G7 leaders announced their support for the development of corporate reporting standards by the International Sustainability Standards Board (ISSB).
The ISSB is creating corporate reporting standards meant to act as a global baseline for disclosure requirements. These mandatory requirements can then be used by jurisdictions on their own or incorporated into broader reporting frameworks.
The sustainability board has already released the first drafts for its first two reporting standards, covering general requirements for sustainability-related financial information. It also announced that the new standards will be effective as of January 2024, with companies beginning to issue disclosures against the standards in 2025.
The G7 announced its support for the ISSB initiative, saying: “We support the International Sustainability Standards Board (ISSB) finalising the standards for general reporting on sustainability and for climate-related disclosures and working toward achieving globally interoperable sustainability disclosure frameworks. We also look forward to the ISSB’s future work on disclosure on biodiversity and human capital, in line with its work plan consultation.”
In its statement, the G7 also recognised the need for companies to implement net zero transitions “based on credible corporate climate transition plans”.
The G7 is an intergovernmental political group made of the seven most globally-advanced economies, namely Japan, Canada, France, Germany, Italy, the United Kingdom, the United States and the European union.
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