentage of surveyed companies across various regions (75% in the Americas, 68% in Asia-Pacific and Europe, and 62% in the Middle East & Africa) are aligned with the GRI Standards.

For Geekvape, this announcement marks a pivotal moment in the company's unwavering pursuit of sustainable development and its commitment to an ESG (Environmental, Social, and Governance) framework.

Through its dual participation in the IFRS Sustainability Alliance and the GRI Community, Geekvape embarks on a robust journey towards sustainable growth, grounded in a global perspective. This strategic decision not only resonates with the brand's core mission and vision but also exemplifies the steadfast dedication of Geekvape's leadership to securing a sustainable future. As we progress, let us eagerly anticipate and witness the unfolding of more remarkable milestones on Geekvape's path towards sustainable development.

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Source: Geekvape

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