The ISSB recently introduced a pivotal new tool designed to aid regulators and market participants in adopting its sustainability reporting standards across various jurisdictions.
According to ESG Today, this initiative builds on the momentum from the launch of the ISSB at the COP26 climate conference in November 2021, underscoring its commitment to shaping global sustainability practices.
The newly released Jurisdictional Roadmap Development Tool is a strategic resource intended to facilitate the adoption of the IFRS Sustainability Disclosure Standards, which include the general sustainability (IFRS S1) and climate (IFRS S2) reporting standards introduced in June 2023. More than 35 jurisdictions have already begun integrating these standards, which are vital for investors needing detailed insights into sustainability risks and opportunities within companies.
ISSB Chair Emmanuel Faber emphasized the tool’s significance in aiding regulatory bodies to make well-informed decisions regarding the adoption and application of ISSB Standards. He highlighted the tool’s capability to address key challenges such as determining the leading authorities, engaging with market stakeholders, and enhancing capacity within the financial ecosystem.
“The launch of the Roadmap Tool marks a significant milestone and confirms the ISSB’s commitment to developing tools and resources that are useful to jurisdictions. This Roadmap Tool equips regulators to make informed decisions about their approach towards adoption or other use of ISSB Standards,” Faber stated.
In addition to the roadmap tool, the ISSB has also updated its offerings with templates of jurisdictional approaches as outlined in the Inaugural Jurisdictional Guide, released last year. These templates provide clarity on how a jurisdiction’s decisions regarding sustainability reporting can be interpreted and presented by the IFRS Foundation.
Faber further expressed his anticipation for the tool’s broad impact, stating, “I trust that the Tool will also be a central resource for implementation partners supporting jurisdictions progress their adoption considerations. I look forward to further collaboration with jurisdictional authorities and implementation partner organisations to support jurisdictions on their journeys, and to see the far-reaching impacts of this tool.”
As sustainability continues to be a priority on the global agenda, the ISSB’s new tool represents a critical step in standardizing sustainability reporting, providing a framework that can be adapted by diverse markets worldwide.
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