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

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10 Jul, 2021

The G20 Finance Ministers and Central Bank Governors met in Venice on 9-10July 2021. Their final communiqué 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 programme 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 7 July 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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