G7 Urges Mandatory Climate-Related Financial Disclosures
April 24, 2023
At the recent G7 Ministers’ Meeting on Climate, Energy and the Environment in Sapporo, Japan, the G7 climate and environment ministers called for the implementation of mandatory climate-related financial disclosures. The move is seen as necessary to help achieve global climate goals and accelerate sustainable finance.
The communique said: “We urge the implementation of mandatory climate-related financial disclosures that provide consistent and decision-useful information for market participants and call for more partners beyond the G7 to join in this effort.”
The ministers also discussed commitments and initiatives aimed at achieving global sustainability goals such as accelerating the clean energy transition to net-zero greenhouse gas emissions by 2050, and halting and reversing biodiversity loss by 2030.
The communique highlighted the importance of the work of the International Sustainability Standards Board (ISSB) in developing a practical, flexible, and interoperable global baseline for climate-related financial disclosures, building on the Task Force on Climate-Related Financial Disclosures (TCFD) framework. The proposed disclosures would provide consistent and decision-useful information for market participants. The G7 also called on other jurisdictions to consider adopting the ISSB standards as they implement climate and sustainability disclosures.
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