The world of global business standards is a deliberate and slow-moving one. That makes the recent release of the first International Sustainability Standards Board (ISSB) standards after just 18 months lightning quick, in relative terms.
, which sets out specific climate-related disclosures and is designed to be used with IFRS S1.
Disclosure scheme CDP will integrate its questionnaires to companies with ISSB from 2024, says Sue Armstrong-Brown, CDP’s global director for environmental standards and thought leadership. “There is a proliferation of reporting requirements and standards. It’s confusing for the market, and it makes it difficult to navigate.”
The potential of a global baseline has already been partially fulfilled, with both the European Union and the Securities and Exchange Commission working closely with ISSB. To cement the link between the two initiatives, the ISSB will take over responsibility for monitoring progress of companies’ climate-related disclosures from the Financial Stability Board from next year. The FSB said that the publication of the ISSB standards marked the culmination of the TCFD’s work, and the move has been welcomed by many as a further consolidation that clarifies the “alphabet soup” that plagued sustainability reporting until recently.
In addition, fewer than half of companies are reporting on their supply chain emissions, or Scope 3, even though these amount to 11.4 times their direct emissions.
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