ISSB Sustainability Disclosure Standards Welcomed
04.01.2022 By Shanny Basar
Market participants have welcomed the first proposed sustainability disclosure standards from the International Sustainability Standards Board.
ISSB was established at COP26 to develop a comprehensive global baseline of sustainability disclosures for capital markets and has launched a consultation on its first two proposed standards. One sets out general sustainability-related disclosure requirements and the other specifies climate-related disclosure requirements.
Will the U.S. adopt ISSB standards? "I don't think the U.S. will adopt from a legal standpoint. But we are working with the U.S. to make sure that our standards are supplemental, complimentary, compatible with their rulings." Chair @EmmanuelFaber #SustainableBizSummit @flacqua pic.twitter.com/KrCVFWYs7F
— Bloomberg Live (@BloombergLive) March 31, 2022
The proposals build upon the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) and incorporate industry-based disclosure requirements derived from SASB Standards.
Mary Schapiro Member of @FSB_TCFD: “I welcome and support the #ISSB's work, which will bring further transparency on the financial impacts of climate change.” Read her full quote below and access the press release here: https://t.co/0BpbLhWoFL #IFRS pic.twitter.com/prTyJyTeYF
— IFRS Foundation (@IFRSFoundation) March 31, 2022
The CFA Institute, a global association of investment professionals, highlighted that the US Securities and Exchange Commission has also proposed climate-related disclosures:
We need a comparison between this and what the SEC released last week… https://t.co/ym91ZzUCy6
— CFA Institute® Market Integrity (@MarketIntegrity) March 31, 2022
Mindy Lubber, chief executive of Ceres, a sustainability non-profit working with investors and companies:
Impressed to see such strong alignment between the @SECGov’s proposed climate disclosure rule and the new #ISSB @IFRSFoundation standard. This type of harmonization is exactly what investors and companies have been asking for. https://t.co/n5bOochoXn
— Mindy Lubber (@MindyLubber) March 31, 2022
International Organization of Securities Commissions:
IOSCO hails the publication of the Exposure Drafts of proposed climate and general sustainability disclosure requirements, published today for public consultation by the International Sustainability Standards Board (ISSB).https://t.co/rZa8GFYwEo#sustainablefinance #ESG #ISSB pic.twitter.com/AVGfRLpjvu
— IOSCO Press (@IOSCOPress) March 31, 2022
AFME, which advocates for European financial markets:
AFME welcomes The International Sustainability Standards Board (ISSB) first proposed sustainability #disclosure standards – international standards are important to provide an effective baseline framework for sustainability reporting https://t.co/39hPIiJcau
— AFME (@AFME_EU) March 31, 2022
Mark Carney, UN Special Envoy on Climate Action and Finance:
The #ISSB is now stepping up w/ proposals to create consistent global #climate reporting standards building on @FSB_TCFD. Bringing climate transparency to global finance will help smooth the net zero transition and build a more resilient global economy for all 2/2
— Mark Carney (@MarkJCarney) March 31, 2022