Explainer: ISSB's first sustainability and climate risk standards

The International Sustainability Standards Board has confirmed that companies will be given time to adapt to a number of the requirements set out by its disclosure rules, including on Scope 3 requirements. The freshly released International Sustainability Standards Board's reporting rules, which were published in their final form on June 26, aim to harmonise the way companies report on sustainability and climate risks, respectively. 

Under the umbrella of the International Financial Reporting Standards Foundation, which hosts the ISSB, adherents to IFRS S1 standards will have to offer sustainability-related disclosures on governance, strategy, risk management, metrics and targets from January 1 2024.

“Potential challenges will be with jurisdiction adoption and overcoming some of the recent politicisation of ESG,” Victory Hill Capital Partners’ head of sustainability Eleanor Fraser-Smith told Sustainable Views. “For more progressive jurisdictions already using double materiality in Europe this could be seen as a step back in managing the external costs to a business.” 


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