The World Bank announced that it is using a new taxonomy for sustainability, supplementing its web-based Sustainability Review 2014 with a stand-alone index of sustainability indicators that uses the eXtensible Business Reporting Language (XBRL) Taxonomy.
This taxonomy is meant to improve access for investors, auditors and analysts to information within sustainability reports.
19 January 2015: The World Bank announced that it is using a new taxonomy for sustainability, supplementing its web-based Sustainability Review 2014 with a stand-alone index of sustainability indicators that uses the eXtensible Business Reporting Language (XBRL) Taxonomy.
This taxonomy is meant to improve access for investors, auditors and analysts to information within sustainability reports.
Developed by the Global Reporting Initiative (GRI) in collaboration with Deloitte, the taxonomy is: an “internationally recognized standard for sustainability reporting” that includes an index of indicators; one of the first for sustainability reporting; and expected to help the World Bank “define the path towards a more standardized and complete report” of sustainability practices.
The World Bank’s Sustainability Review 2014, which is based on the GRI, provides: an introduction to the Bank’s new strategic path and a review of important relevant events from the past year; and an overview of sustainability considerations within the World Bank’s lending and analytical services, its day-to-day operations and staff management.
The World Bank first published a Sustainability Review in 2004 to provide transparency regarding its sustainability practices, in response to demand from stakeholders.
The Bank notes that it is the only multilateral development bank to adopt the latest GRI framework. [Greening the Blue Press Release] [GRI Press Release] [Sustainability Review 2014]