The Financial Stability Board (FSB) has released its annual progress report on climate-related disclosures. The report highlights significant advancements in climate disclosures over the past year, including the publication of the International Sustainability Standards Board (ISSB) Standards, which will serve as a global framework for sustainability disclosures. It also mentions progress in developing a global assurance, ethics, and independence framework for sustainability disclosures.
All FSB member jurisdictions have either implemented requirements, guidance, or expectations related to climate-related disclosures or have taken steps towards doing so. The FSB welcomes the final Status Report by its industry-led Task Force on Climate-related Financial Disclosures (TCFD) and has asked the ISSB to monitor the progress of climate-related financial disclosures by companies starting next year.
The report emphasizes the importance of interoperability between the ISSB standards and jurisdictional disclosure frameworks to achieve global comparability in climate-related disclosures. It also mentions progress made by the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) in developing a comprehensive global set of assurance, ethics, and independence standards to enhance the quality and reliability of sustainability-related information.
In conclusion, the report underscores the significant progress in climate disclosures, the importance of global standards, and the need for continued efforts to promote transparent and reliable sustainability reporting.