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G20 Finance Ministers and Central Bank Governors support FSB roadmap, welcome IFRS Foundation Trustees sustainability initiative

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Jul 10, 2021

The G20 Finance Ministers and Central Bank Governors met in Venice on July 9-10, 2021. Their final communiqué supports the FSB roadmap, welcomes the IFRS Foundation Trustees sustainability initiative and also comments on sustainability reporting.

The com­mu­nique notes that the Finance Ministers and Central Bank Governors welcome the FSB report on promoting globally con­sis­tent, com­pa­ra­ble and reliable cli­mate-re­lated financial dis­clo­sures and its rec­om­men­da­tions. They stress that they will work to promote im­ple­men­ta­tion of dis­clo­sure re­quire­ments or guidance, building on the FSB’s Task Force on Cli­mate-re­lated Financial Dis­clo­sures (TCFD) framework, in line with domestic reg­u­la­tory frame­works, to pave the way for future global co­or­di­na­tion efforts, taking into account ju­ris­dic­tions’ cir­cum­stances, aimed at de­vel­op­ing a baseline global reporting standard. The communiqué notes:

To that aim, we welcome the work program of the International Financial Reporting Standards Foun­da­tion to develop a baseline global reporting standard under robust gov­er­nance and public oversight, building upon the TCFD framework and the work of sus­tain­abil­ity stan­dard-set­ters, involving them and con­sult­ing with a wide range of stake­hold­ers to foster global best practices.

The G20 Finance Ministers and Central Bank Governors expressly welcome the FSB roadmap for ad­dress­ing financial risks from climate change submitted to them on July 7, 2021.

Please click to access the full communiqué on the G20 website.

The IFRS Foun­da­tion has responded to the Communiqué and has published on its website a statement by Erkki Liikanen, Chair of the IFRS Foun­da­tion Trustees.

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