The IIF notes that:

• there is growing demand for better ESG disclosure across sectors;
• there are multiple frameworks and expectations, with more on the way. While a proliferation of reporting frameworks in past decades has stimulated innovation in disclosure practices, the rapid mainstreaming of ESG issues in financial markets creates a pressing imperative for consolidation;
• to ensure consistency and comparability across markets and avoid regulatory fragmentation, steps should be taken to develop a harmonized cross-sectoral framework for ESG disclosure across jurisdictions.

Accordingly, the IIF strongly encourages the relevant international standard setting bodies to take practical steps in the coming months towards a harmonized cross-sectoral ESG disclosure framework. While rapid consolidation at the global level is a pressing priority, the IIF believes that the harmonization of expectations should be an iterative, phased process rather than a ‘big bang’.

For further details, refer to the press release and the Report on the IIF's web­site.