The Digitalization of Sustainability Data Lab (DSD Lab, dsdlab.org), a collaboration of international standard-setters and data management experts focused on sustainability, has launched its Accelerator Program at COP27, the 2022 United Nations Climate Change Conference. The DSD Lab is aimed at facilitating the exchange of data needed for statutory reporting across industries worldwide. The goal is to make the resulting information more trusted, actionable and discoverable, in support of better sustainability decisions that lead to more positive outcomes for people, the planet and the global economy.
The objectives of the DSD Lab Accelerator Program are to:
● Spearhead the development of a smart shared dictionary to include all ESG (environmental, social and governance) topics to drive the consistency, comparability and quality of sustainability data inside enterprises and across supply chains
● Accelerate the alignment of XBRL (eXtensible Business Reporting Language) sustainability taxonomies through collaboration among relevant standard-setters and regulators
● Develop and implement a verification and certification program to help ensure that software and services can seamlessly move data between systems
● Introduce a global registry for identification of all entity reporting (statutory and non-statutory) to vastly improve data discoverability
● Launch the development of an emerging economy digital sustainability reporting playbook to help accelerate regulatory digital transformation
DFCG (the French CFO Network Organization) is a proud partner and supporter to the DSD Lab through the President of our DFCG International Group, David Wray. David along with Liv Watson, Senior Advisor, Capitals Coalition, John Turner, CEO of XBRL International and John Bottega, President of EDM Council co-founded the DSD Lab.
David recently said: “There is both a growing appetite and need for better sustainability data, but one of the biggest challenges we’re facing globally is the fragmented state of corporate data, Many of the costs that firms are facing are due to the disparities in the measurement of sustainability criteria and the lack of a common framework to connect and compare the data across systems. The DSD Lab will address this over the next two years and help firms reduce costs of complying with mandatory disclosures.”
The French government, through the Glasgow Finance Alliance for Net-Zero (GFANZ), is an active supporter for a sustainable economy and decision-useful data so the DSD Lab partnership support with DFCG is a natural fit to achieve the international and national goals for a sustainable planet.