🌍ISSB Standards: Your New Global Passport to Sustainability
Acclara AI•
The ISSB just announced a major initiative to make their sustainability standards a global passport, aiming to unify disclosure requirements and ease cross-border issues.
Key Points
•🌐 Global Reach: 40 jurisdictions planning to adopt ISSB Standards
•💡 Key Player: ISSB Chair Emmanuel Faber leads the charge
•📉 Cost Reduction: Passporting provisions aim to lower costs for preparers
•🛠 New Tools: Introduction of Jurisdictional Rationale Guide and accompanying tool
•📅 Event: Announcement made at IFRS Sustainability Symposium in London
🌟 A Star-Studded Symposium
The International Sustainability Standards Board's (ISSB) Symposium kicked off today in London, bringing together delegates from over 45 jurisdictions. The spotlight was on the implementation of ISSB Standards and the exciting new initiatives aimed at making these standards a global passport.
💬 Keynote Insights
ISSB Chair Emmanuel Faber took center stage with a keynote announcing the expansion of the Jurisdictional Working Group. This initiative is set to spark multilateral discussions among regulators on how ISSB Standards can be a global passport, addressing cross-border issues and benefiting capital markets worldwide.
🔧 Tools for the Trade
To tackle potential fragmentation as jurisdictions introduce sustainability-related disclosure requirements, the ISSB unveiled a new Jurisdictional Rationale Guide and accompanying tool. These resources are designed to help jurisdictions accept reports prepared in accordance with the ISSB Standards, accommodating local conditions and reducing frictions in the system.
🌍 Why This Matters
The expansion of the Jurisdictional Adopters Working Group is a response to the growing number of jurisdictions—currently around 40—planning to use ISSB Standards. This mechanism will support stakeholders in discussing global passporting arrangements, thereby strengthening capital markets and improving cost effectiveness for preparers.
