The International Sustainability Standards Board (ISSB) is set to make key announcements about the implementation of a standard for climate-related disclosures tomorrow at Finance Day at COP27 in Egypt.
ISSB chair Emmanuel Faber will share details of a framework designed to support investors and other capital market stakeholders.
The framework is supported by public and private organisations, including the Association of Chartered Certified Accountants (ACCA), the PRI and the GRI.
According to the IFRS Foundation, achieving a “truly global baseline” for climate disclosures will encourage implementation across economies so market participants can access its benefits.
Faber said from the main stage at COP27, “As we have heard from stakeholders here at COP27, the need for climate-related financial disclosures is increasingly urgent. We are working collaboratively towards the implementation of effective sustainability disclosures for capital markets, which will empower market participants with the right information to support better economic and investment decision-making.”
The IFRS Foundation highlighted that considering the specific needs of emerging and developing economies, and smaller entities, was also crucial.
ISSB vice chair Jingdong Hua has been at COP discussing how the framework will enable capacity building among these stakeholders. The ISSB plans to use final standards as early as possible next year.
This comes as the ISSB consults with the International Organization of Securities (IOSCO) in preparation for the potential endorsement of its proposed standards.
Hua said: “By making capacity-building an integral part of ISSB’s mission, we are committed to working with partners global and local to ensure accelerated readiness for jurisdictions to adopt ISSB standards, especially in developing and emerging market countries, working together for implementation.”
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