A consortium of investors, representing over $1tn in assets under management, has addressed the IFRS Foundation’s ISSB with a significant appeal.
This influential investor group is urging the ISSB to give top priority to formulating international reporting standards, allowing companies to make comprehensive disclosures about human capital and human rights.
The establishment of the ISSB came in November 2021 during the notable COP26 climate conference. Its principal objective? To create IFRS Sustainability Disclosure Standards.
This ambitious initiative was largely influenced by the growing demands of investors, business entities, governmental bodies, and regulatory authorities. They sought a consistent global foundation for disclosure prerequisites, which would foster a uniform interpretation of how sustainability risks and potential opportunities might affect company outlooks.
G7 leaders convened at a summit in Hiroshima, Japan, reiterating their commitment to the Paris Agreement’s goal of limiting global temperature rise to 1.5°C.
In line with this commitment, they pledged to support the International Sustainability Standards Board’s (ISSB) development of sustainability and climate-related corporate reporting standards. Alongside, G7 also underlined their stance against the construction of new unabated coal-fired power plants and promoted initiatives to enhance climate transition finance for developing countries.
In the meeting, they acknowledged the necessity of mobilising finance to facilitate emissions reductions and climate-resilient development. Particular emphasis was placed on private finance’s role in fostering clean technologies and activities.
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