Markets are awaiting information on the standards framework from ISSB at COP27.
Tomorrow on Finance Day at COP27 in Egypt, the International Sustainability Standards Board (ISSB) plans to make significant announcements about the implementation of a standard for climate-related disclosures.
Details of a framework intended to assist investors and other capital market participants will be presented by ISSB chair Emmanuel Faber.
Public and corporate organizations, such as the PRI, the GRI, and the Association of Chartered Certified Accountants (ACCA), endorse the framework.
Achieving a "truly global baseline" for climate disclosures, according to the IFRS Foundation, will stimulate their adoption across economies so that market participants can aceess its benefits.
"As we have heard from stakeholders here at COP27, the need for climate-related financial disclosures is increasingly urgent," Faber stated from the main stage. "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 emphasized the importance of taking smaller businesses and emerging and developing economies' unique demands into account.
Jingdong Hua, vice chair of the ISSB, was at the COP to talk about how the framework will help various stakeholders strengthen their capacity. The ISSB intends to apply the final criteria as soon as feasible in 2019.
This occurs as the International Organization of Securities (IOSCO) and the ISSB consult in advance of the prospective endorsement of their proposed standards.
"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," Hua said.
By fLEXI tEAM