The International Financial Reporting Standards (IFRS) Foundation recently established the International Sustainability Standards Board (ISSB) to develop global sustainability reporting standards. The ISSB aims to address the growing demand for transparent and comparable information in environmental, social, and governance (ESG) reporting.
The ISSB’s main objective is to provide a framework that enables companies to report on non-financial performance consistently and comparably. This will support investors, regulators, and other stakeholders in making informed decisions about the sustainability of a company’s operations and its impact on the environment and society.
The ISSB’s standards will cover numerous sustainability issues, including climate change, biodiversity, human rights, and social inequality. By establishing clear reporting requirements, the ISSB encourages companies to integrate sustainability considerations into business strategies and operations, contributing to more sustainable and responsible business practices.
The establishment of the ISSB represents a significant step towards harmonizing global sustainability reporting practices. By developing internationally recognized standards, the ISSB seeks to enhance transparency and accountability and to facilitate the allocation of capital to sustainable investments. This will ultimately contribute to the achievement of global sustainability goals and the transition to a more sustainable economy.
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