ISSB at COP27: From Glasgow to Sharm El-Sheikh

This week, the annual United Nations Climate Conference (COP27) is meeting in Sharm El-Sheikh, Egypt, marking a year since the creation of the International Sustainability Standards Board (ISSB), by the IFRS Foundation, at COP26 in Glasgow.

The ISSB was created to develop a truly global baseline of sustainability-related disclosures that meet the information needs of investors.

Since Glasgow, significant progress—both technical and institutional—has been made towards delivering the global baseline.

• The ISSB is now fully operational with a diverse 14-member board supported by a strong technical staff team.
• The ISSB has begun to implement its global footprint through a multi-location model, establishing key functions Frankfurt and Montreal.
• The Climate Disclosure Standards Board and Value Reporting Foundation (Integrated Reporting Framework and SASB Standards) have been consolidated into the IFRS Foundation.
• The ISSB is collaborating with global and regional partners and has established key advisory bodies to enable deep engagement with experts around the world. This includes a Jurisdictional Working Group with representatives from the US, China, the EU, Japan and the UK to drive alignment and ensure the global baseline is interoperable with any additional jurisdiction-specific requirements.
• The ISSB published proposed standards on General Sustainability-related Disclosures and Climate-related Disclosures, receiving more than 1,400 comment letters from all over the world and from a wide range of stakeholders. The ISSB is currently considering this feedback and refinements to the proposals with a view to issuing Standards in 2023.
• The G7 has welcomed the inauguration of the ISSB and its progress on delivering the global baseline of sustainability disclosure standards. The G20, Financial Stability Board (FSB) and African ministers have also offered support.
• The ISSB is focusing on supporting the implementation and adoption of IFRS Sustainability Disclosure Standards to ensure requirements can be applied around the world and by both large and smaller companies—paying special attention to emerging economies.

This week at COP27, we are delighted to be announcing further partnerships to support the adoption and implementation of effective sustainability-related disclosures, as momentum continues to build.

As COP27 shines a light on its theme #TogetherForImplementation, we’d like to say thank you to the thousands of stakeholders around the world who have participated in the ISSB’s standard-setting process and advisory bodies, enabling such important progress in this first year.

Stay tuned for further announcements from the #ISSBatCOP27.