ISSB at COP27: key announcements made on climate-related disclosure standards

8 November 2023

The ISSB’s objective to provide better information for better economic and investment decisions continues to be driven forward in response to demand from international stakeholders. At Sharm El-Sheikh’s COP27 the ISSB announced further steps in its delivery of the architecture needed for a global baseline, as well as partnerships agreed, that will help jurisdictions prepare for its implementation.

Continued alignment with key initiatives

Alignment is crucial to building a global baseline and reducing market fragmentation. CDP and the ISSB have today announced that CDP – the not-for-profit which runs the global environmental disclosure platform for corporations – will incorporate the IFRS S2 Climate-related Disclosures [IFRS S2] requirements into its global environmental disclosure platform. The announcement means that CDP’s 17,000+ voluntary users will disclose data structured to IFRS S2 in the 2024 disclosure cycle.

CDP’s decision, a signal of their commitment to delivering robust environmental disclosure to the market, encourages the early adoption of IFRS S2 disclosures, thereby providing investors with the information they need sooner, and reducing the reporting burden on entities through an alignment of requirements.

International cooperation with jurisdictions

The ISSB is working with the European Commission and EFRAG toward a shared objective to agree as soon as practicable a framework for maximising interoperability of their standards and aligning on key climate disclosures.

Read more on these here.

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