In the report, the FSB welcomes the publication of the ISSB Standards, which will serve as a global framework for sustainability disclosures and, when implemented, will enable disclosures by different companies around the world to be made on a common basis. The FSB will work with the ISSB, International Organization of Securities Commissions (IOSCO) and other relevant bodies to promote the timely and wide use of the standards. Interoperability of the ISSB standards with jurisdictional disclosure frameworks is necessary in order to achieve global comparability of climate-related disclosures. The report also notes encouraging progress on development of a global assurance, ethics and independence framework for sustainability disclosures.

In keeping with previous years, this year’s progress report highlights the findings of the 2023 TCFD Status Report. The TCFD Status Report, which has been published alongside the progress report, reveals that the percentage of public companies disclosing TCFD-aligned information continues to grow, but more progress is needed. With the ISSB’s inaugural standards having been released, the TCFD’s work is now complete, and the FSB has requested the ISSB to assume responsibility for monitoring progress on the state of climate-related financial disclosures by companies as of 2024, which will help to support adoption of IFRS S1 and IFRS S2.

For more information, please see the press release on the FSB website.