The industry-led Impact Taskforce (ITF) – established by the G7 Presidency to examine how private capital can be mobilised at scale in support of key global sustainable development targets – has published its report, with recommendations for urgent action.
Debate on sustainability reporting in Europe continues. On 31 December, the EU Council approved the EU Taxonomy Climate Delegated Act, part of the EU Action Plan on Sustainable Finance, enabling the regulation to take effect as of 1 January this year.
The European Insurance and Occupational Pension Authority (EIOPA) has launched a consultation on draft application guidance on carrying out assessments of climate change materiality and using climate change scenarios in the Own Risk and Solvency Assessment (ORSA).
2021 has in many ways been the “year of ESG” – of environmental, social and governance issues – and has seen several crucially important developments, particularly in terms of sustainability reporting standards and requirements.
The XBRL Standards Board has approved updates to both the Data Type Registry and the Unit Type Registry. This update contains new draft data types and units that provide support for reporting greenhouse gas emissions.
The European Commission has announced, in a letter to the European Parliament and the Council of the EU, that implementation of the second stage of the Sustainable Finance Disclosure Regulation (SFDR) will be pushed back to 1 January 2023.
The International Federation of Accountants (IFAC) has published its vision for high-quality assurance of sustainability information.
With sustainability and particularly climate disclosures increasingly entering the mainstream of corporate reporting – if not yet fully realised in terms of implementation – biodiversity reporting standards may be the next area to watch.
The International Organization of Securities Commissions (IOSCO) has published a comprehensive report with observations and recommendations relating to environmental, social and governance (ESG) ratings and data product providers.
If you are interested in learning more about sustainability rules in the Asia-Pacific (APAC) region you will find a wealth of useful detail in a recent post from Intercontinental Exchange, titled ‘How Asia-Pacific regulators approach the ‘E’ of ESG.’
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XBRL International is a global not for profit operating in the public interest. Our purpose is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting.
