ISSB Standards for Mandatory non-financial disclosure

The International Sustainability Standards Board (ISSB) has agreed on the final content of its IFRS (International Financial Reporting Standards) 1 & 2, which will come into effect in 2024. CDP, Principles for Responsible Investment and the ‘big four’ accountants, have all signed up as partners to help firms implement the disclosure standards.

Mark Carney, UN special envoy for climate action and finance stated “If we go back seven years, sustainability reporting looked very different from today. We realised we needed to move towards a common standard from a patchwork of over 400 different approaches that existed at the time. They were well meaning but not comprehensive or comparable. We needed a decision-useful principle, that was by the market for the market so investors can make decisions about allocations of capital.”