April 7, 2022 | Editor: Martin Wennerström
ISSB launches consultation on first two sustainability standards
The International Sustainability Standards Board (“ISSB”) has published the exposure drafts for its first two standards. The proposals set disclosure requirements for 1. general sustainability-related financial disclosure, and 2. specific climate-related disclosure on Scope 1-3. Based on TCFD recommendations and derived from SASB Standards, the standards comprise all relevant sustainability topics – governance, strategy, risk management – as well as metrics and targets. Their purpose is to form a unitary international approach to sustainability disclosure by providing material information about companies’ significant sustainability risks and opportunities relevant in assessing investments. The standards respond to calls made by G20 leaders, investors, and regulators for a new approach to climate disclosure to counter corporate greenwashing and exaggerated green credentials. While the new standards do not require companies to report on their own operations’ environmental impact, as required by EU’s climate reporting standards, ISSB Vice Chair Sue Lloyd has said that “ISSB can work in tandem with the EU norms”.
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