80% of Global Financial Regulators Aligned with ISSB, TCFD Recommendations: FSB Report

The Financial Stability Board’s 2024 progress report on climate-related financial disclosures highlights significant global advancements in implementing the International Sustainability Standards Board (ISSB) standards. It reveals that 19 out of 24 FSB member jurisdictions have developed regulations or guidelines for climate disclosures, with 17 working towards ISSB-aligned requirements. Despite 82% of global companies disclosing some TCFD-aligned information, less than 3% meet all 11 recommendations, leaving gaps in crucial data for investors. The report stresses the need for continued efforts to support small- and medium-sized enterprises (SMEs) and emerging markets in adopting these standards, with a focus on ensuring disclosure reliability and enhancing assurance measures. Overall, while progress is noted, more work is needed to ensure comprehensive climate-related financial information is consistently available for market participants. Resources: https://esgnews.com/80-percent-global-financial-regulators-adopt-climate-related-disclosure-guidelines-fsb-report/