G7 welcomes ISSB’s progress on global baseline of sustainability disclosures

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May 20, 2022

On May 20, 2022, the G7 Finance Ministers and Central Bank Governors have issued a communiqué which discusses work done to support Ukraine, macroeconomic stability, global health, digitalization of economies, climate and environment, financial market policy and sustainability, and international financial architecture.

In particular, the G7 communiqué comments on the establishment of the ISSB and its future work:

The G7 welcomes the inauguration of the International Sustainability Standards Board (ISSB) and its progress of work on the global baseline of sustainability reporting standards. We welcome the ISSB “path to global baseline” statement of 18 May 2022 and call on all relevant stakeholders to participate in the ongoing consultation on the proposed standards. We urge the ISSB and national and regional standard-setters as well as other reporting initiatives to actively cooperate in the process of elaborating the baseline with the aim of reaching standards that can be implemented globally. The baseline should be practical, flexible and proportionate and ultimately suitable for small- and medium-size enterprises and enable jurisdictions to implement the baseline and a more extensive approach to supplement the baseline. We encourage countries to prepare or continue to prepare the ground for usage of the baseline, aim to ensure interoperability of national and regional standards and the global baseline in order to minimize fragmentation of reporting requirements, reduce reporting burdens, and enable the availability of consistent sustainability information for users. We encourage the ISSB to continue its work on sustainability reporting standards beyond climate, such as nature and social issues.

Review the communiqué on G7 Germany website.

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