ISSB Reports on Global Climate Reporting Adoption
This week the IFRS Foundation released its 2024 progress report on corporate climate reporting that it has made to the Financial Stability Board. The 2024 report showcases significant progress in global climate-related disclosure practices, following the integration of TCFD guidance into the ISSB Standards. More than 1,000 companies have already started referencing these new standards, reflecting an upswing in early momentum. Over half of the world’s GDP is now represented by jurisdictions integrating ISSB into their regulatory requirements, which highlights a promising path towards more consistent sustainability reporting globally.
Our readers will be interested in the strong comments about digital reporting in the update. On the digital front, the report emphasises that standardised, tagged disclosures are a game-changer for enhancing transparency and comparability. It’s especially valuable for investors who need high-quality, decision-useful data, allowing easier access and analysis. Digital reporting can also support the broader goal of interoperability, ensuring that climate-related information is clear, comparable, and accessible across borders. The report suggests a future where sustainability disclosures are not only better aligned but also easier for markets to absorb and act upon.
The sense of optimism in the report reflects a growing commitment worldwide to using the ISSB standards as a global baseline, supported by digital tools for better efficiency and impact. More information is available here: IFRS Report.
