Integrating Marine Indicators into Corporate Sustainability (ESG) Reporting Standards: An Empirical Study

Abstract

Corporate sustainability reporting has gained unparalleled momentum over the past two decades in both academia and industry. The Environmental, Social and Governance (ESG) frameworks and standards are extensively employed as an effective tool for sustainability disclosure, relying on science-based metrics and indicators to quantify anthropogenic impacts to the biosphere, especially environmental impacts. However, most of the environmental indicators are terrestrial-oriented, with limited representation of the ocean. To better address the imbalance, practical and operative marine indicators are needed in addition to the terrestrial ones. This thesis reviews key frameworks and standards of selected sustainability standard-setters such as Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB) and European Sustainability Reporting Standards (ESRS), and compares their indicators to the targets outlined in the United Nations Sustainable Development Goal 14 (SDG14). The result uncovers the deficiencies in marine metrics and indicators, evaluates the gaps between the selected standard-setters and suggests the integration of potential marine indicators into future reporting methodologies. This will not only enhance the achievement of SDG14 targets but also raise the awareness and responsibility of marine-related stakeholders in conserving and sustainably using the oceans, seas and marine resources. The study contributes to the disclosure of marine sustainability data and emphasizes that integrating marine indicators into ESG frameworks is crucial for an inclusive and balanced assessment of the environmental pillar.