Over Half of Global Economy Moves Toward Adoption of ISSB Sustainability Standards

The IFRS Foundation has released a Jurisdictional Guide to support regulators in adopting or using the International Sustainability Standards Board’s (ISSB) Standards. Over 20 jurisdictions, representing nearly 55% of global GDP, more than 40% of global market capitalization, and over half of global greenhouse gas emissions, have already decided to use or are taking steps to introduce the ISSB Standards. Many jurisdictions are seeking full alignment with or adoption of the ISSB Standards, including the European Union, China, and others. Meanwhile, the US Securities and Exchange Commission has acknowledged the role of the ISSB Standards but declined to recognize them as an alternative to their own climate disclosure rules at this time. The IFRS Foundation has also outlined its Regulatory Implementation Programme to provide tools, educational materials, and capacity building to support jurisdictions in designing and executing their roadmaps for the adoption or use of ISSB Standards. This includes a partnership with the African Development Bank to advance sustainability-related disclosure practices in Africa. The IFRS Foundation’s efforts are supported by IOSCO, which has called on its members to consider adopting or being informed by the ISSB Standards, and the IOSCO Growth and Emerging Markets Committee, which will collaborate with the IFRS Foundation on capacity building. Resources: https://esgnews.com/over-half-of-global-economy-moves-toward-adoption-of-issb-sustainability-standards/