IOSCO outlines need for timely sustainability disclosure and assurance standards
10 Nov, 2022
At COP27, the International Organization for Securities Commissions (IOSCO) has outlined the actions it undertakes to protect investors by mitigating greenwashing in financial markets, to contribute to sustainability disclosure standards benefitting issuers and investors, and to promote well-functioning carbon markets.
On sustainability disclosures, IOSCO set out its expectations that both disclosures and assurance standards should be ready for use by corporates for their end-2024 accounts. IOSCO noted that once the ISSB standards are available it will move quickly on its endorsement decision:
In 2023, the ISSB will issue its standard for climate disclosures and general requirements. IOSCO will move promptly to decide on endorsement and will develop a support program for its members to assist them in moving forward immediately should IOSCO decide to endorse these standards. IOSCO also supports the efforts of the ISSB in seeking to be inclusive through its capacity building partnership initiative.
The IOSCO also highlighted the importance of maximizing interoperability of standards and aligning key climate disclosures and noted that interoperability across the world will be an important factor in IOSCO’s endorsement decision. IOSCO believes close alignment between the ISSB and those jurisdictions seeking to implement their own sets of standards is essential to ensure capital flows to where it is most needed.
Please click for the full statement on the IOSCO website
