The International Sustainability Standards Board (ISSB) has met in Beijing, China, following the opening of its new office in the city earlier this year.
The ISSB discussed feedback on two recent consultations. Firstly, on the proposed IFRS Sustainability Disclosure Taxonomy and secondly on the ISSB’s recent consultation on its agenda priorities. This feedback will inform both the ISSB’s two-year work plan and its approach to future projects.
The intention is to finalise both the Taxonomy and the ISSB’s future agenda in the first half of 2024.
During the week, the ISSB met with a range of key stakeholders to discuss the implementation of the ISSB’s Standards in China.
The World Resources Institute hosted an event that discussed the role of disclosure in identifying risks and opportunities as companies in China seek to reduce their carbon emissions.
Furthermore, the Association of Certified Chartered Accountants (ACCA) hosted a stakeholder dinner focused on the role of the accountancy profession in advancing high-quality disclosure and supporting the use of the ISSB's Standards.
ISSB Chair, Emmanuel Faber, spoke at the China Listed Companies Sustainable Development Conference during which he reflected on the strong progress towards securing a global-baseline of sustainability-related financial disclosures following the issuance of IFRS S1 and IFRS S2 earlier this year.
The ISSB met with the Chinese Ministry of Finance, building on its regular interactions—both bilaterally and through the ISSB’s Jurisdictional Working Group—around sustainability-related financial disclosure requirements and the work of the ISSB.
Finally, on Friday 17 November, the ISSB hosted its first Beijing International Sustainability Conference.
Xiong Meng, Secretary General of China Federation of Industrial Economics provided the opening remarks followed by addresses from the leadership of the Principles for Responsible Investment (PRI), ACCA and CDP. The speakers reflected on the need for a common language of disclosure and how to move from awareness to action to advance disclosure as required by the ISSB’s Standards.