Attendees in the Blue Zone during the COP26 climate talks in Glasgow on Nov. 2.
Global standards for climate disclosure in financial markets that are to be developed were unveiled at the United Nations climate-change conference on Wednesday in Glasgow, Scotland.
The new International Sustainability Standards Board, announced by global accounting body International Financial Reporting Standards Foundation, is designed to give investors a comprehensive global baseline of sustainability disclosure standards.
Those new standards could come out by the middle of 2022, according to experts at the COP26 finance panel.
Leading investor-focused sustainability disclosure organizations include the IFRS Foundation's Climate Disclosure Standards Board and the Value Reporting Foundation, which includes SASB standards, and will consolidate into the new ISSB by June 2022.
Mary Schapiro, secretariat of the Task Force on Climate-related Financial Disclosures, said Wednesday that ISSB's global baseline built on the TCFD framework and other sustainability standards, "will deliver transformative change in sustainability disclosures for the financial markets."
