The ISSB is finalizing a global baseline of reporting practices in response to complaints that a hodgepodge of disclosure methods make comparing and analyzing corporate progress a confusing slog
New global accounting rules for measuring and reporting climate-related impact, due to go into force early next year, will give investors the tools to make better decisions and make it tougher for companies to exaggerate environmental righteousness, the head of the body in charge of developing them said.
“Greenwashing is paralyzing market decisions. You don’t know what’s true, what’s not true, so you don’t make decisions. At the same time we do not count everything that counts. Accounting is counting a lot of things, but we do not account for a number of very important things, and climate change is the first of them,” Mr. Faber said in an interview at the ISSB’s first major symposium in Montreal, where the group has its North American base.
IOSCO, which represents 130 national regulators as well as a number of related bodies, welcomed the ISSB’s decision to move ahead with the finalization phase, saying the standards answer an urgent need to do away with fragmented disclosure. The initial set of standards is based on the international Task Force on Climate-Related Financial Disclosures framework, which has become a gold standard for reporting on climate-related risks, and the Sustainability Accounting Standards Board. They mandate disclosure of material information about sustainability-related risks, in similar fashion as financial accounting. Sustainability disclosures and financial statements will be published at the same time.
The latter is the most difficult to quantify. The ISSB will give companies a year before requiring Scope 3 reporting so they can improve measurement and disclosure practices.
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