The report takes stock of progress by standard-setting bodies and other international organisations on the actions coordinated through the 2021 roadmap, outlines areas for further attention, and provides updates where needed to the detailed roadmap actions.

The report notes that encouraging progress has been made across all four blocks of the roadmap. On firm-level disclosures it states:

A milestone has been the publication by the newly established International Sustainability Standards Board (ISSB) of two Exposure Drafts, on climate and general sustainability-related disclosure standards. The timely issuance of a final global baseline climate reporting standard ready for market adoption is critical given the global market demand for consistent, comparable and decision-useful disclosures on climate-related risks and opportunities. Alongside a global baseline reporting standard on climate, there is also a growing recognition of the importance of global assurance standards to drive reliability of disclosures.

The FSB stresses that the International Organization of Securities Commissions (IOSCO) is providing important support reviewing the ISSB standards, with the objective to consider endorsement for domestic and cross-border use by member market authorities across jurisdictions.

The report also mentions other initiatives such as in the United States and in the European Union but notes that the FSB and other bodies are continuing to promote consistent approaches among national and regional climate disclosure initiatives.

Regarding the future areas of attention, the FSB notes that early action on the possible adoption of the ISSB standards is required by jurisdiction:

The work of the ISSB on the finalisation of its standards, IOSCO’s work on endorsement and jurisdictions’ work on implementation are important near-term priorities for disclosures. If IOSCO issues an endorsement of the ISSB standards, jurisdictions should take early action to consider the final global baseline reporting standards for use. IOSCO will seek to assist jurisdictions through a broad capacity building programme, working closely with the ISSB.

Please click to access the full report on the FSB website.