Building a global language of sustainability

Building a global language of sustainability

In an unprecedented global movement, jurisdictions representing over half the world’s economy by Gross Domestic Product (GDP) have indicated they will align with the International Sustainability Standards Board (ISSB) to establish a new norm in sustainability disclosures.

Major economies have taken decisive steps to either adopt the IFRS® Sustainability Disclosure Standards or fully standardise their sustainability disclosure standards with those set by the ISSB. This move, supported by more than 20 jurisdictions, reflects a commitment to transparency and accountability in sustainability practices.

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The IFRS Foundation has been instrumental in this transition, releasing the Inaugural Jurisdictional Guide to aid jurisdictions in adopting or utilising Sustainability Disclosure Standards. This guide is more than just a document; it’s a roadmap for establishing a global baseline of sustainability disclosures that will inform and guide capital markets.

Furthermore, the IFRS Foundation’s Regulatory Implementation Programme offers a comprehensive summary of tools, educational materials and capacity-building initiatives. These resources are designed to support the increasing number of jurisdictions actively making policy decisions and developing strategies for embracing Sustainability Disclosure Standards.

In a related development, various corporations, industry groups, investors, and stock markets have initiated support for the widespread appeal to embrace the standards set by the ISSB – specifically IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures - on an economy-wide basis by 2025.

See who endorsed the call to action

How BDO can help

The IFRS Sustainability Disclosure Standards indicate a promising, uniform, and globally understood era for sustainability reporting. Please contact our sustainability reporting experts if you need support understanding these standards and what they mean for your organisation.