While we are experiencing an ESG slowdown here in the US, and the EU is facing sustainability “simplification,” the IFRS’s International Sustainability Standards Board (ISSB) is chalking up a lot of wins. The IFRS has recently published seventeen “jurisdictional profiles” outlining how 17 jurisdictions incorporate ISSB standards. The press release states:
“Of the 17 jurisdictions profiled, 14 have set a target of ‘fully adopting’ ISSB Standards, two have set a target of ‘adopting the climate requirements’ of ISSB Standards and one targets ‘partially incorporating’ ISSB Standards. The profiled jurisdictions cover Australia, Bangladesh, Brazil, Chile, Ghana, Hong Kong SAR, Jordan, Kenya, Malaysia, Mexico, Nigeria, Pakistan, Sri Lanka, Chinese Taipei, Tanzania, Türkiye and Zambia.”
These seventeen are just a few of the 36 jurisdictions that the IFRS claims have adopted or are in the process of adopting ISSB Standards. Not all jurisdictions are fully aligning with ISSB, with some choosing to adopt only climate reporting standards and not general sustainability standards. Though the degree of alignment may differ, it’s hard to deny that ISSB standards are having an impact. As many global markets move to enact sustainability reporting, the big question is how long the US can buck the trend. If ISSB reporting becomes an international norm, will US companies be pressured by market forces into issuing ISSB-aligned reports? Only time will tell, but for now, the ISSB’s influence continues to spread across the globe.
Our members can read more about ISSB reporting here.
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