ISSB Delivers Further Harmonisation of the Sustainability Disclosure Landscape as it Embarks on New Work Plan

ISSB Delivers Further Harmonisation of the Sustainability Disclosure Landscape as it Embarks on New Work Plan

By Prathamesh 2 July, 2024

June 24, 2024

At the IFRS Foundation Conference coinciding with London Climate Action Week—ISSB Chair Emmanuel Faber will announce further harmonisation of the sustainability reporting landscape, as the International Sustainability Standards Board (ISSB) embarks on its new two-year work plan and publishes the Feedback Statement on that work plan.

Key drivers that led the IFRS Foundation to establish the ISSB include the need to address the proliferation of voluntary initiatives in the sustainability disclosure landscape; to ensure that investors receive high-quality, comparable information about sustainability-related risks and opportunities; and to enable companies to provide such information to their investors efficiently.

Since the outset, the ISSB has worked to reduce the complexity of multiple sources of sustainability reporting initiatives, while building on the established expertise and practice associated with market-leading frameworks and standards.

The creation of the ISSB involved the consolidation of the Climate Disclosure Standards Board (CDSB), Sustainability Accounting Standards Board (SASB) and the International Integrated Reporting Council (IIRC) with the IFRS Foundation. Furthermore, the Task Force on Climate-related Financial Disclosures (TCFD) was disbanded following publication of the ISSB’s inaugural Standards, IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures.

The ISSB works closely with the body that brings together international securities regulators—IOSCO—as well as directly with jurisdictions, including through its Jurisdictional Working Group to support steps towards the use of the ISSB Standards. More than 20 jurisdictions have already decided to use or are taking steps to introduce ISSB Standards in their legal or regulatory frameworks. Together, these jurisdictions account for nearly 55% of global gross domestic product (GDP) and more than 40% of global market capitalisation.

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