CDP and XBRL Announce Partnership to Accelerate Digital Sustainability Disclosure

CDP and XBRL Announce Partnership to Accelerate Digital Sustainability Disclosure

By Prathamesh 25 September, 2023

CDP, the not-for-profit which runs the global environmental disclosure system for companies, cities, states and regions, and XBRL International, which provides the digital language for reporting are pleased to announce a new partnership to accelerate digital sustainability disclosure globally.

Through this exciting initiative, the organizations will collaborate to expand and enhance CDP’s digital capacity and data collection activities, and to embed XBRL best practices into CDP’s global environmental disclosure system.

CDP has run the only global independent environmental platform for over 20 years. In 2022 more than 18,700 companies, worth half of global market capitalization, disclosed environmental data through CDP at the request of over 740 investors with more than US$130 trillion in assets. The number of disclosing companies is expected to increase significantly in 2023.

This partnership follows CDP’s announcement that it will integrate the IFRS S2 climate disclosure standard into its disclosure system in 2024, allowing companies to disclose against it from next year. CDP has committed to aligning its questionnaire with the IFRS S2 climate standard from 2024 and has signaled its intention to the same with the forthcoming SEC rule as well as the European Sustainability Reporting Standards (ESRS), supporting companies to prepare for future mandatory reporting against these standards. Together, CDP and XBRL will work to ensure that environmental disclosures made through CDP’s platform are digital, accessible and comparable, answering calls from companies, investors and policymakers alike.

“CDP is delighted to be working with XBRL,” said Nicolette Bartlett, Chief Impact Officer at CDP. “This landmark partnership is critical to achieving our shared mission of enhancing corporate transparency and accountability. It will be essential to facilitating the continuous tracking and sharing of robust data that can be used to inform sustainable decision-making across the global economy, ensuring data is easily accessible and understandable across regions and timeframes.”

“At XBRL International we believe this initiative is both timely and vitally important, and we are excited to be working together with the CDP team. Working to make sustainability information flow seamlessly through global information supply chains is a critical element in expanding trust, and improving access to finance worldwide,” said John Turner, CEO of XBRL International.

To find out more details please visit : https://www.cdp.net/